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06-30-2016, 10:49 AM #101
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06-30-2016, 10:54 AM #102
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- Mar 2015
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- Boynton Beach
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Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-30-2016, 10:57 AM #103
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06-30-2016, 11:13 AM #104
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- Jun 2015
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06-30-2016, 11:27 AM #105
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- New York, NY
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06-30-2016, 11:45 AM #106
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- Jul 2015
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This is all good stuff. I'd like to clarify what I am talking about when I mention bank worthy business owners. My discussion points relate to speaking with an owner who has already had an experience with a bank, is currently in the loan process, or currently has a bank loan. You have them on the phone. Like everyone else, I don't see value in spending a lot of time cold pitching alternative products to highly qualified businesses that likely don't need the money or have superior solutions on stand-by.
Now the businesses that you happen to have on the phone that has bank experience of some sort as explained above is worth speaking to. Why? Well, here are a few things that they might be experiencing:
- length of time during process becoming a hardship
- doubt as to whether loan will be approved
- shortfall in loan amount being considered
- need to pay off a lien or taxes before being considered
- business growing too fast and need to bridge payroll
- need a hedge or reserve against default or denial
- need to finance the down payment on a commercial real estate purchase (504)
- loan nearly paid off
- had a bad experience with the bank
- behind on payments / in pre-default
- need strategic funding for a business opportunity
- got declined
- got their loan amount revised down
- collateral value issues holding up the process
- looking for alternative funding ideas at the moment
So my point is (with this incomplete list) that when you get in front of someone who you learn is dealing with a bank, there is room to investigate where their pain points are and whether there is a solution you can offer. Obviously every business and call is different, and so is every sales person.
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06-30-2016, 12:03 PM #107
- Join Date
- May 2015
- Location
- Long Island
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- 247
Perfect example:
2 days ago I spoke with a guy who immediately told me he was all set as he was in the process of an sba fast track application. Upon further poking I learned his plan was to use the sba as a bridge to a equity partnership expected to close in 60 days when he would retire the loan. He had seen some sort of a 5-7 day approval time quoted on the application/sba site or wherever.
After educating him on the true length of the sba funding process and as his 15 taxes are on extension still - the path he was on was not one that would garnish his desired end result.
Explained an MCA could have him funded in days and mixed with an aggressive prepayment option this product would get the job done.
He just needed to be educated properly.
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06-30-2016, 12:52 PM #108
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- Mar 2014
- Location
- Omaha, NE
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- 325
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07-02-2016, 10:33 PM #109Karen37aGuest
For the people who worked for Banks or were loan originators before. We know the ENDLESS documents piled high needed to get to close...Documents 2 feet high. Them asking someone why they had ONE collection on their credit report in 2 years for 80 bucks and looking to deny the loan.
If you worked in Venture Capital/Wall st you know that these people were never getting money for any reason whatsoever. It was always about how much money the firm was going to make off the merchant/company owners, more importantly how "sexy" the pitch was to sell.
MCAs are quick, that's true but most of these people are never making it thru underwriting process to get any real money from any true bank or low cost source.Thats why they take out high cost loans
They cant even make it thru the underwriting process for a c/d paper MCA cash advance.
Do they want the money for something serious in their business life? If they do this is it, the buck stops here.
If they don't..put your goals/dreams on hold.
The Financial Collapse of 2008 put restrictions on the lending of money..period the end. So its not just about getting money fast, its about getting any money at all.
"X" amount of borrowers, "Y" amount of Lenders and "Z" the dollar amount or Funding Allocation available to lend, the more borrowers who want money , the less money to lend leads to the cherry picking of loans.
Nice position to be in if you are a Lender, fighting for scraps on the bottom if you are a borrower.
Basic laws of Supply and DemandLast edited by Karen37a; 07-03-2016 at 09:09 AM.
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