[microboby]

Whats your guys experience with them?

For us :

Small Loan below $10K take 1 week to close
Medium Loans between $10k to $50K take from 1 week to 2 weeks to close
Large Loans between $50k to $300k take from 2 weeks up to 60 days to close

[GRP Funding]

Whats your guys experience with them?

For us :

Small Loan below $10K take 1 week to close
Medium Loans between $10k to $50K take from 1 week to 2 weeks to close
Large Loans between $50k to $300k take from 2 weeks up to 60 days to close

Are you sending them leads or deals? Those timelines seem way off from anything in this industry.

[stat]

Swift moves quick if they really like they deal...other than that there's nothing swift about them...

[mcg168]

Swift moves quick if they really like they deal...other than that there's nothing swift about them...

They certainly are not the fastest when it comes to sending offers or funding the deal, BUT they have improved significantly over the last 6 months.

[microboby]

Deals , Ive funded over $3 Mill with them , they do fund but slow and kind of like an SBA process . Even the small deals go through a credit committee and several phone verifications

[Jared_Weitz]

Whats your guys experience with them?

For us :

Small Loan below $10K take 1 week to close
Medium Loans between $10k to $50K take from 1 week to 2 weeks to close
Large Loans between $50k to $300k take from 2 weeks up to 60 days to close

I don't think they are in line with the rest of the bigger players as far as speed, systems, pricing, etc......

[cardinalequity]

The word slow comes to mind when I think of swift. They have strong offers but it's one if those lenders that we need to manage clients expectations extremely well.
I will tell a clients 30 days and tons of stips and they want everything except your first born is that cool? lol If the offer is strong enough and I let the client know up front about the torture they will endure then they are usually okay with it.

Whats your guys experience with them?

For us :

Small Loan below $10K take 1 week to close
Medium Loans between $10k to $50K take from 1 week to 2 weeks to close
Large Loans between $50k to $300k take from 2 weeks up to 60 days to close

[aredmond]

Here is the deal with Swift. They are afraid of big deals. If the deal is under 50k it will generally take 2-3 days to fund. Over 50k is another story. Just like stat said earlier, they move quickly if they really like the deal. Otherwise, they stip you to death until the deal dies. However, i disagree with Jared regarding pricing. Their pricing is definitely in line with the bigger players.

They have a Peak program. Merchants with credit scores over 650+ with good business credit will qualify for this. Buy rates on that are as follows:

6 Months 1.11
9 Months 1.17
12 Months 1.19

Standard Pricing

6 Months 1.13
9 Months 1.21
12 Months 1.25

[Sachip24]

Here is the deal with Swift. They are afraid of big deals. If the deal is under 50k it will generally take 2-3 days to fund. Over 50k is another story. Just like stat said earlier, they move quickly if they really like the deal. Otherwise, they stip you to death until the deal dies. However, i disagree with Jared regarding pricing. Their pricing is definitely in line with the bigger players.

They have a Peak program. Merchants with credit scores over 650+ with good business credit will qualify for this. Buy rates on that are as follows:

6 Months 1.11
9 Months 1.17
12 Months 1.19

Standard Pricing

6 Months 1.13
9 Months 1.21
12 Months 1.25

does Swift pay on funded or payback amounts?

[aredmond]

Funded

[Akanzer]

Hey guys,

Happy to level set some information here...

We do deals as small as $2,500 and as large as $300,000

Deals under $50K require 4 months of bank statements
Deals over $50K require 4 months of bank statements, 8821, P&L and Balance Sheet

We have an instant funding program that allows for certain grade deals to fund in 1 hour during business hours
We have a Peak Funding program with super low buy rates, this is not FICO specific as discussed above, but is based on our proprietary scoring model

Our process:

Deal comes in and is scored via our proprietary scoring algorithm and delivers an approve/decline and special program decision
Once deal is sold contracts can be sent with standard stipulation list (prefer to use docusign so we dont have to collect checks and ids)
Once back in deal goes through a merchant verification call with underwriter - only goes through a senior committee above $100K as stated incorrectly above
Additional stips may arise based on answers to our questions and or results of site inspections etc.
routinely our funding time on clean deals is 48 hours.


Please let me know if I can be of any assistance to you.

Best,

Andrew Kanzer
Swift Capital Executive

[omegafund]

They have good buy rates, but as stated before our experience is slow with them. The UW cannot seem to wrap their heads around a 75k+ deal. A 250k deal took 18 days after repricing. They often reprice a deal after first contracts are signed. For a sophisticated business owner I tend to use other funders. Just set the expectations with merchant and you should be ok with them.

Whats your guys experience with them?

For us :

Small Loan below $10K take 1 week to close
Medium Loans between $10k to $50K take from 1 week to 2 weeks to close
Large Loans between $50k to $300k take from 2 weeks up to 60 days to close

[microboby]

Real Life Case : Sent a funding request Monday and all stips ( deal under 10K ) , Deal has not FUNDED yet!!

