A Repeat Customer Is The Biggest Compliment RFG Can Geton December 11, 2012 4:09 pm under Real Estate Investors
We are pleased to write that RFG’s business continues to grow – we speak to new borrowers every day and as a result, have grown our borrowing base of customers significantly. Interestingly, as we add new borrowers, we continue to deal with customers that we have dealt with in the past. Over the past six months, approximately half of RFG’s loans have been made to repeat borrowers, both those who have paid off loans and those with current loans outstanding.
What bigger compliment can a customer pay you than continuing to be your customer? We believe this repeat business is the result of several factors. The most significant is the interest we show in our borrowers and their projects. We try to get to know every customer in order to best serve their borrowing needs. In addition, we work quickly. We can frequently close a loan within 10 days of receiving an application package, allowing our rehab borrowers to take advantage of a good deal. In addition, the underwriting process is streamlined for repeat borrowers, as we already have a good foundation of financials and corporate documents (if applicable) and the borrower merely has to fill in the more recent information; they do not have to start from the beginning.
With regards to disbursement of rehab funds, we believe that RFG is among the fastest in the business. Our borrowers constantly thank us for the expedited process that we use to get their rehab money released back to them, frequently within two or three days of requesting a draw. By reimbursing the borrowers so quickly, we enable the borrower to keep its contractors working and the project moving forward on schedule.
Many of our borrowers initially come to RFG after being let down by another lender, who backed out of the deal on the eve of closing, or even at the closing table. Once they take out their first loan with RFG, the customers continually tell us how relatively easy the process was, and how appreciative they are that we lived up to our lending commitment. The customer who has been burned by another lender becomes an RFG customer for life.
At this time of year, there is much to be thankful for and the RFG team would like to thank all of their current and prospective customers for their support of RFG as it grows. Without our borrowers, we could not succeed. We wish you all the joy of the holiday season and look forward to a personally and professionally successful 2013!Tags: Expanding Business, Lending Commitment, Repeat Customers