Need a Funder or Vendor? START HERE

Results 1 to 23 of 23
  1. #1

    Critique my crm

    Ok, here goes. Been in the game a long time had to rebuild my salesforce crm.

    interested client - leads are pushed from marketing system to CRM done by API

    1. Rep then changes new lead to lead stage app out - link sent via email and SMS to the website where the web app is located, the client fills out the app. "email open" is saved in CRM, so rep knows as well. Preferably we know the annual revenue before sending the app, "stated revenue" section is filled out to organize by annual rev quality

    2. partially incomplete apps are saved in CRM - rep is notified and client is emailed, a partial app is saved, they can pick up where they left off - drip campaigned to complete.. Partial apps are more common than expected.

    3. complete application in - the client can bank link or upload their statements or do neither via the web application.

    4. app in - lead stage moves from app out to app in - rep is notified and if bank statements are attached or linked its saved in CRM, the client is notified via email and SMS

    5. Bank statement request stage - email and SMS sent the client for bank statement if not already done so. drip the client in the event its not completed. Also, we can email a link to complete the bank lining process once app is in. * credit report is no longer pulled - too costly and reps didnt bother looking. Added tax liens and bankruptcy to the web app as a replacement as thats a bigger concern vs credit score. Also added # of open biz loans.

    6. APP n Banks in stage - underwriting team then takes the file and is notified - verifies annual revenue or monthly deposit volume by a. drag and drop to OCR reader that extracts banking data by month (costly by fast) b. or manually done

    7. Submit the file to Lenders via email within CRM or API depending on the lender.

    7b. an idea that we had was create a filter that would choose which lender to choose and auto sends once app/banks were in the system. This is more complicated as u have to add each lender's criteria and its not that simple.
    7c. idea - create a quote calculator that would give an "estimate offer" of what the client would qualify for and "soft pitch" a potential offer so as to reduce the number of submissions that go unfunded.

    Feedback, suggestions, improvements? It's salesforce, yes its pricey, yes a developer becomes your BFF.

  2. #2
    Senior Member Reputation points: 24994
    Join Date
    Feb 2019
    Posts
    203

    I would separate the submission vs # of offers. It will help answer the following questions:
    What is the close rate of funded over requested funds? On average, the number of funders who receive the file.

    For each submission, there should be a debt schedule.

    Credit reports are huge for A paper. Great banks but weak credit. You do not waste time shopping A funders & go straight for B funders. I wouldn't run credit for 3+ positions to be honest unless revenue was huge. This will bring down costs substantially imo.

    The estimate offer idea is great in theory but there are better features to focus on.

    Your 7B idea is how you will increase your close rate by a lot. The amount of analytics that I collect on each funder is a lot tbh. Decline reason distribution, underwriters on the file, approval time, underwriting time, renewal %, approval by state, industry, average term, average amount, % of killed in final, etc. The list goes on.


    Good luck.

  3. #3
    Senior Member Reputation points: 10087
    Join Date
    Dec 2015
    Location
    Costa Mesa
    Posts
    223

    I would switch to Centrex Software so you get a dedicated product for the sector that will save you time and money while increasing your conversions, productivity, and over all happiness.

    Trey
    www.centrexsoftware.com
    (888) 622-5810 ex 101

  4. #4
    Senior Member Reputation points: 55949
    Join Date
    Dec 2015
    Posts
    574

    Informative answer MisterMCA....




    Trey soufflé, he asked what you thought about his crm, I didn’t really understand the opinion you gave. Were you suggesting he throws his out the fire escape window, and go buy your crm instead, because he could use his time for better things?
    Last edited by DonMcGrath; 06-03-2021 at 11:10 PM.
    Do you remember love? That time you funded your first deal over 40K.....

  5. #5
    Wow, insightful. ok, here goes.

    The estimate offer idea is great in theory but there are better features to focus on. - ok, understood.

    Credit reports are huge for A paper. Great banks but weak credit. You do not waste time shopping A funders & go straight for B funders. I wouldn't run credit for 3+ positions to be honest unless revenue was huge. This will bring down costs substantially imo. - Ok, i uninstalled the credit pull. Maybe a good reason to bring it back. My rationale, after speaking with a long time lender who bought leads from lending tree they reported that if i recall 70-80% of the time self reported credit was accurate.

    For each submission, there should be a debt schedule. - Can you elaborate?

    I would separate the submission vs # of offers. - are you saying approved ratio? # of subs to approval/offer.
    It will help answer the following questions:
    What is the close rate of funded over requested funds? - this is i dont understand.



    7b idea - i found a vendor that created an app for sub filter but did not execute on it yet.

