| The cover letter that you include with your | | | | credibility kit. |
| private lending credibility kit will determine the first | | | | Be Clear and Direct: Specifically state your |
| impression you will make on a private lender. | | | | purpose and goals for entering into a transaction |
| Creating an effective cover letter will also | | | | with the lender. Do not word the letter so the |
| determine whether or not the private lender | | | | private lender has to guess why you are |
| continues to review the remainder of your | | | | contacting them. Lack of clarity communicates |
| portfolio as a potential borrower. | | | | lack of purpose and direction. |
| A well written cover letter that communicates to | | | | Plan to Follow-Up: Specifically indicate in the letter |
| the private lender(s) that you are worthy of his | | | | how the private lender can contact you and |
| her time and also demonstrates that you are | | | | describe your plans for follow-up and then make |
| serious about your business as a professional. | | | | sure you follow through with the plans you stated |
| In general, there is no specific format for creating | | | | in the letter. |
| a cover letter; however, there are general | | | | Encourage the Private Lender to Read On: Provide |
| guidelines that will make the letter worth reading. | | | | a sentence in the letter that encourages the |
| Be Brief and to the Point | | | | lender to continue to read the remainder of your |
| Use Only One Page: The cover letter should not | | | | private lending credibility kit. This can be |
| utilize more than one page. Get right to the point | | | | accomplished by making reference to an |
| and introduce yourself in the first paragraph and | | | | interesting component of your portfolio. |
| briefly explain why you are seeking private lending | | | | Thank the Potential Lender: Thank the potential |
| for your real estate transaction. | | | | lender for his/her time and encourage contact. |
| Personalize Your Greeting: When possible address | | | | Reinforce the fact that you plan to follow-up |
| the lender by name instead of using something | | | | within a specified amount of time. |
| generic like "Greetings" or "To Whom It May | | | | Review the Letter: The old adage of "two set of |
| Concern." People relate to the sound of their | | | | eyes are better than one" goes a long way when |
| name and by addressing them as such, it will grab | | | | it comes to proofreading the cover letter for |
| the lender's attention as well as let them know | | | | your private lending credibility kit. Many times |
| you took the time to learn their name. | | | | someone else will catch errors that you did not |
| Promote Your Accomplishments: Present your | | | | notice because you wrote the letter. A cover |
| accomplishments in a conversational tone that | | | | letter with errors will send a message to the |
| speaks to the reader. Briefly explain how your | | | | lender that you could not be bothered to |
| accomplishments will contribute to the success of | | | | proofread the letter, and may cause them to |
| a real estate transaction with the lender. Make this | | | | question your ability to successfully complete a |
| statement compelling enough to encourage the | | | | real estate transaction. |
| reader to discover more about you in your | | | | |