[PFG-Jacob]

Just wanted to get my info out there for anyone on this forum to reach out. Every client's situation requires a different tools to reach their goals so I'd be happy to add to your great business. Sometimes it's SBA and sometimes it's MCA. Other times they may need something different or a combination of programs. Programs offered:

3 to 7 Year Personal Term Loans
Business Credit Cards
Personal Credit Cards

I look forward to connecting with more of you on this forum and expanding my network to see how we can be of benefit to our clients as well as one another. If I can be of any help or even to just discuss a situation feel free to contact me.


Jacob Bassett
(815) 762-8105
Jacob@preferredfundinggroup.com
Preferred Funding Group
109 W Main St. West Dundee, IL

[Olderguy]

Jacob:

I and several others here are familiar with your programs (and others who offer similar programs)

A suggestion might be to post up some specifics:

Here's what I got a person with XXX Fico and XXX pesonal income

Here's the range of loans, rates and terms we most recently got:

Mister X
Mister Y
etc.

People need examples to relate to programs.

Just general statement doesn't separate you from all the other guys who claim the same.

Just trying to be helpful.

[PFG-Jacob]

I appreciate the response! My message was more so to have people give me a call so we could get acquainted personally and discuss things. I was a little hesitant to put any specific client info due to the "terms of use" message about this forum but I guess putting scores/income without any name specifics should be allowed and would be beneficial as to separate us from others in the industry.

Thank you for the feedback and keep killing it Steve!

[PFG-Jacob]

The economy/market has tightened up a bit from previous years but many are still funding. Minimum credit requirement for our term loan is 680's+ and then for our stated income credit card programs needed 700's+ across all 3 bureaus. We are seeing bank rates ranging between about 7%-18% for uncollateralized lending right now. Some recent scenarios of funding we have been able to provide clients:

Business Credit Card Program
Client qualifications: 761/765/753 credit scores and had a 7% revolving credit utilization with their highest credit card limit given at $30k. This client even had one 60 day late payment on their report.

Client started processing on May 6th and just received a total of $90k in revolving business credit cards for liquidity to buy supplies with 12 months of 0% interest.

Term Loan Program -Very strong client not the typical but was recently referred.
Client qualifications: 850/836/838 scores and claimed $756,777 of personal income with about a 15% Debt to income ratio.

This client already obtained some business financing and was looking for additional working capital. Finished underwriting with a total of $320,709 in additional funding.

Another client has 683/733/750 with a personal income of $300k with a debt to income ratio of 20%. They're prequalified conservatively for $70k-$120k with our Term Loan as of last week. They have not moved forward into processing yet so no final numbers.

These are just some recent example of clients we have gotten funded. I do not have the exact numbers for what interest rates the client obtained from the lenders, I would have to reach back out to the clients to get that specific numbers, but they seemed very pleased. Every situation is different because each clients credit/income/debt are different. We always do a soft pull prequalification in order to give a client back their projections without adding any inquiries that will hurt their credit. If anyone needs any other references feel free to check out our website/google reviews or give me a call. Thank you again Steven Benjamin for the suggestion on adding some examples of recent files we have funded!

[Olderguy]

And commissions to brokers on those deals?

[PFG-Jacob]

Yes, commissions are absolutely paid on all closed referral deals to the referral affiliate. Feel free to give me a call anytime so that we can discuss further about our programs/process/commissions/and any questions you may have.

(815) 762-8105
Jacob@preferredfundinggroup.com
Preferredfundinggroup.com
109 W Main St. West Dundee, IL

[k lion]

PFG Jacob. I think what Steve was saying is that you should include in your post what the standard commission to the broker commission is, and if there is a chance to add points in your post. That will encourage brokers to call you.

[PFG-Jacob]

K Lion- Thanks for the clarification! Starting point of relations we pay out 2.5% of the total amount funded rather than of the lending fee's like with MCA lending. As an example if a referral client of yours were to obtain 100k through our programs, you would receive 2,500 for them simply just filling out your custom link we create you.

I've heard many times that the commissions are super low but in reality that's just not true. The commission payouts are lower than most MCA's only due to the fact that the clients are paying a lot more to the MCA lenders with the high rates + fees which allows them to then pay more since they are receiving much more.

I hope that clarifies the better for the questions asked. If anyone has anymore questions, I'm generally very available to take your calls so feel free to reach out.

Jacob Bassett
(815)762-8105
Jacob@preferredfundinggroup.com
Preferredfundinggroup.com
109 W Main St. West Dundee, IL

[abfunders]

Jacob, how much do you charge the merchants on your fee agreement?

[PFG-Jacob]

Jacob, how much do you charge the merchants on your fee agreement?

Apologies for the delayed response abfunders, I do not utilize this site as often as I use other's like LinkedIn.

To answer your question, we have all fee's pushed till after they receive the funding in their possession and then we send them the invoice so that they can use the banks lent funds to pay any fees rather than using their heavily taxed, out of pocket, income.

[abfunders]

Apologies for the delayed response abfunders, I do not utilize this site as often as I use other's like LinkedIn.

