[ridextreme]

Should also query BK, NSfs, Collateral, previous default, Liens. I think that's more important than wasting his or my time.

I really disagree with this unless you know the guy is desparate then I would ask him if he has a lot of NSF's but I hear reps asking all the wrong questions which are only going to scare him off such as "How's your credit? Any tax liens? Any previous BK's?"

Once they start hearing this they are going to think (especially if he's never done this before) "omg he's asking about my credit I'll never qualify. I'm not going to waste my time filling that thing out".

Just keep is simple "Are you in a BK that has not been discharged yet? Any big tax liens?"

I'm going to find this all out anyway. It's not a waste of my time to send out an app in an email and get in his submission.

*Under promise & Over Deliver*

Stop promising these guys grossing $40K a month that you can get him 6 figures just to get the app in (unless he has some heavy RE equity of course, right Zach?) knowing damn well you can't get close.

Be the hero and come in higher than quoted, and keep his respect rather than loosing it to me when I get him on the horn, properly educate him, and retain him for the long haul

this is another big mistake people are making. If a guy grosses 50K and he's asking for 200K, NEVER EVER tell him "There's no way you will qualify for that". Guess what. He's not going to send the app to you, because he's going to send it to me instead after I tell him "Ok great send me this this and that and I'll submit it for 200K". Then when I call him back to close him on 35K "Your credit score is 565 and you have a few negatives in your bank. they wanted to deny you but I talked them into an approval. I think you should jump on this and try to clean up your bank so next time around we can give you more".

Another big one is listening to the customer. There are so many people in this industry who have giant egos and will cut the customer off and say "You're not gonna qualify for 300K you only gross 100 a month!" while they are taking down to them as if they're the dumb one. Guess what. The salesperson is the only dumb one here.

[John Galt]

But you're not gonna get the 35k if hes in BK, default etc.....and you wasted your time, his time and the underwriters time because you took an app. And the underwriter thinks, here comes another piece of garbage from this salesman. You don't have to just sell MCAs, listen to the customer...maybe there's something else you can help him with. Credit remediation, factoring, collateralized loans, payroll financing etc.....Know your customer. Why lie to him and tell him, yeah you'll get 200K, educate him. Make him a long term guy instead of a shark tank guy. He's got a low score otherwise he wouldn't be where he is, you can raise his score over the long term and keep him as a client, or be some boiler room salesman that has huge turnover and doesn't understand this is probably not a long term market. This is a business payday advance, they'll always be a market but it will probably be eventually regulated much more. Enjoy the bubble while it lasts. You got what sale?, he's rejected. You think he'll want to do business with you ever again? You lied...or misrepresented or gave him an idea he might get approval, you think he'll trust you? I think the most important question is have you ever defaulted on an MCA? Do you have alot of NSFs? First question after opening, cause they're not going anywhere. There are markets open for BKs and liens but the former is almost impassable. As someone in this market since 85, I still have renewals for years until they got smart, increase their paydex and leave the mafia loans. And for those that say ...hey the MCA market is only 15 years old, I call BS as Transmedia and IGT pioneered this (they didn't call them MCAs) in 85 at 1.50.

[ridextreme]

But you're not gonna get the 35k if hes in BK, default etc.....and you wasted your time, his time and the underwriters time because you took an app. And the underwriter thinks, here comes another piece of garbage from this salesman. You don't have to just sell MCAs, listen to the customer...maybe there's something else you can help him with. Credit remediation, factoring, collateralized loans, payroll financing etc.....Know your customer. Why lie to him and tell him, yeah you'll get 200K, educate him.

I never lied to him about getting 200K. If you re-read my post, if he is requesting 200K and grosses 50K, I would never say "Your never gonna get that you only qualify for about 25". I say "Ok great here's what I need and I will submit it into underwriting". I never said he will and I never said he won't get 200K.

Also, if he's in a BK or has a judgment from an advance company he won't even be submitted. Not that I haven't funded anyone while in an active BK.

[John Galt]

I read your post, it is a lie by inference (not an insult to you). I would rather outline what the possibilities are, rather than give him false hope. I would rather tell him it is unlikely that he will qualify for that much, but we can start him with something and build from there. I let him know I'm not some guy in a boiler room blue skying him and this is the reality of this industry.

[ridextreme]

I read your post, it is a lie by inference (not an insult to you). I would rather outline what the possibilities are, rather than give him false hope. I would rather tell him it is unlikely that he will qualify for that much, but we can start him with something and build from there. I let him know I'm not some guy in a boiler room blue skying him and this is the reality of this industry.

I understand what you are saying, that would be great if you were a banker sitting in the bank and he walked in to apply for a loan. In our industry he is getting multiple calls every day and if one guy tells him he will never qualify for the 200K and another guy says he will submit his app and come as close as possible, he's going to send it to the guy who was more open rather than straight out telling him it's never gonna happen.

[John Galt]

I disagree. He will send it to the guy that he's more confident will do the job. Outlining a long term specific program. Teaching him about the conventional and alt markets. Getting him out of the alt market over the longer term. Getting him other forms of financing. There's never a "never", just not right now. Showing him what the building process is and explaining if some fast talking salesman is telling you he can get more, he's lying.

[John Galt]

PS: Bankers drop in my office every day to cold call getting business.

[John Galt]

If we don't clean up this market ourselves...a regulator will. I won't go on a rant of the miami boiler rooms etc. because ADMIN will delete (yet again) my posts. But if you want to be here in 5 years, our act has to be cleaned up. This is the same as the mortgage refinance game, the S&L games, Enron, Equity Funding, US Financial and more recently Madoff etc. It will get caught. It always does. While legal now, no one likes us and we will become a target because we use unsophisticated kids to sell,who don't disclose and we use boiler room tactics. Try explaining that to a jury later and see what happens.