An introduction to the course

The Business Loan Formula Welcome to my course
5 minutes
Share the link to this page


In today's lesson, I want to introduce you to the course. So you'll know exactly what to expect along the way, a couple of quick notes. First of all built the course to be taken in sequential order. That doesn't mean you can't skip around. If you see a topic that interests you, and you want to go ahead and jump into it. The other thing I want you to understand is I designed this as a bit as a beginner course, I've been in this industry for over 20 years, I've done over half a million dollars in deals.

And so it'd be really hard in a course like this for me to impart to you everything I've learned. So I did design it to be a beginner course. But the good news is, is I cover the vast majority of the things that a lender is going to look at using parados principle about 80% of the content that really is going to change your ability to get approved for a loan. So the purpose of this course is pretty straightforward. It's really simple. I just want you to be able to use this information to be able to talk to lenders and improve your chances for getting approved in the first place.

You need to understand there are absolutely no guarantees with any type of loan request, no matter how good of a time Teacher I am or what content I cover, I can't guarantee you, you'll get approved for a loan that really comes down at the end of the day to your individual information and your personal financial situation. But I can arm you for a good strong conversation with a lender so that when you go in, you can impress upon them that you know what you're talking about. And you're prepared to take on a loan like this. So here's how we're going to improve your chances of getting approved. I'm going to teach you to think just like those lenders, exactly what they think about why they ask the questions, they do what they mean. And sometimes I'll even talk about the best way to answer those questions.

I want you to understand exactly what they look for a loan. We call this loan appetite. And I have a lesson specifically on that. Just as you have a particular way that you are a particular type of food that you enjoy over others. lenders have types of loans that they prefer. Usually that's because they performed really well or they like the industries that that that borrower is in.

I'll show you their decision process. We're even going to work through some examples of when they do what's called underwrite a loan. We'll go through some final financial ratios, and I'm going to teach you exactly how to calculate them so that when you show up at that lender to talk to them about an application, you'll already have those ratios together, you can show them that you understand you're in a position to get this loan. Here's a little bit about how the course agenda looks. Again, I recommend you take it sequentially. Again, we'll talk about what lenders are looking for and cover that in some detail.

Then I'm going to jump into some common terms and acronyms. Partially This is because those lenders may use these terms and I want you to understand them ahead of time. But also throughout the lesson, I use them myself a little bit as well. So I want you to understand what I'm talking about when we're in a particular lesson and I use a phrase, maybe out of habit, right? People use acronyms all the time. We'll jump into a loan purpose.

This drives everything when it comes to the loan. The lender wants to understand why you need the money in the first place and your loan purpose should make sense to them. I mentioned we will talk about loan appetites. I'll go through the various phases of a loan. So the application phase, the underwriting phase, the closing phase, the post closing phase, And exactly what they're looking at in each phase and even what type of documentation they're looking for. We'll talk about a really big one, which is credit scores.

A lot of people ask me, How is my personal credit going to be impacted by this, we'll talk about that. We'll talk about the three key criteria that lenders look at for approving alone, these three things make up about 80% of their decision, their debt, service, collateral, and liquidity. And because of that, I've got individual lessons, where I'll show you exactly how to calculate these things. So the longest lesson we'll have together will be on calculating debt service. We'll run through an example using tax returns and other financial documents. I'll show you how to calculate that using the example and then you can take that information to calculate your own debt service.

We'll talk about loan collateral certainly there's the ability to get unsecured loans with lenders, but also we'll talk about what collateral they may be looking for and what you can offer to improve your chances of getting approved. we'll calculate liquidity or how much cash you have on hand and we'll talk about why that matters to a lender. We'll go over personal guarantees a lot of people ask me Will I have to guarantee this loan as an individual? The answer is most likely. And we'll talk about why that's the case. And what instance you may not have to but understand, most likely, you're going to have to sign a personal guarantee.

We'll go over loan terms and amortizations, which is just the length of how the loan works. We'll talk about a really big one to people, which is loan rates, what's it going to cost me to get this loan, I'll go over how lenders decide that using something called a risk grade, we'll talk about a specific type of loan which is Small Business Administration loan, I live the top SBA linear my state for four years, we'll talk about how they work and how they are slightly different than the traditional loan, how the process works. We'll go over term sheets and commitment letters. This is basically the types of forms that you can get from a lender saying what the deal may look like. And then when it really means that you have been officially approved for a loan, and then we'll talk about what to do if you're declined.

Again, no matter how good my courses, I can't guarantee you'll get approved. So sometimes you're going to get declined by a lender. It could just be they don't like the industry. You're in or maybe they don't need loans that back right now and they're just not willing to make yours. Or it could be that you're just not in a position to get the type of loan that you're looking for. We'll talk about what to do if that's the case and what your options are.

And then we'll wrap up I'll talk a little bit about my other courses where I go over how getting funds from an investor works.

Sign Up


Share with friends, get 20% off
Invite your friends to LearnDesk learning marketplace. For each purchase they make, you get 20% off (upto $10) on your next purchase.