WorksheetsLCC Review
Total questions: 25
Worksheet time: 21mins
How many questions must you ask the client during the prequalification process?
3
4
5
6
What is the minimum amount on a commercial hard money loan?
$250,000
$100,00
$1,000,000
$25,000
What forms go to the Funds Director after the initial call?
Executive Summary
Sources & Uses form
Prequalification form
Trimerge credit report
What is not submitted to the Funds Director on a business line of credit (BLOC)
Prequal
Last six (6) months bank statements
Last two (2) years' tax returns
Trimerge credit reports
What is not the process for building rapport with a Principal?
Know
Like
Trust
Qualify
The purpose of the initial call is to...
Verify the principal’s information and establish rapport.
See if he can be persuaded into more money
Get through the call as fast as possible
Demonstrate how intelligent you are as an expert
Your "Direct Value Statement" answers the following question...
What is it that you do?
How much money can I receive?
Why I am guaranteed funding?
How long the Funds Director has been in the industry.
The most I can get on a PLOC is...
$1M
$250k
$500k
$25k
The minimum credit scores for PLOCs and BLOCs are _______________ across all three credit bureaus are...
680, 650+
650, 680+
720+ for both
680+ for both
What does CTA mean?
Call to Action
Call Them All
Close The Application
Capture Their Attention
Check off all of the possible mini closes in an initial call?
Is that fair Mr. Smith?
How does that sound?
Would you like me to move forward...?
When could you have that done for me?
What is your greatest challenge right now?
If a principal needs an equity partner, what should they already have done?
Have a minimum of 10% injected (invested) into the project, or plan to invest
Have a credit score of 680 or higher across all three bureaus
Have already been prequalified elsewhere (e.g. shopped at a competitor's)
Have a bond of no less than $1M
Name the forms you must have prior to a conference call with the Funds Director.
Check all that apply.
Executive Summary
"Sources and Uses" form
Prequalification sheet
Three (3) Credit references
What is the minimum amount required for a commercial loan?
$250,000
$50,000
$25,000
$250,001
How would your posture your Legacy business?
DVS
CVS
VHS
DEX
Why should the clients trust you?
What is the process for building rapport with a client?
Check all that apply.
KNOW
LIKE
TRUST
FOLLOW
Before you can schedule a conference call with the Funds Director, name one thing that you must do.
Proofread
Email Alicia or Phillip
Ask probing questions, so you don't 💔
Recognize if you actually have a deal in place
What is the purpose of the initial call?
To verify the principal's information and build rapport
To get to know them and follow them on social media
To provide insight and wisdom to their relationship problems
To see whether they can afford our services
What is your income goal for this year?
How can you get leads?
Check all that apply.
Social media groups (e.g. Linkedin, Facebook, Instagram)
Friends & family
Past and current clients
Friends of your friends
When do you mention who the Funds Director is?
Never- she's a figment of your imagination
Only after she's spoken to them personally (e.g. after the conference call)
At the beginning of the phone call, because it shows how professional we are
Once you realize that you have a deal in place
How often do we have trainings during the month?
Check all that apply.
Tuesdays at 7am EST
Thursdays at 7pm EST
Every second Saturday at 12 noon EST
Whenever there's pertinent changes to the system
What should the next incentive for training be?