    Your 7B idea is how you will increase your close rate by a lot. The amount of analytics that I collect on each funder is a lot tbh.
    Decline reason distribution, (do you mean a pick list with decline reason?)
    underwriters on the file, (# of lenders you sent a file to?)
    approval time, underwriting time, (understood)
    renewal %, (are you doing renewal follow up or the lender?) (or do u mean the likely hood in % the lender renews?)
    approval by state,
    industry, (how are you tracking this? This one has always been a struggle for me - SIC code, NAICS, or a drop down of industries?)
    average term, average amount,
    % of killed in final, ( i track but havent as a % of deals sent)


    Thank u

  6. #6
    Senior Member Reputation points: 24994
    Join Date
    Feb 2019
    Posts
    203

    Quote Originally Posted by Cali Working Cap BJJ View Post

    Credit reports are huge for A paper. Great banks but weak credit. You do not waste time shopping A funders & go straight for B funders. I wouldn't run credit for 3+ positions to be honest unless revenue was huge. This will bring down costs substantially imo. - Ok, i uninstalled the credit pull. Maybe a good reason to bring it back. My rationale, after speaking with a long time lender who bought leads from lending tree they reported that if i recall 70-80% of the time self reported credit was accurate.
    From my experience, I disagree with that. A lot of people know their credit karma's credit score which is typically not the same credit model that funders/lenders use. Funders typically use FICO 2 model which typically is lower than what they see.

    Quote Originally Posted by Cali Working Cap BJJ View Post

    For each submission, there should be a debt schedule. - Can you elaborate?
    The position & balances are such important facts when considering where to send the paper. Hopefully, you are refi your merchants. Let's say you fund someone in a second position & you go to refi them. What if they worked with someone else and they have 3 positions now. Are you going to go refi the 2nd position? More than likely, no.

    This will allow you to run a report to see the merchant's "debt profile" each time that you work with them.

    This is a feature that helps build a foundation for more features. i.e. automatically suggesting funders for the submission

    Quote Originally Posted by Cali Working Cap BJJ View Post

    I would separate the submission vs # of offers. - are you saying approved ratio? # of subs to approval/offer.
    It will help answer the following questions:
    What is the close rate of funded over requested funds? - this is i dont understand.
    You want to have another table where you create "offers." An offer is when you send the app to a funder. Each submission will have many offers. Each Merchant will have many submissions.

    This will allow you to break down each time you work with the merchant and know exactly what is happening. This will also allow you to catch back door events.

    Quote Originally Posted by Cali Working Cap BJJ View Post

    7b idea - i found a vendor that created an app for sub filter but did not execute on it yet.

    Your 7B idea is how you will increase your close rate by a lot. The amount of analytics that I collect on each funder is a lot tbh.
    Decline reason distribution, (do you mean a pick list with decline reason?)
    underwriters on the file, (# of lenders you sent a file to?)
    approval time, underwriting time, (understood)
    renewal %, (are you doing renewal follow up or the lender?) (or do u mean the likely hood in % the lender renews?)
    approval by state,
    industry, (how are you tracking this? This one has always been a struggle for me - SIC code, NAICS, or a drop down of industries?)
    average term, average amount,
    % of killed in final, ( i track but havent as a % of deals sent)


    Thank u
    Yup - have a decline reason dropdown list.
    SIC & NAICS are both extremely unreliable imo. I made my own over the years. This allowed me to create industry prequal questions over time.

  7. #7
    ok, i get the debt schedule now - makes sense.
    Do you have this listed on your application? I have - any open loans? if yes, how many. Then we ask the client directly the balances and with who.
    But i noticed the clients at times dont know their balances which leads to them calling their OG lender and then possibly renewing. Whats your approach?

  8. #8
    Senior Member Reputation points: 24994
    Join Date
    Feb 2019
    Posts
    203

    Quote Originally Posted by Cali Working Cap BJJ View Post
    ok, i get the debt schedule now - makes sense.
    Do you have this listed on your application? I have - any open loans? if yes, how many. Then we ask the client directly the balances and with who.
    But i noticed the clients at times dont know their balances which leads to them calling their OG lender and then possibly renewing. Whats your approach?
    Yes - we have an online debt schedule with our application. It has 5 available with the option to add more by press a "+" button. It operates like an online excel.

    Regarding MCAs, a rough number for MCAs is good enough. What was the rate? How long? Date you got funded? You can guesstimate the numbers.
    You should be asking about balances before you have an application. Assuming you have bank statements, figure out the funder yourself and then verify the balances & term while on the phone with the merchant.

  9. #9
    Just out of curiosity, whats your timeline like?

    How long from the time they land on your page and fill out the form till you get a sub? Ball park, I know a small percent come already fully sub-worthy by the time you guys make it in the next morning.

    How long after you have a full sub from the merchant does it take for you to fund them? On the laydowns.

