A Message to Commercial Lenders
Trying to Get Commercial Funding in Alberta’s Oil Patch
“We know you tried and that’s all matters. We understand that you’re just doing your job, and are under the scrutiny of your senior management. However, keep in mind, and we sincerely hope that your firm understands as well:
– Parties with credit scores that high and stelldar track records, will go after options with much more favorable terms, amounts, and rates.
Your target market includes firms like ours, who seek alternative funding options with more flexible requirements than traditional Big 5 lenders. As a reward for taking that risk, you experience greater profit, such as from higher rates – as these parties like ours are not in the target market for more traditional funding from such like the Big 5.
We may consider an initial loan amount of less than what is desirable, to begin building a relationship between your firm and ours. If this is an option for both parties, please let us know tomorrow.”
The unexpected result: the firm obliged.