[HDF]

"You market "bank-like" products to bank-worthy prospects (like P2P loans or SBA loans), and you market the MCA along with other alternative products to "non-bank worthy" clients. You don't have just one product, you have several that you could place with a client depending upon their current risk profile." John Tucker

Good stuff John. What do you say to a potential client who tells you on the phone that they are already in the process with a bank?

[jotucker1983]

"You market "bank-like" products to bank-worthy prospects (like P2P loans or SBA loans), and you market the MCA along with other alternative products to "non-bank worthy" clients. You don't have just one product, you have several that you could place with a client depending upon their current risk profile." John Tucker

Good stuff John. What do you say to a potential client who tells you on the phone that they are already in the process with a bank?

I just see how far along they are, if there have been any approvals made and if they are currently in the closing process. I still complete my risk profile survey by asking a series of questions to see what "state" they are in currently and what they could potentially qualify for.

If they tell me their credit, for example, is 550, their bank application more than likely won't get approved and I'll provide that upfront education to them. Once it comes back that I was "correct" with them being declined by their bank (without their loan officer providing such education upfront) I then build a lot of trust and rapport with the client in terms of them trusting me to place them with the product most suitable for their current situation.

I can tell you, most financing reps (on the traditional side or alternative side) do not take the time to ask a series of questions. I don't get how people could start "pitching" products to merchants without asking questions to see what state they are in to know what to even "recommend" in the first place.

For example, what if you are pitching an MCA to a client that's more suitable for an Invoice Factoring deal?