[Kevin Henry-Seacoast]

I believe commissions will be paid perhaps 1%. Right now you have brokers taking half of the 1% giving us .50%
In the coming day,weeks you'll see many Fintech loan companies, Ondeck and alike having this.
Right now we just have to hold tight and get what we can with the current system (brokers) until the direct lenders start carrying it. It will happen.
Money dried up for MCA term loans for the retail/restaurants and investors are making 0% Why wouldn't they opt-in to make a 1-2% off of the 5%

Yeah 1% of $100,000 loan is $1,000 vs MCA $8,000 - $15,000 it will take you many more loans to get to that amount, more loans to process which wont be a problem to signup.

Their will be lots of opportunity to make great income.

Banks are inundated processing current customers. Little to no banks are paying ANY referral fees.
I know brokers wishing to submit a non-customer for free and they are being turned down. If you think you are going to make a lot of money on these....you are living on Hope Island.

[WestCoastFunding]

Banks are inundated processing current customers. Little to no banks are paying ANY referral fees.
I know brokers wishing to submit a non-customer for free and they are being turned down. If you think you are going to make a lot of money on these....you are living on Hope Island.

I know guys ready to dump 1,000 PPP apps to any lender FOR FREE. Just take them. The get Nothing.

[inacio]

I am a resident of Hope Island as some of labeled me.
I live under the delusion of doing very well in the SBA PPP Program according to the members of this thread.

99% of post are negative and right down discouraging to agents and with good reason, IT'S CHAOS! news articles after news articles are down right ugly, the whole world of SBA is falling apart...... not so.

I'm not of the belief that the SBA will increase the 5% commission to the lenders for loans Less than<$350K which are the majority of my deals iv'e have been turning in.

My deal states i receive 0.50% 50 Basis Point commission off the loan, abviously this is not a direct lender but a broker of the direct lender.

Before on MCA of term loans i was submitting the following on my own 1 man door to door mostly
$250,000 - $400,000 in volume
$45,000 average loan
6 Deals monthly average Approvals
10% Average Commission it varied by lender 8%-12%
38% approval rate Approval rate
1 Loan rejection by merchant, Merchants would decline because of the payback amount to high.

TODAY SBA PPP
1.6 Million in Volume
$100,000 Average Loan (monthly payroll $40,000 X 2.5 = $100,000 Per Loan)
16 Deals
0.50% Commission
$8,000 commission
10 Days. It took me 10 days to get these deals.

NOW! I have not gotten one loan approved yet, So Ill have to wait and see if those amounts get approved and if there is any declines, even if i only get half of the volume that would be a $4,000 commission


Point is, you can listen to the voices that their is no opportunity and go with the flow or learn as much as you can about the program, documents required, find a Lender preferably not a broker and just go for it. You will be only as good as your lender is, you need good support even if its just with email at the time as is my situation, its frustrating at times. Its uncertainty because like i said, i have not received any deals approved yet.

Then you will see the legitimate big FINTEC Lenders come in competing for you.

I hope this brings you a little hope.



.

[Kevin Henry-Seacoast]

I am a resident of Hope Island

Hope Island is a very lonely place.......

[inacio]

Hope Island is a very lonely place.......

It is, your right

[skideeppow]

I am a resident of Hope Island as some of labeled me.
I live under the delusion of doing very well in the SBA PPP Program according to the members of this thread.

99% of post are negative and right down discouraging to agents and with good reason, IT'S CHAOS! news articles after news articles are down right ugly, the whole world of SBA is falling apart...... not so.

I'm not of the belief that the SBA will increase the 5% commission to the lenders for loans Less than<$350K which are the majority of my deals iv'e have been turning in.

My deal states i receive 0.50% 50 Basis Point commission off the loan, abviously this is not a direct lender but a broker of the direct lender.

Before on MCA of term loans i was submitting the following on my own 1 man door to door mostly
$250,000 - $400,000 in volume
$45,000 average loan
6 Deals monthly average Approvals
10% Average Commission it varied by lender 8%-12%
38% approval rate Approval rate
1 Loan rejection by merchant, Merchants would decline because of the payback amount to high.

TODAY SBA PPP
1.6 Million in Volume
$100,000 Average Loan (monthly payroll $40,000 X 2.5 = $100,000 Per Loan)
16 Deals
0.50% Commission
$8,000 commission
10 Days. It took me 10 days to get these deals.

NOW! I have not gotten one loan approved yet, So Ill have to wait and see if those amounts get approved and if there is any declines, even if i only get half of the volume that would be a $4,000 commission


Point is, you can listen to the voices that their is no opportunity and go with the flow or learn as much as you can about the program, documents required, find a Lender preferably not a broker and just go for it. You will be only as good as your lender is, you need good support even if its just with email at the time as is my situation, its frustrating at times. Its uncertainty because like i said, i have not received any deals approved yet.

Then you will see the legitimate big FINTEC Lenders come in competing for you.

I hope this brings you a little hope.



.

I dont understand how you got 10 deals in 10 days, yet the PPP program was just launched Friday, and even then no one knew what docs were needed etc.

[inacio]

I dont understand how you got 10 deals in 10 days, yet the PPP program was just launched Friday, and even then no one knew what docs were needed etc.

I've been in the credit card processing industry for 21 years and in MCA for 2 years with a few thousand merchants in our portfolio and have majority of our merchants personal and business information already.
Each of the 10 merchants i wrote up have authorize me to talk to their accountant, i suggest this as its a short cut and cuts alot of time.

The way i know what documents to be collected is from the broker i work with. The way they knows what docs is through their lender.

Like i mentioned I haven't received one approval from my 10 deals I don't know if they are going to require more docs! maybe they will and maybe they wont, hell who knows. Point is I'm trying not to waste to much time in a forum and start turning in deals.

i'm not saying I got this thing figured out, at the beginning I was struggling with the doc collection but its getting easier now

What i'm finding out is that those same accountants, bookkeepers are referring me merchants now little by little, 2 today.
They are sending a complete file with all the docs which helps tremendously.

If and when i get approvals and paid commission ill let you guys know, to many damm Debbie downers here.

Im sharing this because i didn,t know what the heck i was doing at the beginning, still uncertaint, no approvals yet,
trial and error.