Avatar's Blog

» Executive Summary - Make it Short and Clear

Posted on 2/23/2005

Accompany your loan request with a clearly written executive summary. Sweat the small stuff - make sure you have spell-checked and looked it over for grammatical errors. Poorly written executive summaries are an indication of amateurs who don't know what they are doing. Lender will shy away.

Here's what to cover in your executive summary:

  • Decsribe the property you are buying
  • How much will you pay for it
  • Where will your 20% minimum payment come from?
  • Will the seller be carrying back a loan? How long? What rate?
  • Why are you buying the property - why is this a good deal?
  • How will you make the loan's monthly payments?
  • How and when will you pay off the loan in full (exit strategy)?
  • What is the income from the property?
  • What else does the lender need to know?
Posted in Miscellaneous