There is Gold in that Personal Financial Statement!

Posted by in Brian's Blog, Commercial Real Estate, Tip Of The Week

Not literally, though a client could have assets in gold.  But figuratively, many people disregard the personal financial statement but it is a MINIMUM requirement for me when I am reviewing a loan scenario for a client.  The reason goes way beyond the obvious qualification reasons.

The personal financial statement (PFS) states all their assets and liabilities.  Not only does it tell me KEY qualifying criteria like cash on hand for this transaction, reserves which could potentially strengthen a deal and much more, but there is likely other transaction potential in that PFS.  Having this document allows me to close more loans then the average LO because I can bring a full suite of products to the deal.  For example, I have closed 3 loans this year where the down payment money came from a rollover of a self directed IRA (SDIRA).  We have an exclusive product that actually allows the borrower to completely control the funds, there is no custodian and he/she can roll the money over into either a Real Estate Transaction or a business purchase with NO tax consequences!  I have 3 Firehouse Subs transactions right now for example, where borrowers are getting the money down from this SDIRA product.  We probably close about one of these a week on this product.  If you have clients that need cash for business or Real Estate purchase, this is a very hot opportunity.  Give me a call at 770-908-1672.  It does not take long and we can usually close in about 3 weeks.

The PFS also has clues to other properties.  Potential cross-collateral possibilities, cash out refinance possibilities and much more. Listen, we are in a market that demands creativity.  You need a broker that can find ways to get a deal closed!  If the person you have been using to close your commercial deals does not have access to products like our SDIRA program, how many closings are you missing out on?  Give me a try, I am easy to work with and quick.  I can give approvals in writing usually in 48 hours after receipt of just some basic docs.  I do not charge to screen a deal for you, I make profits only when I am successful getting the deal done.  TO run a scenario by me or to get more info on what we can do, just give me a call at 770-908-1672 or e-mail me at .

Be blessed!

Brian Peart

p.s.  Don’t forget, THIS Thursday I will be holding a FREE Webinar on “What’s Closing Now?”.  It is an excellent call packed with information, just ask Madolyn Cole, a Commercial Realtor with School Investment Properties who attended the last one and said,

“Just wanted to say I enjoyed the Webinar. I remembered a lot about what I do know and learned a lot about what I didn’t…you did a great job!!”