​For providers seeking financing these days, it is best to realize the differences between pre- and post-recessionary times, Korey says. “First and foremost, recognize that you are not in 2007, but rather in a whole new ballgame now. Those who have capital to lend can be selective, and there needs to be a solid, credible reason for a lender to provide you with capital,” he says.

The ABCs are simple, but not always easy to achieve. Korey says these include:

• Show historical competency in the area in which you are seeking funding—successful operations;
• Submit a clean, comprehensive financing package to the lender for review, and be prepared to concisely and in a timely manner answer the lender’s questions about that package, even if the questions seem redundant; 
• Recognize that personal guarantees are not going away anytime soon and are not negotiable deal points; and
• Accept the fact that terms are tighter than before, but that a provider that achieves construction, acquisition, or other types of financing completed today is ahead of the competition.

It does not pay to be naive and think that by waiting rates will go down, terms will ease, and that the opportunity to buy or build will still be available, Korey says.

"Our borrowers are accepting the risk that it will be some time before the markets come back, but they are taking financing at current market pricing because everyone else is hurting too—land is cheaper, contractors are less expensive, acquisition prices are affordable, etc.,” Korey says.

“Once the markets ease, they plan to refinance out the perceived higher-cost debt and end up with a nice yielding investment for years to come. However, as a buyer or builder, if you wait, prices generally go up as loans become easier to find.”