[WestCoastFunding]

You know, that's exactly what I was doing. The client expressly told me he didn't want mca or daily (even weekly) payments because they're revenue comes 3 times a month. So I spin my wheels getting docs for a conventional term loan (729 fico and 2.2 million annual sales) only to have him announce he just did a 12 month deal with Swift for 100K, weekly $2211 and, oh by the way he already had another kick-ass deal on the table for a 2nd for 75K (12 month term, daily payment $333, total payback $86,813) and could I match it....right now. I feel foolish now but I was trying to do it the right way.

Cover your ass and work multiple angles. They want a conventional loan, and are fine with the slow due diligence process — right up until the moment they cal saying “I need $100,000 by tomorrow!!!” Have those 1st position offers on standby, and plant the seed.

“John, I’ve submitted all the paperwork to the SBA lender, and we’ve just got to wait a few days for the next step. Just to let you know, I also have $100,000 working capital ready to go should you need it. Getting the SBA should be the main focus, tho. Just wanted to let you know the other approval because, ethically, it’s important for me to present all offers”

[Karen37a]

Magic close one deleted

[capaxess]

Cover your ass and work multiple angles. They want a conventional loan, and are fine with the slow due diligence process — right up until the moment they cal saying “I need $100,000 by tomorrow!!!” Have those 1st position offers on standby, and plant the seed.

“John, I’ve submitted all the paperwork to the SBA lender, and we’ve just got to wait a few days for the next step. Just to let you know, I also have $100,000 working capital ready to go should you need it. Getting the SBA should be the main focus, tho. Just wanted to let you know the other approval because, ethically, it’s important for me to present all offers”

Good advise, I have a few more of those "I don't mind waiting files" I could use that on, many thanks WC!

[abfunders]

Cover your ass and work multiple angles. They want a conventional loan, and are fine with the slow due diligence process — right up until the moment they cal saying “I need $100,000 by tomorrow!!!” Have those 1st position offers on standby, and plant the seed.

“John, I’ve submitted all the paperwork to the SBA lender, and we’ve just got to wait a few days for the next step. Just to let you know, I also have $100,000 working capital ready to go should you need it. Getting the SBA should be the main focus, tho. Just wanted to let you know the other approval because, ethically, it’s important for me to present all offers”

WestCoast - So true. Ideally make sure the funder you use as backup is really able to fund "today" (and get all the stips you might need in the meantime) and that you have a good relationship with them so that they don't keep bugging you, "When can we fund?" Bluevine in the meantime is also good, shows them that you're for real. Ideally keep the hard credit pulls to a minimum, especially when dealing with traditional finance!