Featured Carousel Features February 2019

Matchmaking With a Banker


Written By: Don Davis

I recently had phone calls from three former clients letting me know that they planned to change banks. All three asked me to recommend a bank and a banker.

My initial questions sounded like a matchmaking service. Where are you banking now, and what type of experience have you had with banks in the past?

I then moved on to the type of loan or loans they might request. Using their responses, I reviewed my spreadsheet of banks and picked three that I thought would be compatible.

You can do your own matchmaking simply by applying a few of eharmony’s dating tips to your search for a new banker.

Before You Date

Forget the Google search. A much better strategy would be to check with business owners in your industry. Add in attorneys and CPAs as well as bankers who don’t specialize in lending to your industry. Once you narrow your list, you can begin dating.

Your 1st Date

eharmony’s first date tips suggest peeling the layers as you would when you “Peel an Onion.” In other words, explore each layer of the onion or each topic fully before you rush to your next question. Here are a few examples of follow-up questions:

  • QUESTION: What is your bank’s appetite for my type of loan requests?
  • FOLLOW UP: Have you extended many loans similar to my request and can you share details of a recent loan you approved?
  • QUESTION: What is your bank’s long-term strategy for making a profit?
  • FOLLOW UP: How would that strategy translate to pricing my loan?

Your 2nd Date

eharmony’s suggestions for a second date center around having fun while continuing to “Peel the Onion.” By now, you have made an application and might even have a commitment letter, so the questions and follow-up questions become more specific.

  • QUESTION: Will you review the commitment letter with me to make sure I fully understand your terminology?
  • FOLLOW UP: May I see a sample copy of a note, mortgage, security agreement or loan agreement so I can see the exact wording?
  • QUESTION: I know the attorney usually prepares the closing statement but could you provide an estimate of my closing costs?
  • FOLLOW UP: Will you review each line with me and suggest options that would save money on the total closing costs?

Your 3rd Date

Not sure about eharmony, but most borrowers suggest meeting at the loan closing. 

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