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When it's Time to "Kick them to the Curb"
By Joel S. Pate
Let me tell you about a deal I am currently involved in. We are providing mezzanine financing to an investor out West to purchase a shopping center. At every turn, and I mean every turn, details don't line up, stories can't be kept straight, documents don't show up when they have been "sent" and the list goes on and on.
I have to ask myself, and I do every day, what the heck am I doing? Why are we still chasing this deal? What are we doing?
The answer: We are trying to make money.
No, that is not the real answer! The real answer is that we do not have enough "customers sitting in our lobby" for our mezzanine financing business to have the guts to tell the folks to take a hike.
A good friend of mine is often asked, "How do you close over 1,000 loans per year?" He says, "One at a time." Then he is asked, "Well, where do you get them?" He answers, "I get one or two from this marketing program, three or four from this agent, a few from that builder, etc."
I have heard him say this so many times that I can hear him now: "Since I have a lobby full of people wanting to borrow money, if I can't get my price, or if the client is too hard to work with, I say thanks, and send them on their way."
Well, I think that he has been doing this so long, he has actually has forgotten the real reason that he has so many people in his lobby.
See, I think that the lobby is full because years ago, he decided not to spend time with people that wouldn't pay him his price or were too difficult to deal with, and instead, he spent that time building up his referral sources and establishing marketing programs that generated enough potential borrowers in his lobby that he doesn't have to spend time with the folks that are too difficult, now! The question for you and I to ask ourselves: When will we discipline ourselves to do what we know to do?
I hope this short story helps you kick a few time wasters to the curb and I hope that I take the same advice too.
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Dedicated to coaching YOU to CP Loan Success!
Joel S. Pate
Joel S. Pate, a dedicated entrepreneur, has spent more than two decades in the building, mortgage, and real estate industries and has been involved in over $100 million in construction loans and over $1.3 billion of residential lending.
As the CP LOAN EXPERT columnist, Pate provides straightforward, unbiased advice about every aspect of Construction Permanent Lending. If you ever wanted to unravel the mystery surrounding new construction lending, then you should tune in.
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