The power of a story can decide so many things.
And the power of story holds so much importance in the world of MIC and alternative lending. Unlike with traditional lenders, where if you do not fit into their box the answer is undoubtedly “no”, MIC’s have the ability to examine the situation as a whole.
We know there is always a story to be told and that there is always a reason behind every issue. And it’s those reasons that will shed light on your borrower and how they came to be in the situation they’re in.
If your borrower is in a tough spot, we want to hear those stories. We want to hear about how they came to find themselves in these situations. For example:
- If the borrower has lousy credit
- If the borrower has had some income hiccups
- If the borrower’s property is in a difficult location
- If the appraisal of the property reveals issues
- If the borrower has gone through bankruptcy
Private lenders want to hear all these stories.
All mortgage brokers can take a mortgage application, that’s the easy part. But those who can get approvals for tough deals are often the ones who can best craft the story for the lender. Most importantly, they get this story to the lender right up front. We cannot stress this enough.
Presenting the application, together with the background, that frames the issues (and solutions) for the lender from the start is crucial.
If an application is simply sent through without explanation, the lender will be forced to respond with questions, if they even respond at all. This puts the borrower on the defensive, as if some information is being withheld. Providing the story up front can save your borrower crucial time during an already time sensitive situation.
Bring your stories to Kokanee Mortgage and let us see what we can do for your borrower.