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07-11-2024, 02:46 PM #1
Why would you mention an PSF if you don't have an offer with specific commission? I'd only bring it up if the loan product doesn't pay me other than a small referral fee and I tell that to the client....I then tell them I'm sending a fee agreement and to send it back signed with a voided check along with a signed approval offer.
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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07-12-2024, 04:54 PM #2
Reputation points: 517
- Join Date
- Dec 2023
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This was my question - so your approach is get an approval, then circle back if you feel its needed (funder doesn't pay, or pays a minimal amount). Thanks for sharing that. Do you give them a heads up that they may be on the hook for a PSF, or present that with the approval and say either you pay me or I don't share the approval? Seems like there would be potential to spend time getting to an approval, and then have a client decline to sign. OK, they don't get the loan, but you also wasted your time.
No judgement on your approach, just curious how others are approaching it.
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07-12-2024, 06:06 PM #3
I don't mention it unless a loan approval comes back with only a referral fee. Then I tell them "To get you the best loan for this type of scenario, the lender's program won't pay me a broker's fees of the usual 2%. Thus I am required to charge a separate PSF when the loan is funded".
I'll send you a separate fee agreement with the approval. Please sign both and return with a voided check and we'll get your file in processing.
I just funded a SBA loan for inventory and there was no broker fee allowed....had to do this.
Sample fee agreement:
https://drive.google.com/file/d/1Rr2...ew?usp=sharingLast edited by Olderguy; 07-13-2024 at 08:54 AM.
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.
-
07-13-2024, 03:11 PM #4
Reputation points: 517
- Join Date
- Dec 2023
- Posts
- 48
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