Results 1 to 17 of 17
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03-24-2023, 11:27 AM #1
Ask away
Let me turn the tide here a bit and try to help brokers out.
I'm an UW, let me offer some advice to brokers. What challenges are you facing with your deals in general during the UW stage? (not to any specific deal)
Maybe I can offer some advice to prevent these obstacles in the future.
Ask away.The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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03-24-2023, 11:48 AM #2
Not sure I'd want advice from a nightmare...but I think discourse like this is great and helps everyone. I can say the same about SBA, asset based loans, equipment financing, personal loans, etc...ask away.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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03-24-2023, 11:55 AM #3
- Join Date
- Jun 2015
- Posts
- 3,320
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03-24-2023, 12:08 PM #4
MCA AKA Revenue Based Financing
The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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03-24-2023, 12:18 PM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,473
Why does Mongo like candy so much?
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-24-2023, 12:20 PM #6
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03-24-2023, 12:21 PM #7
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,473
Did we give up when the Germans bombed Pearl Harbor??
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-24-2023, 12:23 PM #8Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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03-24-2023, 12:38 PM #9
- Join Date
- Apr 2020
- Posts
- 54
What are you offering that I can't get a better response from ChatGPT?
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03-24-2023, 12:51 PM #10
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03-24-2023, 12:52 PM #11
- Join Date
- May 2014
- Location
- California
- Posts
- 341
Do you "put out"?
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03-24-2023, 01:05 PM #12
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,473
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-24-2023, 01:07 PM #13
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03-24-2023, 01:12 PM #14
- Join Date
- Jun 2015
- Posts
- 3,320
i would love to know why a lot of b-d funders do not just underwrite themselves and give based off their guidelines . You can have 2 exact same merchant but one got a first of 12 months and one 6 months . the 12 month guy will get 8-10 month approval while the 6 month guy will get 3-5 month approval . regardless if it is completely equivalent meaning the 12 month guy took 50k 1.4 and the 6 month guy 25k 1.2 .
there some mental block of i need to be the shortest deal . Also in above example keep in mind exact same merchant volume credit balances etc. the first guy will see 40k approvals and the second guy 20k regardless that he was approved for 50k and did not take it
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03-24-2023, 01:23 PM #15
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03-24-2023, 02:26 PM #16
- Join Date
- Feb 2023
- Posts
- 50
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03-24-2023, 02:34 PM #17
My biggest pet peeve is when the ISO does not inquire how the ownership structure is establish before submitting the deal.
Yes, I understand sometimes you need to submit the deal with urgency to secure offers as soon as possible but this pivotal step can save you a lot of time.
Checking your free resources that are available to you to at least verify the ownership.
Don't just go by what the Merchant tells you, see if it matches what they report to the IRS or Secretary of State.
9 times out of 10 they may also have an operating agreement in tact that can specify percentages and responsibilities of the respective owners.The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based