[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

[WestCoastFunding]

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

Greedy? So the banks are supposed to hand out loans barely over prime rate, with super low reimbursement fees for underwriting, with no real guarantee the govt will reimburse the banks at 100% as originally promised, while diverting manpower to process these loans, and using capital they normally lend at much more sustainable rates?

All while we enter a financial crisis where they will face their own capital requirement tightening. And then they have to use even more resources on the backend to verify the borrower’s books and paperwork to provide the required forgiveness, to wait 60-90 days to be reimbursed from treasury?

Oh yeah, and the bank can’t even collect any payments for a year.

[cmarks]

Greedy? So the banks are supposed to hand out loans barely over prime rate, with super low reimbursement fees for underwriting, with no real guarantee the govt will reimburse the banks at 100% as originally promised, while diverting manpower to process these loans, and using capital they normally lend at much more sustainable rates?

All while we enter a financial crisis where they will face their own capital requirement tightening. And then they have to use even more resources on the backend to verify the borrower’s books and paperwork to provide the required forgiveness, to wait 60-90 days to be reimbursed from treasury?

Oh yeah, and the bank can’t even collect any payments for a year.

whats the reimbursement fee? make that a net number after your estimated costs of underwriting(you don't even know what they are underwriting!!)
6 months deferment, not a year

[WestCoastFunding]

whats the reembursement fee? make that a net number after your estimated costs of underwriting(you dont even know what they are underwriting!!)
6 months deferment, not a year

??

The deferment is up to 1 year. Yes, we ****ing know what they are underwriting.

Seriously, the fact that you have continuously argued that the lenders aren’t originating with their own capital, but think it’s the treasury originating the loans, tells us you have no ****ing clue how this works. Yet you’re so adamant that this is such a good deal for lenders. That somehow you know something they don’t know.

Let people who navigate SBA lending on a daily basis discuss this. Stick to writing reviews about people in the MCA space.

And tell us, which lenders aren’t doing 7(a)s as you claim? Have you ever done an SBA loan before?

[cmarks]

??

The deferment is up to 1 year. Yes, we ****ing know what they are underwriting.

Seriously, the fact that you have continuously argued that the lenders aren’t originating with their own capital, but think it’s the treasury originating the loans, tells us you have no ****ing clue how this works. Yet you’re so adamant that this is such a good deal for lenders. That somehow you know something they don’t know.

Let people who navigate SBA lending on a daily basis discuss this. Stick to writing reviews about people in the MCA space.

And tell us, which lenders aren’t doing 7(a)s as you claim? Have you ever done an SBA loan before?

im not sure you can read, but i never said the lenders arent using their own capital at first. So wheres the 350 billion going buddy??
Tell us then what the banks are underwriting besides the application?? what docs are they asking for?

Well we know SmartBiz is not doing 7a and many of their banks

[golf2014]

Ifs a mess like most figured

[WestCoastFunding]

im not sure you can read, but i never said the lenders arent using their own capital at first. So wheres the 350 billion going buddy??
Tell us then what the banks are underwriting besides the application?? what docs are they asking for?

Well we know SmartBiz is not doing 7a and many of their banks

SmartBiz. isn’t. a. ****ing. lender.

They don’t LEND ANY SBA PROGRAM. So, again, you said “many banks have stopped lending 7(a)s”. Name them. You can’t.

As far as docs theyre asking for, all you’re showing is that you truly have no ****ing clue what’s going on. The documents required, most banks, along with Treasury, along with many states, have released the standard lists of documents required. Literally everyone else in this forum is familiar with the lists.

As for the $350B, that is going toward PURCHASING the loans from the banks who are tying up their own funds in originating, as well as paying the banks back after the loans have forgiven.


Like I said, you have no clue what you’re talking about, but you think just making up random **** as you go along will suffice. It won’t.