Quote Originally Posted by Fundyman View Post
F#ck comparing books. Now, you're steering away from the original post, as usual, and getting into your own personal feelings. The new broker is seeking help. If some claim they can make a bunch of money in this industry, that's encouraging news! Now, what's really helpful is the "HOW" part...

One main important thing that J mentioned was "get a mentor." I honestly believe that will perhaps make the greatest difference in a broker's life. And no, it's not for everybody in fact, but anybody can make money in this industry. Your attitude is perhaps the most important thing to change in this industry.

Also, there is such a thing as SCREENING your file prior to submitting. If you just cold-call, for example, you're gonna jump on every merchant who gives you attention and returns an app w/ docs, without realizing when you have a s#!+ file in your hands. That can be very time-consuming, discouraging, and flat out dangerous to your success. Learn how to weed out a dead file. It won't get funded anywhere, but you'll find out that the merchant themselves is calling you all day asking you if you found them some funds. Don't waste your time.

Also, you'll save a lot of time asking questions on this forum, running a potential deal scenario on here prior to submitting it to your usual lenders, and be surprised that you tough file has a home with a funder you had never heard of before. This forum is EXTREMELY powerful, especially to a new broker. I didn't find Daily Funder until the end of my 2nd year in the business. Cost me god-knows amounts of dollars & frustrations...

Many funding companies will allow you to upsell a factor rate north of 10 points, allowing you to make up to 17 points in commissions (will you ever actually see 17 pts on any particular deal?) Nah... But 12-15 pts are very realistic. Plus, if it's a crap file, don't expect to make max commissions.
We routinely make 20 points on certain files that are approved by one of our favorite funding sources. They have a picky appetite, but 20 points makes a small deal into a healthy commission.