While we often make judgements based upon 1st impressions, in the MIC and Private Lending world, it’s important not to judge a lender because they declined one of your files. You may be missing future opportunities.
Simply put, MIC underwriting changes from time to time. The biggest driver of that change is the amount of money that the lender has available to lend. Unlike banks, MIC funds are limited. If we’re close to running out of money, we may tighten up our underwriting. If we’re flush with cash, we may be very aggressive. It’s also a function of our portfolio balance – sometimes we want more residential, sometimes more commercial. Again, we adjust our underwriting to find deals to keep us balanced.
The point is this; for deals that don’t fit the ‘A’ lenders underwriting, send them to all of your MIC lender partners. Don’t avoid certain lenders because they didn’t fund that type of deal in the past. You never know (and you might be quite surprised) which lenders have an appetite at any given time, and have great pricing for your deal.