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06-29-2016, 05:04 PM #76
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Ok- so if a rebuttal is "I am working with a bank" and it is legit your talked and got some feedback, there is nothing much left to say other than "Well, the strength of the alternative bank program I have is that it is unsecured, minimal documentation which means a faster approval and funding, and with your credit criteria Mr. Blah, there are other premium program perks." You then go into early payoffs, lower rates, longer terms etc. (this is all on the fact that you are sending to A/B paper where they belong)
If their closing is far off- for example I am reviewing a file that was accepted for an SBA- it's going to take a few weeks, a gap needs to be filled- perfect solution. Incentive would be the early payoff discount. If there is no hope in having them interested and they are still on the phone, ask for an email, Promise to SEND ONE email with a review of your program and your contact if ever they need a short term fix- you're there to answer any questions whether it's about your company or making sure they are working with the right outlet, be that available outlet.
It's really the only thing you can do. After a few months, hard mailers and maybe a follow up email- nothing salesy. Example- hey- your name came across my list, I know I told you one email, but it doesn't hurt to catch up. (google them real quick- make sure everything is all good) Glad everything seems to be working out for your business! Hope you have a great turn out on your event next week!
Giving a sh*t is grossly underrated. Acknowledge that people work hard and the respect you have for that. Even if they don't need you now or maybe ever, you made a positive impact and that energy will be returned.Last edited by WhoisKingsley; 06-29-2016 at 05:06 PM.
Amanda Kingsley
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06-29-2016, 05:28 PM #77
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06-29-2016, 05:39 PM #78
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"If their closing is far off- for example I am reviewing a file that was accepted for an SBA- it's going to take a few weeks, a gap needs to be filled- perfect solution. Incentive would be the early payoff discount." WhoIsKingsley
Bingo! A+
It can also take many months or never. Tell them that you specialize in SBA bridge funding. Simple and disarming.
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06-29-2016, 05:43 PM #79
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There is always time to ask if they are being considered for the amount they really need. You can get them the difference very quickly if need be. And since they are sure to have the paperwork you need handy, they should send it right over for a quick pre-qualification.
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06-29-2016, 05:51 PM #80
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I ask them how quickly they need the funds. If they say there's really no rush, I give them my contact info and move on. If they say they need the funds ASAP then that's your opening.
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06-29-2016, 05:52 PM #81
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"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." John Tucker
G'Dam right. The sweet spot for us, and you won't ask for a quarter of the paperwork the bank is asking for. Give them an example of a merchant in their industry that you've helped, and I bet they will let you send the application over more times than not.
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06-29-2016, 05:54 PM #82
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06-29-2016, 05:58 PM #83
I gotta +1 to this. Also want to say, i generate my leads online so I usually start these conversations with: "Mr. Merchant if you are working with your bank and like their terms, why are you searching online for alternatives" It either smokes out the red flags, or saves my time on the phone.
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06-29-2016, 07:21 PM #84jotucker1983Guest
Just because they are applying at the bank doesn't mean they will be approved.
But if after you get a profile of the client, if they are "A+" or "bank worthy", then they should qualify for a P2P loan which has terms and rates very similar to that of the bank, but with a more liberal and faster underwriting cycle.
I manage my submissions based on paper grade. If they are "bank worthy" then that's A+ Paper which means they should be going to a P2P Loan with "bank like" rates and terms.
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06-29-2016, 07:28 PM #85
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If they are A+ paper, then you want to have an ISO relationship with Funding Circle for the longer term, low rate loans.
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06-29-2016, 07:30 PM #86
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06-29-2016, 09:48 PM #87
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That's when you have to be careful. You can say you offer financing that can act as a bridge until XYZ... I don't think you can say you specialize in SBA Bridge financing.
Correct me if I'm wrong or wording incorrectly, but I believe the way you characterize that is against something of something that isn't illegal but not legal but understood but not regulated (I crack myself up!)Amanda Kingsley
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06-30-2016, 08:55 AM #88
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Lol, thanks for the warning Amanda. I'm not to worried about a broker that claims they specialize in SBA bridge financing as long as they don't sell them on a loan product and push an mca contract on them.
In fact, Rapid Advance has been a big fan of their SBA Bridge Program for some time now: http://www.rapidadvance.com/sba-bridge-loan
And so am I.
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06-30-2016, 09:05 AM #89
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Just out of curiosity has anyone ever had success pitching bank worthy clients on the liability aspect of it. If they take line of credit, bank loan (longer terms) etc etc how it will stay on their credit report as a liability. In case they want to do any financing for mortgage, car etc etc down the line it would be included in their debt ratios and could possibly cause denial? Where as mca do not show up on credit reports as from what i have been told. Also with bank lending at any given time throughout the line of credit banks will continually check merchants credit to make sure its still up to par. If their credit drops without notice the bank can cut off their line completely of reduce it to pennies and they would have to start making payments asap. I saw this first hand numerous times while working as Personal Banker at Chase.
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06-30-2016, 09:22 AM #90
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Kevin Henry
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Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
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1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-30-2016, 09:23 AM #91
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Off the topic, but curious if any of the intermediate poker players have lifetime winnings in the positive. I worked with the world poker tour as a sponsor so I was paid to learn how to play poker then I was paid to play poker, basically with house money; the pros I spoke to indicated that 90% of professional poker players end their careers at zero (meaning right back where they started, nothing lost but nothing gained). Wondering if the players have been profitable in the long term.
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06-30-2016, 09:32 AM #92
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06-30-2016, 09:38 AM #93
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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, 09:45 AM #94
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06-30-2016, 10:16 AM #95
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06-30-2016, 10:18 AM #96
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06-30-2016, 10:30 AM #97
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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, 10:36 AM #98
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06-30-2016, 10:38 AM #99
I am going to agree with Marcus Clapman on this one. The marketplace for business lending as saturated as it may seem, is not even close to reaching the potential of business owners that need help. The reality is there is over 525,000 new business created each year in the US. Over half will fail over the first 18 months. That leaves a tremendous opportunity for our industry products to mature and evolve. Traditional banks approval ratio on business loans is so minimal, where else are business owners going to go? The cream always rises to the top.
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06-30-2016, 10:44 AM #100
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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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