[Winning]

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.

[WestCoastFunding]

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.

[Winning]

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.

[cmarks]

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.

[WestCoastFunding]

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.

[Winning]

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.

Bank of America Changes Paycheck Protection Program Rules After Criticism.

Bank of America ended up changing its position with Chief Executive Brian Moynihan telling CNBC Friday that applicants no longer needed an existing lending relationship with the bank to access the funds.*

Bank of America says that it has already received 60,000 applications with paycheck protection program loan requests totaling over $6 billion.

Meanwhile the U.S. Small Business Administration said that 5,218 loans valued at more than $1.8 billion had been received.

https://www.thestreet.com/investing/...fter-criticism

[cmarks]

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.

[WestCoastFunding]

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.

[Kevin Henry-Seacoast]

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.

[cmarks]

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?

[Kevin Henry-Seacoast]

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

[Kevin Henry-Seacoast]

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.

[WestCoastFunding]

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?

[cmarks]

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

[WestCoastFunding]

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”.

[cmarks]

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

[Yankeeman07]

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.

[cmarks]

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.

[WestCoastFunding]

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).

[cmarks]

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.

[WestCoastFunding]

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.