[LoanGuy]

I'm looking to originate & send leads to funders, but want to save everyone's time if business won't pass UW criteria. Are there basic cuts lenders have with respect to business checking accounts like # of recent NSFs or minimum balance or some kind of cash flow calculation. I don't expect folks to know or share specific recipes, but I think knowing basic cuts or min requirements will benefit everyone if we can avoid sending a bad lead over.

[evercap]

60k+ Send it! wmurphy@everlastingcapital.com

[Eagle Funding]

Thank god someone who actually finally asks, I will discuss more details with you about how we here at MAE work, you can email me at cscuderi@mcamerchant.com or let's get on a call tomorrow in the morning my number is 718 316 3323

[Joseph Esparza]

I'm looking to originate & send leads to funders, but want to save everyone's time if business won't pass UW criteria. Are there basic cuts lenders have with respect to business checking accounts like # of recent NSFs or minimum balance or some kind of cash flow calculation. I don't expect folks to know or share specific recipes, but I think knowing basic cuts or min requirements will benefit everyone if we can avoid sending a bad lead over.

Reach out to Capital Stack - I'm a facilitator here and will break it down to you in English.
My Best,

[Funder Mark]

Negative days are a big one, different companies will accept fifferent amounts, there is how many total deposits there are, how many big deposits, are the deposits concentrated in one part of the month, merchants credit, late on rent, whole bunch of factors.

[freddy]

Negative days with consistent overdrafts - bouncing of ACH on current CA deals. We can discuss further - feel free to reach out - 347-560-2346 or email me freddy@bccfund.com

[LoanGuy]

not sure what 60k+ means

[Lendini]

everyone's secrete sauce is different but a fifty foot view... $15+ in avg monthly gross sales, less then 5 avg. neg days, positive beginning and ending balances and more then one customer.

[JayBallentine]

I'm looking to originate & send leads to funders, but want to save everyone's time if business won't pass UW criteria. Are there basic cuts lenders have with respect to business checking accounts like # of recent NSFs or minimum balance or some kind of cash flow calculation. I don't expect folks to know or share specific recipes, but I think knowing basic cuts or min requirements will benefit everyone if we can avoid sending a bad lead over.

The process for you right now will work something like this...

1. You get app.
2. You get statements.
3. You send over file.
4. Human manually reviews statements.
5. Human declines or accepts file.
6. If human accepts the file, you go and request more pieces of paper (more time spent).
7. When you get all pieces of paper, it goes into final underwriting.

That's kind of crazy in 2014 isn't it? Here's the process with Buynance Family members...

1. You direct business owner to our site or your white labeled site.
2. They enter some data.
3. We pull banking and deny or pre-approve.
4. If pre-approved the business owner finishes the process from their smart phone. No photocopying, faxing, printing, etc.


Take a look at this snapshot.

RLztPipz.jpg

It's a sucker lead. This is a lead we actually declined recently that an online lender funded... Now the guy is bouncing payments.

Our software catches leads like these so you don't waste your time getting bank statements back from a guy (after begging for them) who will unfortunately be turned away.

Quantify the value of time spent chasing paper, hearing "declined" from funders and think about how much more you'd earn if you could save all of that time.

[LoanGuy]

Not sure how negative days differs from NSFs. Is there a difference?

[Andy]

Yes negative days are different then NSF. negative days will show when you look at the ending daily balances on the statement. NSf is insufficient funds fee for an item, you could have several NSF s for one negative day.
General rule of thumb, minimum 10k a month deposits , 1k avg daily balance, no more than 3 negative days a month, and more than 5 deposits per month
PM me if you want any further guidelines or would like to send us some deals and we ll help you out.
Sounds like you would be best to find a good broker to work with, at least until you learn the programs and funders , you send the deals they underwrite and send to the best funder for the deal. I could certainly do this for you, as could any other good broker.

[Carebear]

I'm sorry; but this question really gets under my skin. Why would we teach you? I just feel like if you don't know something this freaking BASIC- you shouldn't be advising people about money or borrowing. PERIOD!

[LoanGuy]

Let me explain. We are gathering risk based data using Experian, D&B and a proxy for FICO where we have a pretty good picture of the credit and bankruptcy risk to the business and owner. The piece we don't have upfront is bank data. So, there might be situations where we evaluate someone as a great lead, but if I knew lenders wouldn't fund a deal if the guy had 5 negative days in the past 2 months or maybe only some lenders would take it, then maybe I know to ask a simple screening question to the business owner.

[USBusinessFunding]

A negative day means the account actually dipped into the negative (means a daily lender won't get paid that day). Whereas an NSF may not always result in a negative day depending on how the account is set up (overdraft protection prevents negative days).

[anonymous]

nvm, already explained.

[Zach]

You can have 100 NSF's in one day, and still end the day with a positive balance. Negative ending day just means that at the end of that business day your account held a negative balance.

Most lenders will not approve a client who exceeds 3-5 negative ending days per month.