Need a Funder or Vendor? START HERE

Page 4 of 10 FirstFirst 12345678910 LastLast
Results 76 to 100 of 232
  1. #76
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    Quote Originally Posted by cmarks View Post
    1% is for agent out of the 5%

    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.
    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

  2. #77
    Senior Member Reputation points: 7556 cmarks's Avatar
    Join Date
    Oct 2016
    Location
    Florida
    Posts
    189

    Quote Originally Posted by Yankeeman07 View Post
    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.
    and?? what do you think that means?
    Chris Marks
    funderintel.com

  3. #78
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    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.
    I can tell you that our team has reached-out to literally hundreds of banks, credit unions and ABL lenders since this was first floated around weeks ago (I received a copy of this proposal by lobbyists before it was even made public) and zero have offered a referral fee. And it’s unanimous — all of them absolutely hate having to deal with this program. The info I get is that the only reason they’re servicing existing customers (and existing customers only) is because they don’t want the blowback/negative press. But, ****, there are big institutions that still won’t have anything to do with it. It’s just not economical vs hour of labor/resources.

  4. #79
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by fundingsmbs View Post
    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.
    There isn’t a lender that hasn’t been inundated.

  5. #80
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by cmarks View Post
    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.
    Yes, go to them. 98% will tell you they are not.

  6. #81
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    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.
    Why do you think the banks are doing this? Just to be punitive. The fact that banks don’t want these tells the story, don’t you think?

  7. #82
    Senior Member Reputation points: 39157
    Join Date
    Oct 2014
    Location
    Naples, FL
    Posts
    471


  8. #83
    Senior Member Reputation points: 33996
    Join Date
    Jan 2015
    Location
    Laguna Beach
    Posts
    463

    I believe the policies like B of A requiring a previous loan/BizCC, is because they are then funding a loan that will keep their clients in business, so THEY GET PAID BACK on the previous loan or cc.

  9. #84
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by Steven_O View Post
    Kabbage has basically basically stopped funding altogether and laid off a considerable number of employees. According to reports, Kabbage sole business now is brokering PPPs.

  10. #85
    Senior Member Reputation points: 7556 cmarks's Avatar
    Join Date
    Oct 2016
    Location
    Florida
    Posts
    189

    Quote Originally Posted by WestCoastFunding View Post
    Why do you think the banks are doing this? Just to be punitive. The fact that banks don’t want these tells the story, don’t you think?
    what story? its the governments money who they are getting from you the taxpayer to grant to small business owners to keep businesses float so the economy doesnt hit a total depression the likes of which it will take a very long time to recover,, oh and get a small fee for doing so
    Chris Marks
    funderintel.com

  11. #86
    Senior Member Reputation points: 39157
    Join Date
    Oct 2014
    Location
    Naples, FL
    Posts
    471

    Quote Originally Posted by WestCoastFunding View Post
    Kabbage has basically basically stopped funding altogether and laid off a considerable number of employees. According to reports, Kabbage sole business now is brokering PPPs.
    So they went from a funder... to a lead gen company. I can hear their thoughts already.

  12. #87
    Senior Member Reputation points: 8875 Enablement Data's Avatar
    Join Date
    Mar 2017
    Location
    New York City, NY
    Posts
    166

    They are def not a lead gen company
    DataOps
    Enablementdata.com
    DataOps@enablementdata.com
    433 Broadway
    New York, NY 10013

  13. #88
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by cmarks View Post
    what story? its the governments money who they are getting from you the taxpayer to grant to small business owners to keep businesses float so the economy doesnt hit a total depression the likes of which it will take a very long time to recover,, oh and get a small fee for doing so
    The. Banks. Don’t. Want. To. Participate.

    Why? Do you think banks are in the business or turning down the profits? No. And stop with this whole “it takes minimal amount of manpower” aspect. It is the bank who also has to deal with the forgiveness aspect on the backend. That will take considerable amount of manpower (which costs the bank money).

    Try this: call 10 banks and ask them if you can send them referrals for PPP and you want nothing in return. 10 out of 10 will tell you they aren’t interested. Then ask yourself, if this is worth it for them, why are they turning away referrals.

