[dpFund]

It should only take up to 15-20 minutes to prequalify a deal. Some funders can do it in 5 minutes (run credit, plug revenue numbers in a calculator, spit out pre-approvals). Funders know that only 10-20% of their approvals will fund so they deploy most of their underwriting resources AFTER the signed contracts are in-house. If you're spending hours on a prequal then you're doing it wrong.

Ha! Yep, I bet that is how Dealstruck, Can Capital did their underwriting. And we can see how it worked out for them, can't we? I'll bet they (and you) never looked at a P&L or Balance Sheet.

We look first at the P&L to determine true net income. Then we look at what the monthly payment would be for their desired level of funding. If they cannot afford the payment, it is a decline. That part takes ten minutes. If the client meets that threshold, it is all the work behind that which takes the time. Funders who do not do their homework go out of business.