[cardinalequity]

I believe it!

Real Life Case : Sent a funding request Monday and all stips ( deal under 10K ) , Deal has not FUNDED yet!!

[MCAVeteran]

There is nothing worse than signing a contract and having terms redone after contracts come back in and having to sign a new contract. That gives the perception of bait and switch basically to the merchant . As long as you provided the statements and data upfront correctly, why the reprice

[Chambo]

There is nothing worse than signing a contract and having terms redone after contracts come back in and having to sign a new contract. That gives the perception of bait and switch basically to the merchant . As long as you provided the statements and data upfront correctly, why the reprice

because the high tier funds do most of their underwriting AFTER the contracts come back...but you know that already Ed, you work with GRP fir Christ's sake

[GRP Funding]

because the high tier funds do most of their underwriting AFTER the contracts come back...but you know that already Ed, you work with GRP fir Christ's sake

What's that supposed to mean?

[microboby]

Daily Update : Swift just reduced the Loan amount for 40% ha ha .. Now Less than $5k and added many stips.

[jotucker1983]

Daily Update : Swift just reduced the Loan amount for 40% ha ha .. Now Less than $5k and added many stips.

Maybe the file is risky?

[microboby]

Maybe the file is risky?

There is a risk involved on any Deal , that why Lenders are charging the rates they charge and merchants are taking them but as a MCA risk assessment case I would like to say is a medium Low risk.

And Yes , some lenders is will do a partial underwriting and when they get contracts back they will do a full underwriting which will cut down the offers or add additional stipulations . Maybe its the way money is raised or syndicated ...

[Chambo]

There is a risk involved on any Deal , that why Lenders are charging the rates they charge and merchants are taking them but as a MCA risk assessment case I would like to say is a medium Low risk.

And Yes , some lenders is will do a partial underwriting and when they get contracts back they will do a full underwriting which will cut down the offers or add additional stipulations . Maybe its the way money is raised or syndicated ...

They do it that way, so as not to waste time UW'ing deals that won't come back. The underwriters are paid whether your deal funds with them or not. Why not maximize the salary and have them only truly working on deals that actually have a chance of funding?

[jotucker1983]

There is a risk involved on any Deal , that why Lenders are charging the rates they charge and merchants are taking them but as a MCA risk assessment case I would like to say is a medium Low risk.

And Yes , some lenders is will do a partial underwriting and when they get contracts back they will do a full underwriting which will cut down the offers or add additional stipulations . Maybe its the way money is raised or syndicated ...

I don't know about the details of the file, but it might have more risk associated with it then you think, especially seeing as though it's a smaller file. Certain Underwriting procedures cost a good amount of money and Lenders try not to incorporate them until they are sure they are dealing with a client that is actually "interested" in closing.

Sure, the Lender could do all of that upfront during the quoting procedure before receiving a signed Agreement, but that could lead to a lot of wasted monies spent in a process (closing) that never truly "starts" (the receipt of the signed Agreement).

Usually additional stips are a result of doing the additional Underwriting procedures and finding additional things of risk on the file, such as an SOS Inactive Status, a Tax Lien, a Judgment Lien, the Landlord says they are one month behind, they find a second bank account with a significant amount of transfers, etc. These things create additional risk and instead of declining the file, additional stips are usually added in an attempt to "save" the deal.

Now, I don't have a lot of experience with said lender in particular, some lenders are just slower to underwrite v.s. others, and you would personally have to make a decision on which lender(s) to utilize for your own office.

But I do know that sometimes stips are added in a way to save a file after further underwriting was completed.

[Ryan Shiroky]

Daily Update : Swift just reduced the Loan amount for 40% ha ha .. Now Less than $5k and added many stips.

That is ridiculous... I wouldn't ever send a lender deals after learning they do that... Why would I want to risk making myself look like a con artist to my clients?

Board up with some more lenders, they can't be the only guys to do their type of paper...

[golf2014]

in this game with so many others calling people..speed is crucial. Swift taking a week would be a killer for me.

[jotucker1983]

in this game with so many others calling people..speed is crucial. Swift taking a week would be a killer for me.

This is why you keep open communication with your client so other people calling won't steal your client away. Let your client know what is going on, why there's a delay, why there's additional documentation requests, etc. Your client should have chosen you based on the value you provide and it shouldn't be "as easy" to steal your client away unless the value you provide isn't truly competitive compared to the marketplace.

In addition, if you chose your Lender Partners correctly for your office and fully understand their process, then it should actually be a situation where if the client were to move onto another broker that wouldn't have a different result (such as the additional docs being required), and the only thing that's going to happen is a more prolonged cycle along with another credit inquiry.