    Let me tell you, I’ve been brokering for 15 years. The majority of the stuff I broker is conventional and SBA loans. I have contacts with just about every conventional/SBA lender there is. We have contacted all of them in the past weeks preparing for this. I literally have just a handful that are accepting my referrals on this.


    **Update**

    Just after I posted above I literally just got word from one of the few that were accepting outside clients saying that Crestmark Bank has just opted out of the program due to “final program guidance”.
    Last edited by WestCoastFunding; 04-03-2020 at 03:09 PM.

  14. #89
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by Enablement Data View Post
    They are def not a lead gen company
    They do gift certificates now, too:

    “Kabbage is now trying to position itself as a middleman that will connect people with loans from the Small Business Administration. It has also started a website to help small businesses sell gift certificates to consumers.”

    https://www.bloomberg.com/news/artic...sh-needs-mount

  15. #90
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    Quote Originally Posted by cmarks View Post
    what story? its the governments money who they are getting from you the taxpayer to grant to small business owners to keep businesses float so the economy doesnt hit a total depression the likes of which it will take a very long time to recover,, oh and get a small fee for doing so
    Chris - you seem to think this is a good situation for brokers. I disagree and so do a few others on this forum.
    Come back to us in 2 weeks and inform us of your experience.

    For myself, I will stay with the SBA 7(a) - with lower interest rates, there is an opportunity for business
    owners to purchase or possible refinance their commercial property.

    The landscape has changed and will remain changed for quite some time at least regarding the MCA Industry.
    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

  16. #91
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by cmarks View Post
    what story? its the governments money who they are getting from you the taxpayer to grant to small business owners to keep businesses float so the economy doesnt hit a total depression the likes of which it will take a very long time to recover,, oh and get a small fee for doing so
    Also, stop with this whole thing being the governments money. Sure, the govt is providing the capital but it’s sitting in the banks balance sheet (who can then sell it on the secondary market).

  17. #92
    Senior Member Reputation points: 7556 cmarks's Avatar
    Join Date
    Oct 2016
    Location
    Florida
    Posts
    189

    Quote Originally Posted by WestCoastFunding View Post
    Also, stop with this whole thing being the governments money. Sure, the govt is providing the capital but it’s sitting in the banks balance sheet (who can then sell it on the secondary market).
    there is no stop, it is in fact like you said 350billion coming from the govt, 100% guaranteed to the banks, who lend it for 8-12 weeks.
    Chris Marks
    funderintel.com

  18. #93
    Senior Member Reputation points: 7556 cmarks's Avatar
    Join Date
    Oct 2016
    Location
    Florida
    Posts
    189

    Quote Originally Posted by WestCoastFunding View Post
    The. Banks. Don’t. Want. To. Participate.

    Why? Do you think banks are in the business or turning down the profits? No. And stop with this whole “it takes minimal amount of manpower” aspect. It is the bank who also has to deal with the forgiveness aspect on the backend. That will take considerable amount of manpower (which costs the bank money).

    Try this: call 10 banks and ask them if you can send them referrals for PPP and you want nothing in return. 10 out of 10 will tell you they aren’t interested. Then ask yourself, if this is worth it for them, why are they turning away referrals.

    Let me tell you, I’ve been brokering for 15 years. The majority of the stuff I broker is conventional and SBA loans. I have contacts with just about every conventional/SBA lender there is. We have contacted all of them in the past weeks preparing for this. I literally have just a handful that are accepting my referrals on this.


    **Update**

    Just after I posted above I literally just got word from one of the few that were accepting outside clients saying that Crestmark Bank has just opted out of the program due to “final program guidance”.
    banks are being greedy when business owners need them. they want to turn a profit sure, but they wont be able to lend money if all their clients go out of business.
    And yes, we have all heard not many banks are taking broker apps or paying fees, still today is the first day... stay tuned
    Chris Marks
    funderintel.com

  19. #94
    Senior Member Reputation points: 7556 cmarks's Avatar
    Join Date
    Oct 2016
    Location
    Florida
    Posts
    189

    Quote Originally Posted by Yankeeman07 View Post
    Chris - you seem to think this is a good situation for brokers. I disagree and so do a few others on this forum.
    Come back to us in 2 weeks and inform us of your experience.

