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04-03-2020, 02:02 PM #1
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
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
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04-03-2020, 02:07 PM #2
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04-03-2020, 02:11 PM #3
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
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04-03-2020, 02:15 PM #4
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-03-2020, 02:26 PM #5
- Join Date
- Oct 2016
- Posts
- 4,318
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.
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04-03-2020, 02:23 PM #6
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
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
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04-03-2020, 02:25 PM #7
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