podcast

What to do when the bank says "no"

What to do when the bank says

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 95: The top 10 things every investor should check before buying a property
Episode 94: BONUS EPISODE: From 1 to 28 properties – what's his secret?
Episode 93: 28 properties and an $11.5 million portfolio – how this investor did it
Episode 92: BONUS EPISODE: Investor reveals top tips for better property management
Episode 91: Why being 'pedantic' about property will enable this investor to be debt-free by 45
Episode 90: Portfolio update: SPI gives the inside scoop on its latest property purchase
Episode 89: Renovating as a couple: two young investors share their story
Episode 88: Everything you want to know about the short-term rental market revealed
Episode 87: BONUS EPISODE: Former Olympian shares his property development know-how
Episode 86: How a former Olympian found new sport in property development: Ed Fernon's success story
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What to do when the bank says "no"
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