To answer your question, we have all fee's pushed till after they receive the funding in their position and then we send them the invoice so that they can use the banks lent funds to pay any fees rather than using their heavily taxed, out of pocket, income.

I was baiting you, and you didn't bite. Please disclose how much you're paying the sub-brokers.

[Olderguy]

15% and pay 2.5% still?

[Yankeeman07]

Just wanted to get my info out there for anyone on this forum to reach out. Every client's situation requires a different tools to reach their goals so I'd be happy to add to your great business. Sometimes it's SBA and sometimes it's MCA. Other times they may need something different or a combination of programs. Programs offered:

3 to 7 Year Personal Term Loans
Business Credit Cards
Personal Credit Cards

I look forward to connecting with more of you on this forum and expanding my network to see how we can be of benefit to our clients as well as one another. If I can be of any help or even to just discuss a situation feel free to contact me.


Jacob Bassett
(815) 762-8105
Jacob@preferredfundinggroup.com
Preferred Funding Group
109 W Main St. West Dundee, IL

The back-end or success fee (whatever name you call it) of 15% is a big bite form the merchant.

On a $100K funded deal, nets the merchant $85K - from the $15K your paying $2500 to the broker)

Great deal for Preferred, not so great for broker.

A few of the companies that are offering the same product are paying slightly more in commission,
but, still little upside for the broker.

[Olderguy]

Midwest Corporate Credit was charging 10% and paying 2.5% last I used them.

[PFG-Jacob]

Midwest Corporate Credit was charging 10% and paying 2.5% last I used them.

I cannot speak for Midwest Corporate Credit as I have never worked there but in general the best way to see which company you prefer working with is to test them both out and work with them both for a little while. If the services and communication end up being identical than it would just be the fee that is different but there are probably other differences between the companies that provide similar programs just like the many SBA and MCA companies with differences.

We focus heavily on the quality of our services and the in house underwriting to obtain the max possible at the lowest market rates from 3-5 banks and/or credit unions for our clients. Our services are top notch but rather than taking my word for it, you can check out or reviews/testimonials on our google page and website by googling "preferred funding group" or our website "www.preferredfundinggroup.com". If you or other's would like to work with other companies that is perfectly fine but I can confidently promise that we have one of, if not the best, underwriters along with our customer services and communication with affiliates.

[PFG-Jacob]

Midwest Corporate Credit was charging 10% and paying 2.5% last I used them.

Also, I believe Midwest Corporate Credit only provides credit card programs but I may be mistaken. While we do provide revolving business and/or personal credit card programs for liquidity and credit building. We also provide traditional term loan programs for cash needs as well. Either way, it's up to you if you'd like to have multiple outlets for your clients or just stick with one company that you believe is the best fit. Thank you for all the input and insight!

[PFG-Jacob]

I was baiting you, and you didn't bite. Please disclose how much you're paying the sub-brokers.

Ahh okay, sorry I'm not much of a bait guy lol! Starting point of relations every affiliate starts at 2.5% of the total amount funded. For example if a client applies through your custom link we create you: Client obtains:$100k/Affiliate:$2.5k or Client:$300k/Affiliate:$7.5k

[PFG-Jacob]

The back-end or success fee (whatever name you call it) of 15% is a big bite form the merchant.

On a $100K funded deal, nets the merchant $85K - from the $15K your paying $2500 to the broker)

Great deal for Preferred, not so great for broker.

A few of the companies that are offering the same product are paying slightly more in commission,
but, still little upside for the broker.

What are you comparing our fee to? If a client goes the MCA route they may pay a 5% fee but they are then getting a more costly loan with daily or weekly payments at very high interest rates. Then with SBA, which is collateralized and PG'd, clients sometimes have to pay a 10% down payment upfront unless they have good business revenue and personal document strength.

For example to calculate the total cost with our program if a client received a 10% interest rate. You need to take the fee over the life of the loan like the interest is broken down over. 15 %/ 5 years= 3%. Adding that 3% onto their interest would bring their total cost to 13% for uncollateralized term loans. Uncollateralized loans are the most expensive types of lending product for any individual. Especially in our current economy for uncollateralized lending, 13% is not super expensive.

The referral broker and myself make the same exact amount although brokers simply just send a client a link to apply if/when it is a good fit. Once a client applies we handle prequalification, collection of documents, underwriting, and closing out the file. For sending a client a link, I personally don't think getting thousands of dollars is low for minimal work. That way brokers can focus on finding more clients to help and placing them with the right programs.

I'm not sure about the qualification stage with others but sometimes companies may offer more commissions but overall you make less because they fund those clients less at the end of the day. 4% of $50k= $2k while 2.5% of $100k=$2.5k. Our programs are not the right fit for every client but I can promise that the communication and customer service even for those that don't qualify will be top notch no matter what. Ultimately it's up to you to decide who you'd like to work with and if you'd like to have multiple companies to have more options for similar services. Thank you for you input!

[Steven_O]

I've worked with Jacob before. He's stand up. Pays out immediately. Like I mentioned before, the fee is higher than others with this company, but he's very responsive professional and could be a great outlet for many on here only offering MCA.