Results 1 to 19 of 19
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04-12-2022, 06:52 PM #1
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- Feb 2018
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- 1,349
Soft Approvals
We had a funder decline a deal right as we were going to order contracts because they pulled business credit at that time. Does any other funder do this? We haven't run into this situation before. Turns out, they aren't putting out approved offers, rather soft offers.
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04-13-2022, 10:12 AM #2
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- Jun 2017
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- 2,049
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04-13-2022, 10:22 AM #3
Three levels....soft, hard, and final funding approval at the direct lender I was at for 5 years.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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04-13-2022, 10:50 AM #4
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- Jun 2015
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- 3,325
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04-13-2022, 12:22 PM #5
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- Jun 2017
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- 2,049
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04-13-2022, 12:37 PM #6
Depends on the lender, these are the questions you need to ask when signing up with a new lender. You need to understand their process so you can make the decision if it is a funder that is compatible with your companies processes and if it is a good fit.
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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04-13-2022, 12:53 PM #7
- Join Date
- Feb 2020
- Location
- Anaheim, CA
- Posts
- 85
At LoanMe, if you're submitting via our pre-qualification API it's a soft pull to determine real time pre-qualification eligibility. Following, if merchant is moving forward the assigned Agent will get consent from merchant to hard pull in order to convert to a formalized App and then gather generic stips to sub to UW and so on.
If you're submitting via your partner portal then our Agent will execute a one time hard credit pull during the phone app to determine pre-qualification eligibility + converting the file to that formalized Application.Joel S Galasso
Senior National Accounts Manager
Small Business Loans
Main: 949-535-7798 | business.loans@loanme.com
1900 S. State College Blvd. Suite 300 Anaheim, CA 92806
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04-13-2022, 02:10 PM #8
- Join Date
- Aug 2020
- Location
- New York, NY
- Posts
- 123
At ClearFund all offers are hard offers, post background, unless specified at the time of giving the offer that it is in fact a soft offer. (barely ever happens, but happens)
Final underwriting is still a thing though, and deals could still get killed at funding for a number of reasons.Underwriting Desk | ClearFund Solutions | New York, NY.
P: 855-543-2133 E: deals@clearfund.co W: www.clearfund.co
_____________________________
ClearFund is a Direct Funder
ISO inquires: partners@clearfund.co
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04-18-2022, 01:23 PM #9
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- Apr 2022
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- 35
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04-19-2022, 02:09 AM #10
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- Oct 2020
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- 129
Soft approvals are trash. Don't waste your time with them. Any funder who can't afford to pull credit/background/spend a few minutes underwriting your file to give you a real offer, you shouldn't be sending them any deal flow. Soft approvals are based on basic financials and credit AT BEST. No background. Usually no credit. Definitely not business credit, etc. Don't waste your time. Too many deals will die.
Go hard or Go home.
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04-19-2022, 11:37 AM #11
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- Apr 2022
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- 35
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04-20-2022, 10:30 AM #12
- Join Date
- Apr 2022
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- 40
It's better hard pulls, so when we give an offer it is a solid offer.
Last edited by CHAJIR; 04-20-2022 at 10:32 AM.
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04-20-2022, 10:37 AM #13
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04-21-2022, 11:21 AM #14
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- Feb 2018
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- 1,349
you can't sell an offer if it's not a real offer. your selling air.
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04-25-2022, 11:03 AM #15
ALFA Advance makes HARD approvals only. We do all underwriting upfront in order to provide hard approvals that are guaranteed to fund with minimal stip requirements. Email me to find out more about our funding programs
Rasheed Miller
rasheed@alfaadvancefunding.com
www.alfaadvance.com
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04-26-2022, 12:03 PM #16
- Join Date
- Aug 2014
- Posts
- 620
With the amount of deals we get daily its not possible to do a full underwrite on a file. Our initial check is credit, generic clear report, and review of the statements submitted. We figure the rest out when it gets to log in, we know pretty quickly whether the deal is good to fund or not after that.
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04-26-2022, 01:04 PM #17
- Join Date
- Apr 2021
- Posts
- 92
Seems to work great for these guys
https://vitalityair.com/
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04-26-2022, 01:30 PM #18
- Join Date
- Jun 2017
- Posts
- 2,049
It goes both ways though.....
If Underwriting is done up front.... and your closing ratio sucks... you can get terminated as an ISO.
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04-26-2022, 03:24 PM #19
- Join Date
- Dec 2016
- Posts
- 379
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