  10. #10
    We sub within 1 day always - remember i have the drag and drop OCR so it does bank statement parsing asap. its costly. Usually 1 day at max 2 days depending on the time of day.
    one thing we started doing is bonusing reps on "app and bank packages"

    Fund them, i'd as MistaMCA as i dont keep track of days to fund as much as conversion rate. we convert (since we dont pre - scrub files) 25% approval to fund. I do need reps as im short on talent but we do have pleny of "openers" or lead generators but short on good closers.

  11. #11
    Senior Member Reputation points: 24994
    Join Date
    Feb 2019
    Posts
    203

    Quote Originally Posted by Cali Working Cap BJJ View Post
    We sub within 1 day always - remember i have the drag and drop OCR so it does bank statement parsing asap. its costly. Usually 1 day at max 2 days depending on the time of day.
    one thing we started doing is bonusing reps on "app and bank packages"

    Fund them, i'd as MistaMCA as i dont keep track of days to fund as much as conversion rate. we convert (since we dont pre - scrub files) 25% approval to fund. I do need reps as im short on talent but we do have pleny of "openers" or lead generators but short on good closers.
    What OCR are you using? 1-2 days is mad slow. Ocrulous is a great option that many funders use. We have it set up to send the statements to Ocrulous and then it sends the output directly to the funder to speed up approval time. (Any funder that has API documentation will be open to this option IMO)

    Assuming the statements are PDF generated, another good option is Money Thumb. They are about the 1/8 of the cost of Ocrulous.

  12. #12
    I didnt mean 1-2 days to process, I meant when we submit a deal and depending on the time of day 1-2 days to get a response from the lender. We do actually check SOS and balances from different lenders, ownership percentage, tax id as well.

  13. #13
    Senior Member Reputation points: 5633
    Join Date
    Mar 2019
    Posts
    104

    Quote Originally Posted by Cali Working Cap BJJ View Post
    Ok, here goes. Been in the game a long time had to rebuild my salesforce crm.

    interested client - leads are pushed from marketing system to CRM done by API

    1. Rep then changes new lead to lead stage app out - link sent via email and SMS to the website where the web app is located, the client fills out the app. "email open" is saved in CRM, so rep knows as well. Preferably we know the annual revenue before sending the app, "stated revenue" section is filled out to organize by annual rev quality

    2. partially incomplete apps are saved in CRM - rep is notified and client is emailed, a partial app is saved, they can pick up where they left off - drip campaigned to complete.. Partial apps are more common than expected.

    3. complete application in - the client can bank link or upload their statements or do neither via the web application.

    4. app in - lead stage moves from app out to app in - rep is notified and if bank statements are attached or linked its saved in CRM, the client is notified via email and SMS

    5. Bank statement request stage - email and SMS sent the client for bank statement if not already done so. drip the client in the event its not completed. Also, we can email a link to complete the bank lining process once app is in. * credit report is no longer pulled - too costly and reps didnt bother looking. Added tax liens and bankruptcy to the web app as a replacement as thats a bigger concern vs credit score. Also added # of open biz loans.

    6. APP n Banks in stage - underwriting team then takes the file and is notified - verifies annual revenue or monthly deposit volume by a. drag and drop to OCR reader that extracts banking data by month (costly by fast) b. or manually done

    7. Submit the file to Lenders via email within CRM or API depending on the lender.

    7b. an idea that we had was create a filter that would choose which lender to choose and auto sends once app/banks were in the system. This is more complicated as u have to add each lender's criteria and its not that simple.
    7c. idea - create a quote calculator that would give an "estimate offer" of what the client would qualify for and "soft pitch" a potential offer so as to reduce the number of submissions that go unfunded.

    Feedback, suggestions, improvements? It's salesforce, yes its pricey, yes a developer becomes your BFF.
    What OCR company do you use? We were very close to utilzing Ocrolus but it was going to run us 150k or so for the year so decided to hold off. Also curious on #7. Are you able to do portal submissions via an API?

    If so to the portal submissions do you mind sharing the contact info in a DM with the company/freelancer you used?

  14. #14
    sorry for the delay. OCR we use moneythumb. OCRolus is too much $.
    portal subs via api - no unfortuantely its only API or manual subs via portal. That would be nice though

  15. #15
    Hi Cali Working Cap BJJ,

    I'm with Fundingo - we're a loan management system built into the Salesforce platform.

    One common solution we implement for clients is a submission wizard which allows you to streamline the forwarding of deals to lenders. We allow for submission via email, portal, and API directly from Salesforce. We have APIs built out for a lot of the major lenders such as OnDeck and others. It sounds like this could potentially be useful for you.

    Feel free to reach out if this is of interest.

    --
    Chris Conner
    Fundingo.com
    chris.conner@fundingo.com | (818) 574-8042
    Last edited by chrisconner; 07-12-2021 at 09:01 PM. Reason: updated email

  16. #16
    so the portal would be populated with the data from the crm and would auto fill and then auto send to the lender?
    typically there are 3 options to sub. Lender via their portal or email or API.

