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Tip of the Month

Separate needs from wants

Felipe Rael, Arbor Commercial Mortgage

As published in Scotsman Guide's Commercial Edition, May 2008.

Be sure to distinguish between your borrowers' needs, wants and desires. A need is something they require to fund the deal, such as sufficient proceeds. A want is a deal attribute that may persuade them to select your loan proposal. A desire is an offer that can be used as a trade-off -- between an interest rate and an amortization, for example. Put the most energy toward meeting your borrowers' needs.

frael@arbor.com


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