Tips For Designing The Perfect Proposal To Win Real Estate Financing!

Tips For Designing The Perfect Proposal To Win Real Estate Financing!

So, you finally found your dream home; the location is great and there’s plenty of room for you and your family to grow. After months of searching, this is THE house. The only problem is that it costs $100K more than you can afford. That’s when real estate financing comes into play.

Your next step is to develop a perfect proposal to win over the bank loan officer who holds all the cards. The following tips will help you with this task. You can also reach out to professional funding companies like Fundwise for assistance with developing a killer proposal.

1) Draw Up a List of Reasons Why You Need to Move There

You’ll need to convince the bank that this is a good investment for them. This section of your proposal needs to show why they should choose you over other potential homeowners who want the same loan amount. You’ll have better luck if it includes specific details about how much money you make, what kind of credit score you have, and information on any debts or financial hardships.

You can also include letters from employers, personal references, and more documents that prove your character and offer insight into why this house fits all of your family’s dreams/needs, so ideally!

2) Create a Payment Plan

The next section of the proposal should detail what your estimated monthly payments may be. You’ll want to show that you can afford this loan and then spread out the payments over 15 years.

This is where a spreadsheet comes in handy! It doesn’t have to be fancy – make sure all relevant information about the house purchase (price, down payment amount, etc.) is listed on top with columns for each year’s repayment plan below them. This allows lenders/banks to quickly calculate how much money you’re going to owe every single month.

You don’t need anything super complicated here either – just simple math showing your potential expenses and possible income streams.

3) List Down All Expenses

This is where most people get thrown off the track during the home buying process. Avoid deflating the expenses when you list them down in the proposal. Bankers and financial institutions will find out eventually, and it will come back to haunt you.

The best thing to do is list down all expenses and be as realistic as possible – that means no overestimating your income or underestimating the cost of utilities (trust us, we’ve seen those before!).

So, stick with reality here! The more accurate your proposal’s expense forecast is, the better chances you have at actually landing a deal.

Financing a business deal or an asset purchase can be challenging. Fundwise is here to help you get the funding you need in San Antonio. Whether you need to refinance your real estate or are looking for real estate investor financing, we’ve got everything you need. Apply for funding now!