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  1. #51
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    Quote Originally Posted by WestCoastFunding View Post
    It seems that BofA will only process PPPs for existing clients who have both a business banking account AND a loan with BofA:

    Eligible clients who plan to apply for the Paycheck Protection Program loan should be aware of the following important items:

    You must have a pre-existing business lending and business deposit relationship with Bank of America, as of February 15, 2020
    .”
    Most banks are doing the same.
    Hedley Lamarr......That's Hedley

  2. #52
    Senior Member Reputation points: 7556 cmarks's Avatar
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    Quote Originally Posted by cmarks View Post
    10k Already...not total or the whole time, already...
    how many applications do you have in the system already? and when did you start them? cause the final revised application was posted last night as well as Interim FInal Rule doc
    Chris Marks
    funderintel.com

  3. #53
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    Quote Originally Posted by WestCoastFunding View Post
    It seems that BofA will only process PPPs for existing clients who have both a business banking account AND a loan with BofA:

    Eligible clients who plan to apply for the Paycheck Protection Program loan should be aware of the following important items:

    You must have a pre-existing business lending and business deposit relationship with Bank of America, as of February 15, 2020
    .”
    I have a business deposit relationship but I have never borrowed money from them. So I will report back what I find out when I speak with them.

  4. #54
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    Quote Originally Posted by Winning View Post
    I have a business deposit relationship but I have never borrowed money from them. So I will report back what I find out when I speak with them.
    Apparently a business credit card will meet that requirement.

  5. #55
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    A good stategy as long as you have the 20% to 30% as a down payment.

    **A nugget of information that you may keep in mind:

    The SBA will also automatically pay the principal, interest,and fees of new 7(a) loans issued prior to September 27, 2020.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  6. #56
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    Quote Originally Posted by WestCoastFunding View Post
    Apparently a business credit card will meet that requirement.
    WtF! Never signed up for that either! I use Platium Amex Business.

    Any other ideas... Who would have thought by not using credit cards and having a loan with them would come back and bite me in the ass.

  7. #57
    Veteran Reputation points: 134971 Chambo's Avatar
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    Quote Originally Posted by Fly View Post
    SBA is advertising on twitter that anyone asking for fees upfront is a scam, so good luck with that. Charging people upfront fees that can barely survive on a Distatster Loan? That's a pretty solid scumbag move and if you do this to your current book of customers, doubtful they will ever do another loan with you again.
    Agreed. People looking to gauge and take advantage in this current environment are a special order of scumbag and should be hung in the public square

  8. #58
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    Do a search for SBA Form 159D - Read, Comprehend and make your own decision.

    For Agent Services In Connection With an SBA Disaster Assistance Loan
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  9. #59
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    Quote Originally Posted by WestCoastFunding View Post
    Apparently a business credit card will meet that requirement.
    Rubio just lit up banks for these types of restrictions, its the banks that are doing this, not the law.
    Chris Marks
    funderintel.com

  10. #60
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    Quote Originally Posted by Steven_O View Post
    BOA told a client of mine he had to have a Business CC in order for them to file the PPP paperwork. Mind you, he has personal accounts AND a business account there.
    Heard the exact same situation this morning. They don't want these loans.

  11. #61
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    Quote Originally Posted by Winning View Post
    WtF! Never signed up for that either! I use Platium Amex Business.

    Any other ideas... Who would have thought by not using credit cards and having a loan with them would come back and bite me in the ass.
    goto any other sba lender or bank and ask them if they are accepting apps from nonclients. Seems Finwise will be once they get all requirements resolved and their system updated.
    Chris Marks
    funderintel.com

  12. #62
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    Quote Originally Posted by cmarks View Post
    Rubio just lit up banks for these types of restrictions, its the banks that are doing this, not the law.
    They just don’t want these. It’s not worth it for them. Theyll essentually process them as a courtesy, but once you factor in manpower and other resources used, they probably don’t make a single dime or even lose money.

  13. #63
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    Quote Originally Posted by WestCoastFunding View Post
    They just don’t want these. It’s not worth it for them. Theyll essentually process them as a courtesy, but once you factor in manpower and other resources used, they probably don’t make a single dime or even lose money.
    Banks are providing the service to the customers as a service to the customers period. Hopefully these programs help their clients. There is no intention from most banks to try and profit from this as you really cannot. If you only knew the amount of work our bankers and underwriters are doing in efforts to service clients.....it's mind blowing.
    Hedley Lamarr......That's Hedley

  14. #64
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    Quote Originally Posted by cmarks View Post
    Rubio just lit up banks for these types of restrictions, its the banks that are doing this, not the law.
    Rubio's pissed because he has ****ty credit and no bank in their right mind would loan him money.
    Hedley Lamarr......That's Hedley

  15. #65
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    Quote Originally Posted by Yankeeman07 View Post
    Do a search for SBA Form 159D - Read, Comprehend and make your own decision.

