If trying to impress a lender is on your to-do list, consider this: an ability to articulate the details of your business will favorably impress senior housing/healthcare lenders every time.
So says Cambridge Realty Capital Companies Managing Director Sampada D’silva. She says this advice is based on experience the Cambridge staff has gained while closing more than 400 senior care mortgage loans totaling more than $4.5 billion over the past 20 years.
“The more you know – and the better you’re able to describe details of your business – the better your chances of making a favorable impression will be. The challenge is to help lenders understand exactly what it is you do and how you do it,” she said.
When working with a lender, borrowers may find themselves faced with perplexing questions about their operation. There may be questions about occupancy, lease-up projections, expense management or timing issues. Or borrowers may have reservations about sharing certain details for proprietary reasons.
Ms. D’silva says there are questions lenders must ask in order to assess the borrower’s financing needs correctly and make more intelligent funding decisions. Those who worry about divulging certain kinds of financial information need to be assured that reliable lenders will treat their information with the strictest confidence.
“When preparing to answer a lender’s questions, borrowers need to be as organized as possible. If the lender provides checklists, it’s a good idea to use them because these forms help the borrower provide information in a format the lender is familiar with.
“When armed with information presented in the requested format, the lender is better prepared to offer the best possible financing solution,” she suggested.