[DTFdowntofund]

It depends on the time and effort put into the file. If you are getting the merchant a collateral loan (WBL) you should pull a fee because a deal like that takes some time to fund, and also the stipulations that are required. As stated above, if you are making a decent amount on the file, there should be no need to pull a PSF Fee.

Lender's these days are making the funding effortless by doing more homework on the merchant on the backend.

You just don't understand the wholesale end of the spectrum obviously. Allow me to assist you here:

A secured loan, sometimes referred to as a collateralized loan, is one which utilizes a tangible asset of some type.. typically real estate though I do recall a shop that was leveraging vehicles, jewels etc (dammit, what was their name? it's going to drive me nuts now.. started with a P). Moving on..

WBL has more or less been the only lender in our space to encompass this product model, which in comparison to the rest of the industry, is undoubtedly a much, much longer turn around. The requirements for underwriting an unsecured deal are fairly basic, and can be quickly expedited by seasoned funding houses for fast turnaround.

What you need to understand is that WBL is in essence writing mortgages, and just like a regular person going through the process.. this is not only equally as tedious but you're also incorporating the logistics of the business volume, projections of receivables, seasonality, etc. into the equation; the only difference is that having a lien on something that is concrete and valuable affords the product model to extend significantly higher approvals amounts with longer term durations as it deflates the risk. But the requirements to ascertain validity, the necessity of site inspections to the physical location, the title work, etc. all are completely standard to this avenue of funding and there's just no other way to go about it. ... & once you are aware of this you'll start to understand that it has absolutely nothing to do with back-end competency or efficiency; it's simply a totally different creature... apples and oranges.

And I really don't mean this in a snide or condescending way, but like I tell my guys, we aren't all born.. take our first breath, and then are magically proficient in all things cash advance. You've gotta learn.

I can tell you that when I started branching off from the unsecured model and became more heavily involved with different types of financing it was the same thing. I once worked on monster cannibis deal with collateral, and just getting past the conference calls between numerous attorneys, COOs, folks from the licensing department etc. it was almost two weeks before we even received the financials. Another one I worked on had 8 locations, all averaging over 5MM a month, and they were mid-construct for 8 other locations.. lot of moving parts. Point being, once you understand the logistics of the process it's easier for you to not only navigate the game in general but it will help you to better sell. Trust me, this ain't my first rodeo.

Moral of the story is your merchant isn't responsible for the underwriting or verification procedure and seeking punitive damages for your impatience by pushing your PSF on the guy might feel good in the moment, but do yourself a favor and dabble in some delayed gratification. When you see how good you feel after you get in bed with the guy long term and you can experience that money shot on a frequent basis you'll get over those one night stands...err, single serving use merchants.