Manage episode 278321386 series 2478169
Rob is joined by Marc Champ who is a property finance broker. He provides an insight into the way lenders look at things when deciding who to lend to and how much they lend.
They discuss how to hire the right professionals and build a strong relationship with them. So that it is easy to keep the lines of communication open between them and you, which improves the chances of being improved and getting a fast decision. Marc and Rob also talk about the right way to realistically value your property and prepare any loan application to greatly improve your chance of success.
- When you buy a property as an investment you need the right team of professionals behind you. An accountant, solicitor, and a broker to handle the financing.
- When you know your team well and they know each other the lines of communication are strong, which prevents issues and speeds things up.
- The relationships you have with these professionals will be long-term. Especially if you are working on a development project.
- Each type of lending organization will ask different questions.
- If you are planning to borrow you need to get your personal and business finances in order.
- Keep an eye on your credit score and quickly sort out any issues.
- Take your credit score details with you when you speak to a broker, it makes a good impression.
- Reduce delays by anticipating possible questions lenders may have. Then provide your broker with the information they need to answer them.
- Do your research and come up with a realistic valuation, over-egging the valuation is not helpful.
- Think about where the price is going to go in the long-term as well as the short-term.
- Do your due diligence and be realistic about the state of the market and where it may go in the future.
‘Being able to translate lender speak into solicitor speak into customer speak is something that is really important.’
‘Do your research early, make sure you've got your facts and figures on hand and that you know what lenders are going to ask in advance.’
‘Don't over-egg what you think the value is going to be.’
Marc´s website - WharfFinancial
ABOUT THE HOST
Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.
Buckle up, sit tight, and enjoy the ride that is life.
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