Don’t get caught and find yourself at the mercy of a banker!!

If you’re thinking about buying or starting a practice, buying or building an office or doing anything else that requires bank financing, always, always, always ask for a good faith estimate in writing and understand, like the song says, “it don’t mean nothing till they sign it on the dotted line!”

Bankers will talk about what they can do or will do all day long and will be fast and loose with the facts so you MUST make them give you a good faith estimate in writing before doing anything irreversible (like signing a lease or a contract or hiring an architect) and before too much time goes by. Bankers will try to slow roll you until D Day has arrived, you have no other options and you have to take the deal they want to give you.

Start early and go to multiple banks to shop your project. Set a deadline for the banks to have the good faith estimate in writing. Sell yourself and what you have – they want to do your project! Just don’t forget that nothing they say means anything until you have a GOOD FAITH ESTIMATE IN WRITING!!