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  1. #1
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    Question Ask away

    Let me turn the tide here a bit and try to help brokers out.

    I'm an UW, let me offer some advice to brokers. What challenges are you facing with your deals in general during the UW stage? (not to any specific deal)

    Maybe I can offer some advice to prevent these obstacles in the future.

    Ask away.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Not sure I'd want advice from a nightmare...but I think discourse like this is great and helps everyone. I can say the same about SBA, asset based loans, equipment financing, personal loans, etc...ask away.
    Steve Benjamin
    Professional Business Loans

    1012 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.

  3. #3
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    Quote Originally Posted by BR-Nightmare View Post
    Let me turn the tide here a bit and try to help brokers out.

    I'm an UW, let me offer some advice to brokers. What challenges are you facing with your deals in general during the UW stage? (not to any specific deal)

    Maybe I can offer some advice to prevent these obstacles in the future.

    Ask away.
    What type of funder do you work for ?

  4. #4
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    MCA AKA Revenue Based Financing
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  5. #5
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    Why does Mongo like candy so much?
    Hedley Lamarr......That's Hedley

  6. #6
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    Quote Originally Posted by Hedley Lamarr View Post
    Why does Mongo like candy so much?
    Because he was tired of "O' Henry" bars.

    Boo-Yah.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  7. #7
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    Did we give up when the Germans bombed Pearl Harbor??
    Hedley Lamarr......That's Hedley

  8. #8
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by Hedley Lamarr View Post
    Why does Mongo like candy so much?
    That's from Blazing Saddles for those who don't know...
    Steve Benjamin
    Professional Business Loans

    1012 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.

  9. #9
    What are you offering that I can't get a better response from ChatGPT?

  10. #10
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    Quote Originally Posted by NoBiggie View Post
    What are you offering that I can't get a better response from ChatGPT?
    I would make a point similar to Chatgpt, but use less words.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  11. #11
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    Do you "put out"?

  12. #12
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    Quote Originally Posted by Shorebird View Post
    Do you "put out"?
    Weird..... My friend Barry McCockiner just asked me the same question. I told him to Defer to my other freind Phil Lascio......
    Hedley Lamarr......That's Hedley

  13. #13
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    Quote Originally Posted by Shorebird View Post
    Do you "put out"?
    Yup,

    I put out good deals and bad. And if they try to play me or the Merchant for a fool. I'll gladly call them out.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  14. #14
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    i would love to know why a lot of b-d funders do not just underwrite themselves and give based off their guidelines . You can have 2 exact same merchant but one got a first of 12 months and one 6 months . the 12 month guy will get 8-10 month approval while the 6 month guy will get 3-5 month approval . regardless if it is completely equivalent meaning the 12 month guy took 50k 1.4 and the 6 month guy 25k 1.2 .
    there some mental block of i need to be the shortest deal . Also in above example keep in mind exact same merchant volume credit balances etc. the first guy will see 40k approvals and the second guy 20k regardless that he was approved for 50k and did not take it

  15. #15
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    Quote Originally Posted by Michael I View Post
    i would love to know why a lot of b-d funders do not just underwrite themselves and give based off their guidelines . You can have 2 exact same merchant but one got a first of 12 months and one 6 months . the 12 month guy will get 8-10 month approval while the 6 month guy will get 3-5 month approval . regardless if it is completely equivalent meaning the 12 month guy took 50k 1.4 and the 6 month guy 25k 1.2 .
    there some mental block of i need to be the shortest deal . Also in above example keep in mind exact same merchant volume credit balances etc. the first guy will see 40k approvals and the second guy 20k regardless that he was approved for 50k and did not take it
    Unfortunately when it comes to generating an offer, that's not my realm.

    In referring to stips and things of that nature.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  16. #16
    Quote Originally Posted by BR-Nightmare View Post
    Let me turn the tide here a bit and try to help brokers out.

    I'm an UW, let me offer some advice to brokers. What challenges are you facing with your deals in general during the UW stage? (not to any specific deal)

    Maybe I can offer some advice to prevent these obstacles in the future.

    Ask away.
    How can you show percentage ownership when they don't have a BTR yet, situations where the wife is on sos but not even an owner at all. Yet can't show a stip proving that which ends up with the wife being on the contract.

  17. #17
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    Quote Originally Posted by Seth Davis View Post
    How can you show percentage ownership when they don't have a BTR yet, situations where the wife is on sos but not even an owner at all. Yet can't show a stip proving that which ends up with the wife being on the contract.
    My biggest pet peeve is when the ISO does not inquire how the ownership structure is establish before submitting the deal.

    Yes, I understand sometimes you need to submit the deal with urgency to secure offers as soon as possible but this pivotal step can save you a lot of time.

    Checking your free resources that are available to you to at least verify the ownership.

    Don't just go by what the Merchant tells you, see if it matches what they report to the IRS or Secretary of State.

    9 times out of 10 they may also have an operating agreement in tact that can specify percentages and responsibilities of the respective owners.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based



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