When applying for a senior housing/healthcare mortgage loan, no one is expected to be a mind-reader.  But the process progresses more smoothly when borrowers anticipate – and make an effort to understand – what their lender’s needs will be.

“Preparedness is an important concept,” says Cambridge Chairman Jeffrey A. Davis. “In every case, the borrower is better served when he or she is able to anticipate and promptly respond to requests from the loan officer processing their application.

”It helps to see things from the lender’s perspective,” he said.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than 500 closed transactions.  Mr. Davis says motivated lenders want to fully understand the borrower’s objectives and what, specifically, the loan is intended to accomplish.

“Oddly enough, this isn’t always apparent,” he said.

Mr. Davis points out that lenders are always hopeful that borrowers will communicate their needs and describe their situation in a clear and concise manner, using specific examples as appropriate. But he acknowledges there may be times when less can be more.

“The expectation is that borrowers will provide meaningful exhibits, professional photos and readable maps.  And the numbers are expected to add up.

“From the lender’s perspective, the most admirable traits borrowers can exhibit are responsiveness and decisiveness.  A borrower’s willingness and ability to deliver a speedy yes or no response when a decision is needed can profoundly impact the way the relationship between borrower and lender unfolds,” he said.

The Cambridge Chairman acknowledges that while these points may seem fundamental, a surprising number of deals unravel because potential borrowers fail to respect the process and what it takes to get a project funded, even in the best of times.

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