    For myself, I will stay with the SBA 7(a) - with lower interest rates, there is an opportunity for business
    owners to purchase or possible refinance their commercial property.

    The landscape has changed and will remain changed for quite some time at least regarding the MCA Industry.
    i dont think its a Good situation, i think its deals to do, minimal work and helping create and build relationships with many.

    by the way lots of banks have stopped processing regular 7a loans so good luck with that, since they can also get a deferment on their current SBA loans.
    Chris Marks
    funderintel.com

  20. #95
    Senior Member Reputation points: 6585
    Join Date
    Sep 2014
    Posts
    259

    Hello Mike,

    The latest news is that there is an issue with the agreement between banks and the government regarding the buy-back provision that the government was supposed to perform. Under the initial loan program, the PPP loan was 100% guaranteed by the government, and a 100% guarantee to buy the loan back from the bank after the 4 month forgiveness period ended. However, last night’s rule changed that dynamic, eluding that the banks may not be able to sell the loans back to the government at a 100% commitment as soon as the forgiveness period arrives. The banking industry is working with the gov’t right now to resolve the issue and hope to have direction shortly.
    Additionally, it appears that there may be a 3rd revision to the application.

    As a result of the above items it seems prudent to hold off sending out the information needed to submit an application and the portal link, as it is highly likely whatever we would send now most likely will change yet again.

  21. #96
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by cmarks View Post
    what story? its the governments money who they are getting from you the taxpayer to grant to small business owners
    Ok, so it’s clear you don’t even know what you’re talking about. These are banks using their own money, who then have to petition the Treasury for reimbursement (which will take 60-90 days) if the lender deems the borrower eligible for loan forgiveness.

    It’s the bank using its own capital, but just given a 0% risk-weight.

  22. #97
    So is Kabbage going to be dispersing these PPP funds? Are they becoming an SBA Lender? Seems like their automated underwriting process would make much more sense for something like this.
    Last edited by Fly; 04-03-2020 at 03:40 PM. Reason: grammar

  23. #98
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by michaelh View Post
    Hello Mike,

    The latest news is that there is an issue with the agreement between banks and the government regarding the buy-back provision that the government was supposed to perform. Under the initial loan program, the PPP loan was 100% guaranteed by the government, and a 100% guarantee to buy the loan back from the bank after the 4 month forgiveness period ended. However, last night’s rule changed that dynamic, eluding that the banks may not be able to sell the loans back to the government at a 100% commitment as soon as the forgiveness period arrives. The banking industry is working with the gov’t right now to resolve the issue and hope to have direction shortly.
    Additionally, it appears that there may be a 3rd revision to the application.

    As a result of the above items it seems prudent to hold off sending out the information needed to submit an application and the portal link, as it is highly likely whatever we would send now most likely will change yet again.
    Un-****ing-believable.

  24. #99
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by cmarks View Post
    i dont think its a Good situation, i think its deals to do, minimal work and helping create and build relationships with many.

    by the way lots of banks have stopped processing regular 7a loans so good luck with that, since they can also get a deferment on their current SBA loans.
    What banks have stopped processing 7(a)s? Name them.

  25. #100
    Yeah the NAELB just emailed this update out. About the dispute on buy backs and 3rd revised application to come.
    Last edited by Fly; 04-03-2020 at 03:49 PM. Reason: specific

Similar Threads

  1. SBA Paycheck Protect Program
    By Yankeeman07 in forum Promotions
    Replies: 0
    Last Post: 03-31-2020, 07:30 PM
  2. Personal Injury Protection (PIP) Factor
    By socalgav in forum Deal Bin
    Replies: 2
    Last Post: 02-18-2020, 07:26 PM
  3. The Pleasure of Protection
    By blindbid in forum Promotions
    Replies: 6
    Last Post: 10-19-2018, 06:22 PM
  4. Overdraft Protection? NSFs
    By omegafund in forum Deal Bin
    Replies: 2
    Last Post: 01-16-2018, 12:27 PM
  5. Replies: 0
    Last Post: 03-10-2016, 12:36 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

SubcontractorHub, Lendica partner
BoA launches business loan marketplace
Quickbooks adds new LOC product


DIRECTORY