  17. #17
    Quote Originally Posted by treymarkel View Post
    I would switch to Centrex Software so you get a dedicated product for the sector that will save you time and money while increasing your conversions, productivity, and over all happiness.

    Trey
    www.centrexsoftware.com
    (888) 622-5810 ex 101
    I heard you guys backdoor all the leads on your CRM and there’s really no way to prove you don’t.

  18. #18
    Quote Originally Posted by Cali Working Cap BJJ View Post
    so the portal would be populated with the data from the crm and would auto fill and then auto send to the lender?
    typically there are 3 options to sub. Lender via their portal or email or API.
    Pardon for the delayed response. Yes, that's correct. We support all 3 submission methods.

  19. #19
    Senior Member Reputation points: 24994
    Join Date
    Feb 2019
    Posts
    203

    Quote Originally Posted by chrisconner View Post
    Pardon for the delayed response. Yes, that's correct. We support all 3 submission methods.
    False. You only support 2. You cannot support portal submissions. At this point, you would use their API for connection given it is pretty much already built when you build out the portal..

  20. #20
    Quote Originally Posted by mistamca View Post
    False. You only support 2. You cannot support portal submissions. At this point, you would use their API for connection given it is pretty much already built when you build out the portal..
    I had a chance to check with my team on this - I stand corrected.

    Currently, we allow for deals to be tagged as a portal submission, but it will not actually fill out the fields of the portal for you using the data in the CRM. You would have to go into the funder's portal and manually input the data and submit the deal. The tagging in the system is simply for tracking purposes.

    Thanks for catching this.

    --
    Chris Conner
    Fundingo.com
    chris.conner@fundingo.com | (818) 574-8042

  21. #21
    Mistamca, you are very thorough with your understanding. Question for you - you added the date funded for other loans on your MCA application, right. I added 3 slots on our web app for bank balances.

  22. #22
    Senior Member Reputation points: 50566 ADiamond's Avatar
    Join Date
    Apr 2014
    Location
    New York City
    Posts
    890

    Quote Originally Posted by cali working cap bjj View Post
    ok, here goes. Been in the game a long time had to rebuild my salesforce crm.

    Interested client - leads are pushed from marketing system to crm done by api

    1. Rep then changes new lead to lead stage app out - link sent via email and sms to the website where the web app is located, the client fills out the app. "email open" is saved in crm, so rep knows as well. Preferably we know the annual revenue before sending the app, "stated revenue" section is filled out to organize by annual rev quality

    2. Partially incomplete apps are saved in crm - rep is notified and client is emailed, a partial app is saved, they can pick up where they left off - drip campaigned to complete.. Partial apps are more common than expected.

    3. Complete application in - the client can bank link or upload their statements or do neither via the web application.

    4. App in - lead stage moves from app out to app in - rep is notified and if bank statements are attached or linked its saved in crm, the client is notified via email and sms

    5. Bank statement request stage - email and sms sent the client for bank statement if not already done so. Drip the client in the event its not completed. Also, we can email a link to complete the bank lining process once app is in. * credit report is no longer pulled - too costly and reps didnt bother looking. Added tax liens and bankruptcy to the web app as a replacement as thats a bigger concern vs credit score. Also added # of open biz loans.

    6. App n banks in stage - underwriting team then takes the file and is notified - verifies annual revenue or monthly deposit volume by a. Drag and drop to ocr reader that extracts banking data by month (costly by fast) b. Or manually done

    7. Submit the file to lenders via email within crm or api depending on the lender.

    7b. An idea that we had was create a filter that would choose which lender to choose and auto sends once app/banks were in the system. This is more complicated as u have to add each lender's criteria and its not that simple.
    7c. Idea - create a quote calculator that would give an "estimate offer" of what the client would qualify for and "soft pitch" a potential offer so as to reduce the number of submissions that go unfunded.

    Feedback, suggestions, improvements? It's salesforce, yes its pricey, yes a developer becomes your bff.
    tldr
    Anthony Diamond
    Underwriter

  23. #23
    Senior Member Reputation points: 24994
    Join Date
    Feb 2019
    Posts
    203

    Quote Originally Posted by Cali Working Cap BJJ View Post
    Mistamca, you are very thorough with your understanding. Question for you - you added the date funded for other loans on your MCA application, right. I added 3 slots on our web app for bank balances.
    There is a spot on our app for funding dates but I have always found it inaccurate because of the merchant. I normally take the payment & balance & assume the buy rate to figure out the term per position. This only matters if consolidation is an option. (I don't mess with reverses)

    At the end of the day, all that matters is the withholding amount. Everything else is pointless if they cannot afford an advance.



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

SubcontractorHub, Lendica partner
BoA launches business loan marketplace
Quickbooks adds new LOC product


DIRECTORY