Why Refer Prospects You Can't Bank to a NonBank Lender
Ralph Abbott
I Help Real Estate Investors and Business Owners Attain Financing When Your Existing Bank Says No
It’s safe to say that most times when a banker turns down a deal, that’s the end of it. It’s off the banker’s mind and the prospect walks out in search of another lender.
However, Business Development Officers, Loan Officers and Relationship Managers all have some sales responsibilities in their job descriptions (some more than others).
Goals typically increase every year, and performance reports (raises and bonuses, too) reflect how well those goals were met.
Wouldn’t it be great if you could start a pipeline of new business based on your turn downs?
Though it may sound crazy, it actually is very doable if you do it the right way.
Here’s how: When you have a prospect you can’t bank, and you know the prospect really isn’t bankable to any other bank, refer that prospect to a nonbank lender who you know will:
- Encourage the client to keep the business’ deposit relationship with your bank.
- Promise to return the lending relationship to the bank as soon as the business becomes bankable (without a penalty to the business).
- Refer bankable prospects back to you when possible.
Nonbank lenders typically write deals with one to three year terms. Similar to a strategy of laddered Certificates of Deposit, setting up a relationship with a nonbank lender in this way should keep a pipeline of business coming to you each year.
Not a bad way to help you meet your sales goals!
Contact me to learn how I can help you with your goals by working together at Ralph 614-339-4255 or email me at [email protected].