[bdshaw]

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?

[Zach]

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

[anydealfunded]

Send to me 7742088118.

[USBusinessFunding]

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.

[Paperchaser]

who funds f paper? which sba lenders pay commission?

[USBusinessFunding]

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".

[jclaudino0829]

i can get him the rate hes looking for 718 260 9400/ 718 663 1973

[channin19]

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?

sell the deal...

[Project Starter]

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.

[aredmond]

Can someone please provide me with names of a couple SBA Lenders?

[bdshaw]

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.

We just put together 150K loan, 120 months at 6%. That's what we do that is different and I would like to discuss working on these deals together.

[MCAVeteran]

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 -

[Finance Master]

you still in buisness

[bdshaw]

you still in buisness

Yes and doing pretty well. Thanks for asking.
I would rather make a few thousand dollars on a deal than walk away from it.

[channin19]

Yes and doing pretty well. Thanks for asking.
I would rather make a few thousand dollars on a deal than walk away from it.

10-29-2014, 04:02 PM #12
skideeppow skideeppow is online now
Senior Member

Reputation points: 30 Join Date
Apr 2013
Posts
148

OK, just for some updates here. I have sent a number of deals to these guys. They totally misrepresent this product. Approvals in 30 min and funding in days?
I have one $150k deal that we are going on 6 weeks.
The amount of paperwork is totally out of hand.
Second deal where the merchant followed through, same thing. it has been two weeks and they are now saying that once the documents come in (and this list is 19 documents long) it will take 4 weeks to close.
I would not call this quick or easy. And to only make 1.5%, not a great use of time.

Your point about leaving money on the table is valid and I'd brush aside any criticism from "Finance Master". The quote above is from another thread and you didn't address it there. I've seen the deck but can you give us any more insight into the scenario above? How many deals really are done in 7 business days.

I'd almost put some of the applicants I receive through through the ringer so they can see that they aren't so bankable.

[bdshaw]

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

[CASHCASH]

Can someone please provide me with names of a couple SBA Lenders?

Found this using the good old Google machine: http://www.sba.gov/content/search-sba-lenders-do

[FUNd]

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?

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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