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07-24-2015, 09:56 AM #2
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- Join Date
- Dec 2013
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Before anyone gets excited about how much is made on funding a file, lets take a look at the inner works and costs for a direct lender making an Advance:
Overhead of Office space in multiple cities.
Cresthill Capital has a pre-underwriting and underwriting department that's entirely salaried based that scrub each and every file.
The costs of fee-based programs to run extensive backgrounds on every file (you can buy homes in many cities just for those annual fees).
Cost behind having Advanced Technology
IT Department
Daily Collections (salaried) department.
Legal Department.
Accounting Department
Cost of capital.
Additional Dozen+ salaried employees to manage the thousands of clients.
Cost of paying ISO's Double Digit Commissions. (love that expense!).
Uncle Sam
the expense list goes on and on ......
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