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06-04-2023, 04:57 PM #8
- Join Date
- Feb 2017
- Posts
- 3,429
Yes, but we are BROKERS and not FIDUCIARIES.
Our goal is creating the appropriate match between what the client wants and what exists.
Even at a bank they don't offer MCAs, and they just throw out the files that don't match.
Occasionally they have a referral relationship, but mostly they just toss them. MCA brokers aren't wrong for doing it, either. It's a business model. I don't disagree with your approach, however being a Loan Officer and "trusted partner", but if I'm not selling hardware, don't come to my grocery store expecting to buy a light switch. However, if you want to buy a can of beans, I'll sell it to you. Don't come to me for a loan on a private home, I am not licensed. Don't come to be for 1 point on an SBA, I have a sales floor that needs money faster, otherwise we wouldn't be in business.
Don't get upset at Ondeck that they aren't offering SBAs.
The problem IMHO is when brokers get greedy and convince they to take a financial instrument they shouldn't take, especially if it's a bait and switch. However, how many times do they come to me for X, I recommended credit repair and SBA, and over the next month they take on another 2 positions (they needed money quick and someone else offered it!) and I was left with ZERO money?
There's a balance here. And you can't make money if you're not diversified.
@k lion, I have a program, shoot me an email, its awesome and it works and it pays wonderfully, and this client, assuming his business credit is excellent, would be a good fit.
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