Insight into lenders Because loan packagers have dealt with many lenders and have seen many loans, they can lend insight into the needs and limitations of lending institutions. Michele Angevin owned a personal chef and catering business when she sought the assistance of the Fort Worth Women's Business Center to help her secure a loan to open a restaurant. Unlike many small-business people seeking loans, Angevin, who had worked as an accountant in the oil and gas business, already had a fairly developed business plan. The center referred me to a counselor who was a banker. Bankers have a number of loan types that they need to fit into their portfolios.
Terms make a difference.
Another mistake is not knowing how much to request in a loan amount. We see where the weaknesses in the application are and shore them up. Angevin says the Women's Business Center gave her the tools and advice she needed to come up with the right documentation, but by no means did the work for her. What it costs The cost of loan packaging can vary depending upon where you go for the service and the complexity of the loan being packaged. Some split their fees, charging one sum upfront and another when the loan is won.