Financing Form

ultimatetouch

Does anyone on here have a financing form to fill out. I have a meeting tonight with the home owner and need one. Just a standerd sheet for having the homeowner fill out. I have a potential customer that wants to get a project done but wants me to get him the financing.

__________________
Ultimatetouch
Illinois Remodeling Company, Kitchen Remodeling Chicago, Room Additions Illinois

rbsremodeling

Mark


I know its late but if you have a bank or something in mind. Can they fax you over a form to use. Bank forms are kinda standard

__________________

ultimatetouch

Rory,

goog idea. Except banks are closed for presidents day.

__________________
Ultimatetouch
Illinois Remodeling Company, Kitchen Remodeling Chicago, Room Additions Illinois

rbsremodeling

LOL Crap I forgot it was a holiday.

I got a one page form I just got pm me a fax# and I will fax it over to you

__________________

Grumpy

This is what we ask our customers to fill out when they ask for financing. I got this form from our bank (at the time) and just C&Ped it onto our letterhead. Basically my contact at the bank said he would do a quick application to see if it was even possible to get them money before the formal application process... so here it is...

Quick Financing Application

First Owner’s Name :_________________________________________________ ____
Date of Birth :_________________________________________________ ____
Second Owner’s Name :_________________________________________________ ____
Date of Birth :_________________________________________________ ____
Address :_________________________________________________ ____
Property Owner Since :_________________________________________________ ____
Marital Status ( ) Unmarried ( ) Married
Employer Name :_________________________________________________ ____
Employer Address :_________________________________________________ ____
Employed Since :_________________________________________________ ____
Position at Work :_________________________________________________ ____
Yearly Income :$________________________________________________ ____
Collateral Value :$________________________________________________ ____
Owner Occupied ( ) Yes ( ) No
SFR, Condo, PUD, NOO : __________________________________________________ ___
Existing Loan # :_________________________________________________ ____
Home / Cell Phone # :_________________________________________________ ____
Work Number :_________________________________________________ ____
Us Citizen ( ) Yes ( ) No
H.O Insurance Info :_________________________________________________ ____
IL Drivers Lisc. Number :_________________________________________________ ____
Drivers Lisc. Issued Date :_________________________________________________ ____
Drivers Lisc. Exp. Date :_________________________________________________ ____
Is the Property in a Trust? ( ) Yes ( ) No
Is there a Current HELOC ( ) Yes ( ) No
Notes:






Job Valuation / Loan Amount :$______________________________________________


I ______________________________(print name) authorize Grumpy Co, Inc. to share the above information with 3rd party lending institutions for the purpose of securing financing and understand that I may be contacted directly by these lending institutions.


____________________________(Signature) ____________________________(Date)

So basically they fill out the form and sign my contract with a clause added to the contract "contingent upon financing approval". I then take the application and a copy of the contract to my primary bank. If for some reason they are refused, I take it elsewhere and do a little leg work. If they are approved based on the quick app, the bank will contact them directly for the formal application.

We do very very little financing jobs.

rbsremodeling

Mark

Grumpy's form is close to the one I was going to fax you.

Who do you use for financing Grumpy??

__________________

ultimatetouch

Thanks Grumpy and Rory. Have you guys had any luck selling the job because you offered financing. I will capture the info and then find him the money. I have never done this before.

__________________
Ultimatetouch
Illinois Remodeling Company, Kitchen Remodeling Chicago, Room Additions Illinois

rbsremodeling

Mark

Yes I have. Back when the market was better my mortgage guy was my best friend. I just got approve for GE Money and now have in house financing, but the payment scenario is a bit different so I will have to see. But I had my mortgage guy finance about 500k worth of work for me in 07. that was about a third of my work in 07

__________________

Grumpy

No Ultimate we've never sold a job just because we offer financing. We bring it up in our presentation "As a convnience to you we accept Visa, Master card and also can get you financed. And let me tell you about...." We just throw it out there. I hate to say it like this because it sounds bad, but only the low income buyers care about financing. Those are the people that buy monthly payments. "We can do the project for the low cost of $200 a month, sign here..." The salesman neglects to tell them it's for 400 months.. and they don't even ask the actual contract value or % rate.

We go after higher end work where the customer is smart enough to secure their own financing. I often ask why they would call a contractor for financing, would they call their bank if they needed a new roof? I don't ask them this but think about the logic. Would you call a plumber to replace a damage electrical fixture?

We throw it out there, let them know we can do it. If they bite, great, another sales tool. If they don't care neither do I. However I won't do any foot work getting them financed until I have a signed proposal from them.

rbsremodeling

Grumpy Who do you use for Financing??????

__________________

ultimatetouch

I agree. I always tell them to start with the bank typically that they bank with. He asked me if we could finance him and he says he has good credit. I believe he does. I would rather sell him on the value and service of my product. If I have his info and I could get him financed, he cant get off the hook there by saying he cant get the money.

__________________
Ultimatetouch
Illinois Remodeling Company, Kitchen Remodeling Chicago, Room Additions Illinois

CA Contractor

FYI - Beware - many banks recently sent out notices they have frozen equity line of credits -- has nothing to do w/homeowner's credit or their payment history. It's simply due to the fact many homes have dropped significantly in value so the equity just isn't there - at least in CA.

Grumpy

As I said I shop it around at local banks. Also as I said that's just a "quick" application. After the prelimiry numbers are run they will have to go to the bank and fill out a formal application. In addition I get various finance companies calling me abotu once a montha nd I just keep their brochure in a folder at my office. The folder is dusty.