Real Estate Journal — NJAA CONFERENCE & EXPO — May 16 - 29, 2014 — 17D
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NJAA C onference & E xpo
Advice from Regal Bank on building lasting lender relationships Talk to your banker
s the owner or manager of a multi-family build- ing, you probably have your favorite contractors, paint- ers and plumbers. You likely work hard to maintain your relationships with these service providers, who are crucial to running your business produc- tively. Do you work as hard to stay in touch with your lender? The experts say you should. Consider Your Lender Your Most Important Service Provider An open line of communica- tion can go a long way. Accord- ing to Brian McGuinness , senior lending officer of multi- family lending specialist Regal Bank , it’s always a smart idea to stay on good terms with your lender. A WithumSmith & Brown celebrates 40 Years of success “It has been an incredible journey being a part of a thriv- ing business that has grown in size and geographic reach over the past 40 years,” says founder Ivan Brown, CPA. “Our client and staff retention are testi- mony to the fact that we have achieved something special at WS+B.” The objective to nurture a cli- ent-centric culture as its highest priority has fostered the firm’s success, with year-over-year revenue growth since inception which is expected to reach $100 million this year.WS+B is one of the largest accounting firms in the country, currently ranking #31 nationally and #6 in New Jersey. WS+B has garnered a repu- tation within the accounting profession as an innovative accounting firm, particularly when it comes to its marketing, advertising and social media ef- forts. Its viral videos such as the Flash Mob video and the recent series of 40video shorts celebrat- ing the firm’s anniversary have been a hit with all generations. “Our success and longevity af- fordus the ability to bemore cre- ative, to think outside the box, in terms of marketing,” states Bill Hagaman, CPA, managing partner and CEO. “The brand- ing you see in the marketplace reflects the heart of our firm -- our dedicated, talented and loyal staff. Our favoritemantra is ‘work hard-play hard,’ and our culture certainly lives up to that.” n
“All too often the loan closes and we won’t see or hear from the borrower again until the loan is up for renewal. Smart borrowers maintain an ongo- ing dialogue with their bank,” McGuinness explains. McGuinness went on to de- scribe the ideal relationship his lending team has with bor- rowers who come into the bank regularly to chat and drop off updated financials. “All is well most of the time. If there is an issue, such as a lengthy vacancy or if the bor- rower is considering selling, we talk about it. This helps us get ahead and stay ahead of any po-
tential problems,” McGuinness continues. “The earlier your lender is aware of a potential problem the more time you have to find a solution.” Full disclosure and regular, candid contact can also help you seize future business op- portunities. The more inter- action between the borrower and the lender, the greater the potential to grow the relation- ship. This may give the lender a stronger level of comfort with the borrower, which can ease the way for future deals. Open Communication is a Two Way Street Of course open communica-
tion must work both ways. Make sure you are comfortable with your lender and your bank. According to McGuinness, the lending team at Regal Bank takes pride in being accessible and responsive. As an example, he tells a story of a borrower who was unexpectedly dropped by his lender less than 30 days from his scheduled closing. With time of the essence, he turned to Regal Bank to save his deal. “The client was in constant contact with us through the en- tire underwriting and approval process. We were able to move quickly and get the deal closed,”
McGuinness adds. Not every banking-business relationship requires a weekly meeting or phone call. But per- haps you should put a monthly or bi-monthly reminder to talk with your banker on your calen- dar. Open communication is an important step in making sure you are doing everything pos- sible to protect and grow your business. You never knowwhen you’ll need your bank next. For more information about Regal Bank’s flexible multi- family and mixed-use lend- ing options, go to www.regal- banknj.com, info@regalbanknj. com, or at 973-716-0600. n
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