[mistamca]

I would separate the submission vs # of offers. It will help answer the following questions:
What is the close rate of funded over requested funds? On average, the number of funders who receive the file.

For each submission, there should be a debt schedule.

Credit reports are huge for A paper. Great banks but weak credit. You do not waste time shopping A funders & go straight for B funders. I wouldn't run credit for 3+ positions to be honest unless revenue was huge. This will bring down costs substantially imo.

The estimate offer idea is great in theory but there are better features to focus on.

Your 7B idea is how you will increase your close rate by a lot. The amount of analytics that I collect on each funder is a lot tbh. Decline reason distribution, underwriters on the file, approval time, underwriting time, renewal %, approval by state, industry, average term, average amount, % of killed in final, etc. The list goes on.


Good luck.

[DonMcGrath]

Informative answer MisterMCA....




Trey soufflé, he asked what you thought about his crm, I didn’t really understand the opinion you gave. Were you suggesting he throws his out the fire escape window, and go buy your crm instead, because he could use his time for better things?

[Cali Working Cap BJJ]

Wow, insightful. ok, here goes.

The estimate offer idea is great in theory but there are better features to focus on. - ok, understood.

Credit reports are huge for A paper. Great banks but weak credit. You do not waste time shopping A funders & go straight for B funders. I wouldn't run credit for 3+ positions to be honest unless revenue was huge. This will bring down costs substantially imo. - Ok, i uninstalled the credit pull. Maybe a good reason to bring it back. My rationale, after speaking with a long time lender who bought leads from lending tree they reported that if i recall 70-80% of the time self reported credit was accurate.

For each submission, there should be a debt schedule. - Can you elaborate?

I would separate the submission vs # of offers. - are you saying approved ratio? # of subs to approval/offer.
It will help answer the following questions:
What is the close rate of funded over requested funds? - this is i dont understand.



7b idea - i found a vendor that created an app for sub filter but did not execute on it yet.

Your 7B idea is how you will increase your close rate by a lot. The amount of analytics that I collect on each funder is a lot tbh.
Decline reason distribution, (do you mean a pick list with decline reason?)
underwriters on the file, (# of lenders you sent a file to?)
approval time, underwriting time, (understood)
renewal %, (are you doing renewal follow up or the lender?) (or do u mean the likely hood in % the lender renews?)
approval by state,
industry, (how are you tracking this? This one has always been a struggle for me - SIC code, NAICS, or a drop down of industries?)
average term, average amount,
% of killed in final, ( i track but havent as a % of deals sent)


Thank u

[mistamca]

Credit reports are huge for A paper. Great banks but weak credit. You do not waste time shopping A funders & go straight for B funders. I wouldn't run credit for 3+ positions to be honest unless revenue was huge. This will bring down costs substantially imo. - Ok, i uninstalled the credit pull. Maybe a good reason to bring it back. My rationale, after speaking with a long time lender who bought leads from lending tree they reported that if i recall 70-80% of the time self reported credit was accurate.

From my experience, I disagree with that. A lot of people know their credit karma's credit score which is typically not the same credit model that funders/lenders use. Funders typically use FICO 2 model which typically is lower than what they see.

For each submission, there should be a debt schedule. - Can you elaborate?

The position & balances are such important facts when considering where to send the paper. Hopefully, you are refi your merchants. Let's say you fund someone in a second position & you go to refi them. What if they worked with someone else and they have 3 positions now. Are you going to go refi the 2nd position? More than likely, no.

This will allow you to run a report to see the merchant's "debt profile" each time that you work with them.

This is a feature that helps build a foundation for more features. i.e. automatically suggesting funders for the submission

I would separate the submission vs # of offers. - are you saying approved ratio? # of subs to approval/offer.
It will help answer the following questions:
What is the close rate of funded over requested funds? - this is i dont understand.

You want to have another table where you create "offers." An offer is when you send the app to a funder. Each submission will have many offers. Each Merchant will have many submissions.

This will allow you to break down each time you work with the merchant and know exactly what is happening. This will also allow you to catch back door events.

7b idea - i found a vendor that created an app for sub filter but did not execute on it yet.

Your 7B idea is how you will increase your close rate by a lot. The amount of analytics that I collect on each funder is a lot tbh.
Decline reason distribution, (do you mean a pick list with decline reason?)
underwriters on the file, (# of lenders you sent a file to?)
approval time, underwriting time, (understood)
renewal %, (are you doing renewal follow up or the lender?) (or do u mean the likely hood in % the lender renews?)
approval by state,
industry, (how are you tracking this? This one has always been a struggle for me - SIC code, NAICS, or a drop down of industries?)
average term, average amount,
% of killed in final, ( i track but havent as a % of deals sent)


Thank u

Yup - have a decline reason dropdown list.
SIC & NAICS are both extremely unreliable imo. I made my own over the years. This allowed me to create industry prequal questions over time.