Banker Reviews

Securing a bank loan may be difficult. Banks cite risk factors and increasing costs of servicing small accounts as the primary reasons for minimizing their exposure to small businesses.

Getting a loan. Remember that the first loan is usually the hardest to get. Bankers prefer to lend money to borrowers who have borrowed at least once and have paid back at least one loan on time. Bankers prefer to lend to low-risk, low profit ventures than to high risk businesses or those with no record of accomplishment. And still, do not be afraid to ask for one. That is what the banks want you to do. In order to increase your chances of getting a loan, it is useful to look for a bank in the same industry as you are and who has done business with companies like yours. Look for banks that are active in small business financing.

The other important thing is to have on hand all the relevant documents, including a completed loan application, copies of cash flow and financial statement projections covering at least three years, and your cover letter. Information in combination with preparation is the most powerful negotiating tool. A confident and prepared borrower is four times more likely to get his/her loan approved than a borrower who does not know the answer to some of the basic questions a banker might ask. These questions usually are: How much money do you need? How long do you need it for? What are you going to do for it? When and how you will repay for it? What will you do if you do not get the loan? Broad statements should be avoided. The lender can easily check many of the facts on your application. If you cannot support statements with fact data, then do not make them at all. All your documents are to be neat, legible and organized in an attractive manner. Type all your loan documents. Handwritten documents look unprofessional.
Be confident. An attitude of confidence raises your chance of getting the loan. Try one lender after another until you get a loan. To improve your position as you change bankers and banks, the best way is to ask for a referral from a successful entrepreneur.

IndyMac Bank. Indymac bank is a publicly held company, a wholly owned subsidiary of IndyMac Bancorp, Inc. The tagline of the company is: “Raise your expectations.” The corporate headquarters of the bank are in Pasadena, California. IndyMac Bank is the seventh largest savings and loan institution in the United States.

Indymac bank provides a complete line of financing products and services. Primary funding of the bank composes of bank deposits, Federal Home Loan Bank advances, long term debt and home equity loans. Indymac bank provides a number of home mortgage products that are mostly first lien residential loans and huge full-documentation loans and home equity lines of credit.