[Andy]

Interesting scenario i ran into today, wondering how you pro's would handle it. So Mr. merchant tells me he is doing 20k/month and has credit around a 530 looking for 60k. He tells me he's looking for 13k (reasonable request) to expand his cleaning service, the rest is to pay off company vehicles and a family member. As i start to ball park the amount of money we could put together (10-15k) in reference to what he told me he was looking to accomplish with the 13k, he informed me he has an offer from Rapid for 52k, on a 12 month term at a 12% interest rate. Everything i know tells me this is not possible but as i am communicating this to the merchant he insists that he has the offer in hand. Is this just another sales rep trying to keep him from shopping with (unrealistic) projections? Is there some unique advance product offered by Rapid that can realistically make this offer? Any suggestions for handling this type of objection in the future? Thanks for any insights

In situations like those, you tell the merchant you would be more than happy to go twist your underwriters arm to make him match or beat it, however you cant do so until you get a copy of the competitor contracts. No offense to you mr merchant, but plenty of people have said some outlandish offers, UW will not even listen to me unless I can come to him with an offer in writing. But if you can send me that contract my underwriters will beat it. And if he does not have a contract, then you can explain to him how its just someone promising him the world, bait and switch, its just not realistic.