[fundingsmbs]

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.

[ryan $]

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.

Alot of Funders do this.

[Olderguy]

Three levels....soft, hard, and final funding approval at the direct lender I was at for 5 years.

[Michael I]

Alot of Funders do this.

from 07-2012 that was common. Not many still do that in 2022

[ryan $]

from 07-2012 that was common. Not many still do that in 2022

Depends what your funding though. 1st and 2nd Pos Funders tend to underwrite upfront.
Most High Risk, Default Funders dont do anything up front....just kick out approvals based on revenue. Run everything at contract request.

[J.Celifarco]

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.

[LoanMe_JG]

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.

[ClearFund]

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.

[Finalfund]

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.

its not the craziest thing
the funders that im close with and get alot of subs, dont have time to check background and credit on every offer that goes out.

[CT3]

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.

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.

[Finalfund]

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.

On cleaner deals, yes I hear that but on more high risk stuff everyone knows that the chance of the deal going through is a toss up.
all depends on what types of deals ur looking to do and who u do it with

[CHAJIR]

It's better hard pulls, so when we give an offer it is a solid offer.

[ESE5020]

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.

We do not pull credit at all on deals under $300k. Even on deals where we offer Est. 15 Month Terms or weekly payments, we do not pull credit. We focus our offers on their revenue.

[fundingsmbs]

you can't sell an offer if it's not a real offer. your selling air.

[AlfaAdvanceFunding]

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

[Anthony@torro]

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.

[FLORIDAMAN]

you can't sell an offer if it's not a real offer. your selling air.

Seems to work great for these guys

https://vitalityair.com/

[ryan $]

It goes both ways though.....
If Underwriting is done up front.... and your closing ratio sucks... you can get terminated as an ISO.

[TheUnderwritingProdigy]

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.

facts.