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10-16-2014, 11:06 AM #1
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
The merchant wants lower rates and longer terms than you can off them
The merchant feels they qualify for bank rates and terms up 2-10 years and you can't offer something acceptable.
What doyou do with the lead?
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10-16-2014, 11:25 AM #2
Send them to an SBA lender or hard money lender, if they don't qualify then sell your product as a stepping stone to one of those loans
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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10-16-2014, 11:41 AM #3
- Join Date
- Oct 2014
- Posts
- 257
The merchant wants lower rates and longer terms than you can off them
Send to me 7742088118.
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10-16-2014, 12:15 PM #4
- Join Date
- Oct 2014
- Location
- City of Santa Ana in the county of Orange, California
- Posts
- 3
I agree with Zach. A good practice to be into is to have "parachutes" to pull on both ends. Obviously you have your top lenders you love to use and same for your bottom guys. But what do you do when you can't get it done...it just doesn't fit? Have a parachute rip cord you can pull at the top and bottom...let me explain.
Having an SBA lender as an option for those "A" paper rate hunters is a great way to save a deal if you have too. Typically 10 year fixed APR terms are offered. So you won't end up losing that 800 credit score lead. Of course this has to still be a good fit for the client. That's always the case of course.
Having a lender at the bottom who will "fund anything" is another rip cord for you. You get that "F" paper guy in and you just can't find him a home? Make sure you have a bottom type lender with no restrictions and easy to qualify. Send that lender the deals that no one else will do just use it as a last ditch effort.
Zach@corebusinessloans.com knows his stuff. His lending expertise can come in handy if you ever need to pick someone's brain.Very Respectfully,
David Rabouin
(714) 360-0775 Direct
(949)-258-5018 Fax
drabouin@usbfund.com
http://www.linkedin.com/pub/david-rabouin/91/514/a21/
www.usbfund.com
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10-16-2014, 12:16 PM #5
- Join Date
- Aug 2014
- Posts
- 109
who funds f paper? which sba lenders pay commission?
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10-16-2014, 12:21 PM #6
- Join Date
- Oct 2014
- Location
- City of Santa Ana in the county of Orange, California
- Posts
- 3
As far as "F" paper goes I'd check out Pearl Capital out in New York. They have pretty loose guidelines and will fund almost any deal as long as they can see "wiggle room". Need a 15K deposit p/month mark though.
Regarding an SBA lender...I don't have anyone specific to recommend. But what I can tell you is that there isn't a ton of money on the front end of an SBA loan. Most lenders pay between 1-1.75% So find yourself a lender who can accept perhaps something along the lines of a processing fee so that you can "add a bit of juice".Very Respectfully,
David Rabouin
(714) 360-0775 Direct
(949)-258-5018 Fax
drabouin@usbfund.com
http://www.linkedin.com/pub/david-rabouin/91/514/a21/
www.usbfund.com
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10-16-2014, 01:29 PM #7
- Join Date
- Oct 2014
- Posts
- 2
i can get him the rate hes looking for 718 260 9400/ 718 663 1973
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10-30-2014, 03:39 PM #8
you still in buisness
Quick Funding Group
Lawrence Beigelman
Vice President Of Operations
Main- 718-314-0774
Fax - 718-559-4831
Email-Lbeigelman@Rocfundinggroup.com
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11-05-2014, 11:13 AM #9
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
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11-05-2014, 11:34 AM #10
- Join Date
- Jul 2013
- Posts
- 352
Originally Posted by skideeppow
I'd almost put some of the applicants I receive through through the ringer so they can see that they aren't so bankable.
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11-06-2014, 11:06 AM #11
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
I'm having good experience with this lender. You're correct about there being time delays that sometimes they are reasonable, sometimes not.
The lender gives our clients pre-approval within 30 minutes although we screen them both for the pre-approval and cash flow before having them submit their application. I've found their underwriters are reasonable and open to suggestions that may get a stalled deal moving again. The documentation seems to be less than the ordinary SBA loan you would apply for in a bank and you should be earning more than 1.5%.
I have also found the success rate considerable higher if you walk through the entire process with your applicant instead of turning them over to the lender.
You might consider teaming up with someone with more specific experience, save your time and make close to the same amount.
Bob Shaw
734.929.3800
rshaw@advancecredit.com
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10-16-2014, 01:46 PM #12
- Join Date
- Jul 2013
- Posts
- 352
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10-16-2014, 02:54 PM #13
- Join Date
- Jul 2014
- Posts
- 14
We just recently approved a case for 24 months at 1.30. Less commission but a satisfied merchant that we can keep for a long time.
The goal is to make them understand the difference between a bank loan and an MCA. And as channin said, sell the deal.
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10-20-2014, 12:34 PM #14
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
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10-16-2014, 03:00 PM #15
- Join Date
- Oct 2014
- Posts
- 260
Can someone please provide me with names of a couple SBA Lenders?
Second place? Set of steak knives.
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11-06-2014, 02:35 PM #16
Found this using the good old Google machine: http://www.sba.gov/content/search-sba-lenders-do
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10-20-2014, 03:44 PM #17
There are loan companies with once a month repayments over 2-5 years out there offering a 1-2 perc referral commission I have heard. You don't sell the deal, they do- check out lend360 for a list of possible lenders -
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11-06-2014, 05:37 PM #18
- Join Date
- Jul 2014
- Posts
- 1,746
A. Encourage the merchant to go apply at Wells Fargo, B of A, and Chase for an unsecured capital loan with his ****ty credit and weak cash flow.
B. After the merchant gets his dick knocked in the dirt, call him back and offer him the same terms you previously did.
C. Wait for the signed docs to come back at rocket speed, and dodge the phone calls from him every 5 minutes asking when his loan will fund.
D. Enjoy your commission.
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11-11-2014, 02:58 AM #19
- Join Date
- Dec 2013
- Location
- Florida, US
- Posts
- 31
MerchantFinancingLeads is able to provide an array of quality list and lead products like Pay per Call Direct Mail Leads, Merchant Cash Advance UCC Lists/Data and B2B Database Leads at a reasonable cost.
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