GROWTH STR ATEGIES
OPTIMIZING FIX-AND-FLIP PROGRAMS FOR GROWTH AND PROFIT Standardizing your processes creates efficiencies and transparency—and drives success. by Andrew Spiering
T
o set your company up
for success in fix-and-flip lending, the right mix
of standardization, people, and
technology is key for a profitable
program. Let’s look at some of the
best practices for delivering better efficiencies, transparency, and an
outstanding customer experience.
PROCESS STANDARDIZATIONS DRIVE BETTER EXPERIENCES For companies like yours to succeed and grow, consider how company-wide standardizations can provide benefits in multiple areas, for both borrowers and internal teams. Temple View Capital, a leading fix-and-flip lender, is a good example of
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PRIVATE LENDER
a company that has focused on standardizing processes that have made a positive difference for its nationwide program. To do fix-and-flip nationally, Temple View Capital has discovered the importance of developing standardized processes that are easy for their time-strapped borrowers to navigate. Eugene Amegashitsi, the vice president of loan and portfolio administration, said the company’s borrowers are focused on finishing their projects so they can sell them, make their money, and move on to their next deal. He noted that if Temple View can’t offer their borrowers consistent processes, they won’t be able to keep them. Recognizing this, Temple View has created a standard process that sets borrowers up for success. They created
tiers based on borrower experience. When the company begins to work with a new borrower, the borrower is placed in the tier that will place them on the right path. As the borrower’s experience grows, Amegashitsi said Temple View can adjust, giving the borrower more flexibility and better terms. Although the relationship may start off simply as a business transaction, depending on how the borrower wants to grow and business progresses overall, the relationship can become symbiotic and breed success for everyone.
COMMUNICATE OFTEN AND EARLY Standardizing processes and programs is a start. To optimize growth and profits even more, consider the improvements