[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

[Guilds12]

Just talked to my contact at Lendio (I used to work there) and they are shifting all their efforts towards the PPP. Apparently they were approached by a large corporation that owns a network of banks (I thought he said Henry Jackson, but I could be wrong) because their banks don't have online portals capable of handling the volume. He said there were currently 1000 calls on hold in their phone queue waiting to apply. He isn't certain how they are going to get paid/reimbursed, but probably will only be a $50-$100 per application.

[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.

[cmarks]

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.

anger issues bud, we all know smart biz isnt a lender

Literally have had the main SBA document list since last week for stips but not all is equal.
Here is the guidance to banks:
"What underwriting is required? You will need to verify that a borrower was in operation on February 15, 2020. You will need to verify that a borrower had employees for whom the borrower paid salaries and payroll taxes. You will need to verify the dollar amount of average monthly payroll costs. You will need to follow applicable Bank Secrecy Act requirements."

Here is what 1 bank has on their site:"
State income, payroll, and unemployment insurance filings
TAX ID/EIN and complete ownership information
For sole proprietorships, independent contractors, and other self-employed individuals, your 1099-MISC forms
For sole proprietorships, documentation of the income and expenses from the sole proprietorship. For healthcare costs, all health insurance premiums paid by the business owner under a group health plan
Your company retirement plan funding paid for by the company
Additional documents may be needed.

"
But yea, no clue Bret

[WestCoastFunding]

anger issues bud, we all know smart biz isnt a lender

Literally have had the main SBA document list since last week for stips but not all is equal.
Here is the guidance to banks:
"What underwriting is required? You will need to verify that a borrower was in operation on February 15, 2020. You will need to verify that a borrower had employees for whom the borrower paid salaries and payroll taxes. You will need to verify the dollar amount of average monthly payroll costs. You will need to follow applicable Bank Secrecy Act requirements."

Here is what 1 bank has on their site:"
State income, payroll, and unemployment insurance filings
TAX ID/EIN and complete ownership information
For sole proprietorships, independent contractors, and other self-employed individuals, your 1099-MISC forms
For sole proprietorships, documentation of the income and expenses from the sole proprietorship. For healthcare costs, all health insurance premiums paid by the business owner under a group health plan
Your company retirement plan funding paid for by the company
Additional documents may be needed.

"
But yea, no clue Bret

1) You made the claim that many SBA lenders stopped funding 7(a)s and have yet to name a single one.

2) You asked what the lenders are underwriting besides the application, and then admit that they are asking for other documents besides an application.


Your argument is literally an argument against yourself. Stick to trying to sell ISO lists and let people who actually navigate SBA financing discuss the SBA programs, as you’ve never actually brokered an SBA loan yourself.