[Love kaisei]

Hello Everyone!

In my limited understanding of how this industry works,
I see conflict and stress when a company accepts
multiple apps from the same business owner by
submitted by multiple brokers.

This, in my humble opinion, opens a can of worms that
makes distrust and stressful thoughts grab most the nicest
broker and makes him doubt God himself.

Is there any company out there that accepts only one
submission by one broker?

Thank you

Carlos
Progressive Lending Specialist

[Chambo]

because over the years, so many brokers submit deals, get an offer, and then can't or don't close....that the funders to maximize revenue, take the "first one back with the contract gets the deal" approach

[ADiamond]

because over the years, so many brokers submit deals, get an offer, and then can't or don't close....that the funders to maximize revenue, take the "first one back with the contract gets the deal" approach

this ^

[WhoisKingsley]

Hey Carlos! It really all depends and it's tricky. Chambo is right for the most part... Sometimes a business owner can work with multiple companies not knowing that the brokers all work with the same handful of direct lenders. There isn't much transparency when relaying how the loan process works to the merchants... Anywho

Closing is a big part of it. You have those that mark up rates or try to close with an amount that wasn't requested. Maybe it's too small or more than what they wanted- it doesn't matter they will try to force it down your throat. The merchant walks away and no matter the other offers they feel forced into a decision that's not their own. The next broker comes with the same amount but negotiated or marked down the rate to appease the merchant and gets it done. Some lenders are first app first serve- some are whoever closes first.

Just remember and this is your biggest tip- YOU make sure you let the merchant know you are representing them in front of these lenders that they qualify for. Ask questions, research, and present them and their financials as if you were a consultant to them and a sales person in your office. That's how you win the merchants respect and build relationships with lenders because they'll know you work one on one with the merchant and build a good closing track record with them

[Love kaisei]

Thank you Everyone!

I did real estate in the past and I often encountered
the same situation where clients were working with
multiple agents.

So the race is to get an app signed ASAP. Cool.

Thank you!

Carlos