[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.



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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.