Just sharing some experiences of the past few weeks and this is important for Borrowers.
While looking for credible Lenders to fund your projects, Lenders are also looking for credible Borrowers who are capable of paying back the loans they received.
Do not give your Lender an impression to doubt you: Ensure that every info you give is the truth (if it is going to affect your funding) and nothing else .
Do not make your Lender feel he is a fool: Some Borrowers act too jumpy. You haven't even filled the loan application yet you are telling your Lender how you want the pendulum to swing.
Ask for a realistic sum: If your project is not commercial(income earning) and you're not earning much (to cover your monthly loan repayment plan) either, why don't you re-adjust the funds you seek to suit your ability to pay back!
Do not condition your Lender: It would be wise if you asked your Lender how he plans for things to go in the loan process instead of the other-way-round. Follow your Lender's lead... trust me, they are very knowledgeable!
I would leave us with a loan scenario:
I was working with a Borrower who wanted a loan for real estate construction and is not in the United States. First he drops all the necessary documents requested, he is from a country but works in another country; he doesn't have a steady verifiable income source and he wanted a loan of $4,500,000; He claims he does not want any upfront fee provision in the agreement (even though we found a way to scrap this one). And he doesn't want to do Escrow, he wanted a straight bank-to-bank transaction.
Is this realistic? Do things still happen that way?