Loan Packets - Posted by Ryan (NC)

Posted by Ryan (NC) on June 05, 2007 at 18:43:21:

LMAO, I actually can clean up semi nice when I wanna, still had the blue jeans on but no holes and only a spot or two of paint and grease. I even put on a polo shirt to set it all off… What do ya want from me? Someone that looks good or someone that can make deals happen?

Thanks for the laugh! God I love this business. =)

Best wishes,
Ryan Needler

Loan Packets - Posted by Ryan (NC)

Posted by Ryan (NC) on June 05, 2007 at 06:05:30:

Just under a year ago we struggled like mad to get bank financing for one of our parks, hardly anyone seemed interest in dealing with us period… The park was very much undervalued and in need of some work which I thought was the main reason. WRONG!

I actually spent the time to put together a formal loan packet for the refi on our parks, the binder is professionally bound and looks amazing. The cost was $14 each and it took around 10 hours to put together, this was time and money well spent!

I got a completely different reception when I started walking into banks this time, and one sticks out in particular… I went walking in to a small bank in which I have no relationship and the manager almost everything but threw me out when she found out what I wanted and would have if it had not been for the loan packet. Humoring me she took a quick look at the first couple of pages and started asking me a few questions, her demeanor very quickly changed and she started trying to figure out what it was going to take to get our business. After about a 1/2 hour she told me that there is only one person in their bank that does commercial loans in the bank, he’s stuck in a hole somewhere at the corporate office inaccessible to the general public and she picked up the phone and called him…

Her conversation is what stuck out to me, her first words to the guy where “you need to get over here tomorrow, I’ve got a guy that wants to refi a couple MH parks and he’s got a very professional presentation and actually knows what he’s doing” the conversation went back and forth and she popped off with “this isn’t some fly by night operation, he knows what he’s doing and you need to get over here tomorrow… He’s shopping the loan!”

I don’t know how this whole process will turn out but we are asking for a fairly large LOC at 7.5%, but the reception we have received is completely different this time around! If you are looking for bank financing for a MH property take Scott, Tony’s, & Ray Alcorn’s advice, put the proper documents together and go in to the banks armed with a nice professional presentation! I didn’t even get asked to fill out any bank forms or applications, yesterday was a good day. =)

Best wishes,
Ryan Needler

Re: Loan Packets - Posted by Finance Guy

Posted by Finance Guy on June 05, 2007 at 19:15:33:

I have a saying that “If it looks like a duck, walks like a duck and quaks like a duck, it must be a duck”! Ryan, its all in the positioning that counts, your the trusted expert in the Multi-family, MHP/MHC business.

Re: Loan Packets - Posted by jowns(tn)

Posted by jowns(tn) on June 05, 2007 at 18:23:58:

Wait till you get some gray hair. It seems to be helping me. And I am not much wiser than 10 years ago, just older! I like to use Tony and Scotts cost anl. form to show bankers. That one sheet of paper was worth the price of their seminar. Bankers have all their fancy formulas. They punch away at their calculators and say “these numbers look good” then I show it on the blue collar form and they say " wow these numbers are unreal" same numbers presented a diferent way.

Re: Loan Packets - Posted by Chris

Posted by Chris on June 05, 2007 at 15:13:42:

Sorry Ryan, but I just have to ask this question…

Did you wear your usual “business attire” or did you actually put on a pair of jeans without holes and paint on them before you walked into the banks?


I think this whole thing, particularly the educational experience is awesome. What a lesson, huh?

Take care,