    For Agent Services In Connection With an SBA Disaster Assistance Loan
    That’s the thing, trying to get one of these placed with a lender that they don’t have both a banking and lending relationship with is going to be nearly impossible. And brokers who do have the connects have been told we aren’t supposed to charge a packaging and placement fee to do it. Where does that leave the borrower? **** out of luck.

  16. #66
    Senior Member Reputation points: 7556 cmarks's Avatar
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Banks are providing the service to the customers as a service to the customers period. Hopefully these programs help their clients. There is no intention from most banks to try and profit from this as you really cannot. If you only knew the amount of work our bankers and underwriters are doing in efforts to service clients.....it's mind blowing.
    Kevin, for the PPP, describe in detail the amount of work to approve and fund one? How can you calculate that if you dont even list whats required to approve and fund?
    Chris Marks
    funderintel.com

  17. #67
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    Quote Originally Posted by cmarks View Post
    Kevin, for the PPP, describe in detail the amount of work to approve and fund one? How can you calculate that if you dont even list whats required to approve and fund?
    Chris,

    We are a division of a bank based here in Florida. Why in the world would I describe in detail what we are doing to help customers through the process on an open forum?

    Best,

    Kevin
    Hedley Lamarr......That's Hedley

  18. #68
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Chris,

    We are a division of a bank based here in Florida. Why in the world would I describe in detail what we are doing to help customers through the process on an open forum?

    Best,

    Kevin
    theres nothing secret about saying you have to review the ownership on SOS or TR, prove payroll by reviewing tax returns and other banking docs, etc... then saying all in all in takes 8 hours or whatever to approve a 300k PPP loan for the 5% fee you will get..meaning that 8 hours resulted in $15k,,,is that worth it to banks?
    Chris Marks
    funderintel.com

  19. #69
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    Chris - where in the heck are you getting this 5% Fee?

    Do yourself a favor and go to the SBA Web Site and read & comprehend the information provided.

    PPP - "
    This loan has a maturity of 2 years and an interest rate of 1%."

    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  20. #70
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    Quote Originally Posted by Yankeeman07 View Post
    Chris - where in the heck are you getting this 5% Fee?

    Do yourself a favor and go to the SBA Web Site and read & comprehend the information provided.

    PPP - "
    This loan has a maturity of 2 years and an interest rate of 1%."

    maybe if you can read, what you are talking about is payable to the agent from the Lenders, the LENDERS/BANKS get paid by the Govt 5% up to 350k

    "How will lenders be compensated? Processing fees will be based on the balance of the financing outstanding at the time of final disbursement:
     Loans $350,000 and under: 5.00%
     Loans greater than $350,000 to $2 million: 3.00%
     Loans greater than $2 million: 1.00%
    Lenders may not collect any fees from the applicant."
    Chris Marks
    funderintel.com

  21. #71
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    Treasury seems to be in conflict with SBA

    How will agents be compensated? Agent fees will be paid out of lender fees. The lender will pay the agent. Agents may not collect any fees from the applicant.

    **Take note of when the lender is paid their fee

    SBA - Refer to Form 159D -

    Bottom line I do not see any money for brokers/agents
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  22. #72
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    Quote Originally Posted by Yankeeman07 View Post
    Treasury seems to be in conflict with SBA

    How will agents be compensated? Agent fees will be paid out of lender fees. The lender will pay the agent. Agents may not collect any fees from the applicant.

    **Take note of when the lender is paid their fee

    SBA - Refer to Form 159D -

    Bottom line I do not see any money for brokers/agents
    1% is for agent out of the 5%
    Chris Marks
    funderintel.com

  23. #73
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    Quote Originally Posted by cmarks View Post
    1% is for agent out of the 5%
    Out of our WHOLE group here on DF... who has an agreement in place to get paid 1%?

    Anyone want to clarify? I can assume if no one does - then no one is getting that 1%.

    Bank contacts of mine have told me that they are not paying ANYONE out.

  24. #74
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    Quote Originally Posted by Steven_O View Post
    Out of our WHOLE group here on DF... who has an agreement in place to get paid 1%?

    Anyone want to clarify? I can assume if no one does - then no one is getting that 1%.

    Bank contacts of mine have told me that they are not paying ANYONE out.
    Most are not. They are working directly with their clients.
    Hedley Lamarr......That's Hedley

  25. #75
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    a lot of confusion about this. it will be up to each SBA approved lender what their policy will be to accept broker business. they do not have to pay or accept the business. they will make 5% on loans they service (the sba lender). they will have a ton of apps coming in direct to manage so I would not expect a smooth submission process if you do have a lender willing to pay you. $850M already was disbursed by community banks according to a recent article. bottom line, many banks dont need brokers to send them deals. they will have plenty on their own. a few lenders may be willing but don't count on that being the norm.

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