[mrmcfadden]

Before moving forward to processing the merchant for the SMA Loan/MCA. Rather it's a small business loan or a MCA what are some information you ask and items/documents to get from the Merchant in order to get some clear numbers?

Just want to make sure when shopping or sending a file to one of yall companies. I get the necessary information just for numbers.

Cheers,

[GBaker]

Ask for the following info. This will give you a snapshot of the business you are dealing with

-Last completed tax return
-Last 6 months of bank statements
-Last 4 months of merchant processing statements

Happy Hunting!

[caseyUW]

I generally base it off the past four months of:
A) Bank Statements
B) Credit Card Process Statements
C) An application which is mainly used to disclose outstanding financing/tax issues.

[mrmcfadden]

What if no credit card statement.
If they were a medical, chiropractors, dental and even small construction projects that receive funding by other means such as – cash, checks & insurance payments. Then what I do or even if they want a traditional loan? (That's 2 questions?)

[GBaker]

As long as the revenue is going through their business bank account then their isn't an issue. Merchant processing statements are required for ACH loans especially when the business doesn't accept them.

Showing the benefits of a working capital loan is not difficult. Feel free to contact me and I would be more than happy to give you some options on overcoming objections regarding working capital.

[caseyUW]

What if no credit card statement.
If they were a medical, chiropractors, dental and even small construction projects that receive funding by other means such as – cash, checks & insurance payments. Then what I do or even if they want a traditional loan? (That's 2 questions?)

Bank Statements should be sufficient. In my opinion, it is easier to gauge the financial situation of the medical industry vs construction in terms of stability, but as long as the bank statements reflect an incoming cash flow, I see no problem.

[channin19]

What if no credit card statement.
If they were a medical, chiropractors, dental and even small construction projects that receive funding by other means such as – cash, checks & insurance payments. Then what I do or even if they want a traditional loan? (That's 2 questions?)

Go work for someone that provides training. Or work with your account manager to learn what documents you need for their programs.

[Zach]

If they are looking for a traditional funding option: three years of corporate tax returns, one year personal tax return for each owner, interim financials (P&L and balance sheet), a debt summary worksheet, and the addresses of any properties they are willing to pledge. That will allow you to take the deal to almost any bank, however to get paid from many of them you will need a commercial loan broker's license.

If they want working capital or can't qualify for traditional financing, request 6 months of banks and an app. Try submitting to On Deck and CAN Capital, they are great places with a fairly simple process.

If you get frustrated or you're unable to close a deal, please send it to Zach@CoreBusinessLoans.com for a commission split.

[FUNd]

Before moving forward to processing the merchant for the SMA Loan/MCA. Rather it's a small business loan or a MCA what are some information you ask and items/documents to get from the Merchant in order to get some clear numbers?

Just want to make sure when shopping or sending a file to one of yall companies. I get the necessary information just for numbers.

Cheers,

Usually just some general numbers scribbled in crayon on a bar napkin will pass underwriting.

Mister McFadden are you for real or just here to entertain?

[CHAMP3]

MR. Mcfadden
I do have a question. Do you work for an ISO? I ask because it is strange to me that these types of questions are asked daily.. I would hope the ISO or company you are working with could provide training for you

[CreditGuy]

If he is indeed real, and the being a broker thing doesn't work out for him, perhaps Sean can hire him to drive the Hot UCC Leads and Tacos truck.

[Lenders.Marketing]

Sean's Taco Truck doesn't have any openings.

We've have an opening for ours. We have the Hot UCC Leads figured out but we need an expert Taco guy and Sean's wants too many points to jump ship.

[WhoisKingsley]

MR. Mcfadden
I do have a question. Do you work for an ISO? I ask because it is strange to me that these types of questions are asked daily.. I would hope the ISO or company you are working with could provide training for you

And if they do not- What are you looking to achieve?

[Krystle MacDonald @ WBL]

Typically 4 months bank statements, 4 months processing statements, along with the application. If no credit cards, then I would get 6 months bank statements and the application.