Avatar's Blog

For many months I have written the blog for Avatar Financial Group. In the beginning, I wrote the column as a TIPS log, helping new and seasoned brokers alike to understand what a good loan submission package contains and how to increase 'Yes' answers for their loan requests.

After awhile, I turned to news, closings, and other info about the hard money commercial loan business. After a few months, I noticed more and more emails coming in asking me to return to my original focus - helping brokers be better brokers.

So that's what 2006 brings to the Avatar blog - a return to our mission of providing excellent service in every we can to borrowers, brokers and professionals in the hard money commercial lending profession.

Here's to the New Year - may you all increase your client base, may your loan packages improve daily, and may more of your loans close as you become increasingly more capable at submitting 'winning' loan packages.

Tip 1 - PHOTOS. I predict that I will come back to this concept numerous times int the coming year. But let me start off by saying that loan scenarios that come in with excellent quality photos - good lighting, exterior and interior images showing clean, well maintained properties, are funded at a rate of better than two to one.

This has nothing to do with the financial business. It has everything to do with human nature. Put yourself in the shoes of the lender. She or he has more than a hundred potential deals to review in a week. Which ones take precedence? Easy - the ones where the lender can quickly see exactly what it is that they are being asked to put their arms around and lend money on.

Speak with your clients about the importance of good photos. Photos should be submitted in email format - low resolution jpegs. Trust me on this - if you have monster files that clog the lender's email server, you will not be their favorite broker this week. Learn to reduce images, improve highlighting, increase light or clarity, etc. for the images you submit. The time you spend learning this and tending to the images will pay off in more closed loans - definitely worth your while!

Good luck - I'm looking forward to working with you in 2006.