LOS ANGELES-I have been an intermediary between borrowers and lenders for almost 30 years. As a co-founder, managing director, and broker for George Smith Partners, I, and all of our brokers, live by the mantra that honesty with the lender, in all respects, is the best way to get a deal done.
Every deal has its issues. They may include property issues, tenant issues or borrower issues. As of late, many, if not most, borrowers have some credit issues if they were active in real estate during the great recession.
Borrowers must remember that lenders don't want to find out the bad news themselves. If they do, they become suspicious of all the information provided to them, and will begin to double check every aspect of the borrower and property. Conversely, if you point out negative items up front, the lender will relax, understanding that you are the type of client (or intermediary) who is not planning to hide information from them.
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