Loan modification business plan writing is part of a very unique industry niche that is all the rage right now. With many homes in foreclosure or at risk of mortgage default, U.S. homeowners stretched thin by their original mortgage are looking for help. For many of them, the appraised value of their residences has fallen to levels that will not allow them to get a conventional refinanced mortgage through a major lender. Instead, they need a more customized option, a way to get their existing payments back into a manageable range. Debating with the bank directly can be laborious and unproductive, so there has emerged a cottage industry of experts in loan modification. If this is your business model, you need to write a plan that addresses:
• The market need, territory by territory
• Your proposed loan modification plans
• What terms and rates can you obtain for most customers?
• What does your contract look like?
• Who will you target and how?
The business plan for loan modification should have current data on the U.S. housing market and the sort of modification programs allowed by different states. If you plan to market your service to potential users all across the country, know that the laws vary by state and there are some jurisdictions where your operations will be subjected to close scrutiny. Also detail your permitting and licensure issues, as well as the lending sources you might have a direct affiliation with. The financial model for this business plan will likely need a 5-year investment forecast but check with your backers about what they need to see modeled. Need assistance? MasterPlans has been writing real estate and banking-related business plans since 2002. Our team can be a huge asset to yours. Call today (toll free) at 877-453-2011.
