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01-12-2017, 02:05 PM #1
Reputation points: 1422
- Join Date
- Dec 2013
- Location
- Connecticut
- Posts
- 332
Just to comment from some first-hand experience, I would say these guys operate in a hybrid way similar to Kabbage, LoanMe, and Yellowstone or like.
The kabbage perspective, You enter very minimal info on the landing page which is then forwarded to an owner via email. The owner takes on the responsibility of completing the app and connecting the bank account.
The LoanMe aspect in that once the application is completed they handle the correspondence for the most part directly with the owner, they'll request paperwork or info from the broker if it's slow coming. Once the basics are completed the file is moved into underwriting where you await an answer which in most cases happens in a few hours. We don't have the option to control the rate, term or amount.
Yellowstone comparison basically just in the type of file they're willing to consider, the first deal we funded was a financial consulting firm with very volatile bank statements. We entered the info on a Friday and came back into the office Monday morning showing the deal had already been funded with no work from us. Luckily at the time we got it in before the end of the year so we earned 15 points on the deal.
If you're OK with taking your hands off the wheel a bit more in comparison to most options and you want to convert more of your lower quality paper than it can be worth it.
We personally reserve them as lower tier option when options are slight and it fits our model as the effort is minimal.
Taariq personally has been great to work with, at the beginning he and the team were near impossible to reach but since mid-December, the correspondence has been stepped up.
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