podcast

What to do when the bank says "no"

What to do when the bank says
1

Victor Kumar, Right Property Group What to do when the bank says "no"

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As an investor, you will hit that hurdle where the bank is going to say "No". Generally, we're creatures of habit, we don't like change so often we go back to the lender or the bank that we've been always banking with. My question to you is; If your bank has said "No", what have the other banks said? In other words, what you really should be doing if you're serious about adding to your portfolio and having a multiple property portfolio, you should engage the services of a broker who can do the ground work for you. Because based on exactly the same circumstances, different lenders will have different lending levels and different criteria that you need to jump through to be able to qualify. So if bank A has said "No", there's a very strong chance that bank B or C will find you an attractive client and more than likely to say "Yes". There may be also things that you can do such as looking at how you're presenting the information to the lender, also looking at putting the full plan in front of them.  To say "This is what I'm planning to achieve, this is what I have achieved" so rather just doing an online application, rather than just putting stuff on paper, you're putting a face or person behind that application so that it gives a lot more credibility and a lot more personality to your application. It gives you a lot better chance of the bank actually saying "Yes".

Listen to other instalments of The Smart Property Investment Show:
Episode 71: How this investor complements each property and balances his portfolio
Episode 70: Special episode: buyer’s agent answers more listener questions
Episode 69: Are you a ‘lazy’ investor? Consider the benefits to working with a financial team
Episode 68: Special episode: audience discussion live from the Property Buyer Expo
Episode 67: Don’t get ‘caught up in the now’: an expert reveals his tips for success
Episode 66: Wealth distribution: how should you manage your money?
Episode 65: Real estate agents: what separates the good from the bad?
Episode 64: How this investor learned from a property blunder
Episode 63: Q&A session: the SPI team answers your questions
Episode 62: Property procrastination: the importance of finding help
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