You have all heard the expression “You Never Get a Second Change to Make a First Impression.” It has been attributed to Oscar Wilde and Will Rogers, although nobody really knows for sure. Studies show a person will form their first impression somewhere between seven seconds and two minutes.
A few ways mentioned to achieve this are:
- Be Prepared
- Be on Time
- Be Aware
- Be Positive
- Be Selfless
- Be an Original
- Present Yourself with Authority
- Have a Winning Smile
- Be Courtesy and Attentive
- …and Many More
I realize these are likely more for someone applying for a job. You are probably asking, “how does this apply to me and the loan I’m applying for?” Rather you realize it or not, you are accomplishing many of these points each and every day without really thinking about it. That is a good thing, as we all want to make a good first impression. These will not all apply directly to your loan application process, but some will. Let’s discuss the ones that will.
This applies not only to you as the borrower, but also to your lender, be it a banker or term lender. Let’s cover you as the borrower first. Your lender will be evaluating you from that first email or phone call. If it is written correspondence, is the sentence structure in line? Are words spelled correctly? Do you type in all caps, all lower case or is everything handwritten? Are you able to communicate your thoughts in an organized fashion to where the reader knows exactly what you are trying to convey? We are all aware abbreviations and shortcut writing has become the norm in social media and texting. But if you are typing a business correspondence, I would not recommend this tactic. Be effective in your written communication. If you are not, you may not get that follow-up phone call with a chance to express yourself verbally.
So, what needs to be done verbally? Similar to writing, you need to able to get your point across effectively. ‘Be prepared’ by having notes, spreadsheets, or other written facts in front of you if needed. Listen to what your lender has to say and answer questions in clear and concise terms. Try not to veer too far off topic. Always be ‘courteous and attentive’. If trying to make particular point, of which your lender may disagree, avoid being argumentative. Your lender should always try to do the same. They also need to be ‘courteous and attentive’ and listen to what you have to say.
Your goal is to receive the loan for which you are applying. The goal of lender is to grant you that loan. For reasons to numerous to mention here, this does not always happen. If all the reasons for denial have been discussed and the loan cannot be made, it is fine to show disappointment, but avoid anger and the regrets that usually brings. You never know down the road when you may want to come back to that same lender for loan request once operations have improved. Your lender needs to avoid angry comments as well. They may be pursuing your business in the future and certainly do not want any hard feelings, not to mention potential referral business. As a natural follow-up to “You Never Get a Second Chance to Make a First Impression” – “Don’t Burn Your Bridges”.
Best of luck in the pursuit of your next term financing opportunity.
If you’re ready to refinance or make your next land purchase and have questions, start the process by contacting a Conterra Ag Capital lending specialist today.
