Executive Summary
Executive Summary may be referred to by various names by different banks and lenders. That’s why you come across many different names. In this article, we have chosen the most commonly used name “Executive Summary”. Even if it is requested under other names, with what you learn here, you can easily understand what this document is requested from you.
It is important that your loan request provides as much information as possible at a glance. You can get the reward of providing this convenience for lenders in the form of a quick review of your request and quick response.
What is Executive Summary?
The Executive Summary is the very first step in evaluating your request for financing. This first document is very important to get the loan completed in a shorter time. The Executive Summary will provide a quick review format to match the lenders to your loan request, without this opening presentation from you they are unable to proceed with your financing. If you want your loan request to progress quickly, understand that your ability to provide an executive summary will move your financing along much faster.
The Executive Summary – This is the first and most important part of your loan request, it is your first impression of the lender. The summary contains a quick overview of you, the loan request amount, the use of funds, and the project or property.
Creating the Executive Summary
The following is a step-by-step guideline for creating a complete loan submission package, any given lender may have additional requirements after review of the Executive Summary.
You can use Word, Excel, or other electronic formats and email them to lenders.
When writing out the Executive Summary, answer these questions in a brief and clear structure, and keep the format simple and within 2-3 pages.
- Project or property name.
- Your general contact information.
- Borrowing entity information.
- Complete profiles of the Borrowing principals, personal information, and backgrounds.
- Project or property description in a lender’s format.
- The loan request and use of funds.
- If you have requested financing from others and the results.
- Credit or funding issues if any.
Well, then?
Upon completing the Executive Summary email or contact lenders for a discussion of funding options. See Documentation for detailed information as you begin working with the lenders.
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