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07-30-2015, 11:29 AM #8jotucker1983Guest
It helps to get confirmation with the merchant on what he's looking for as well as manage his expectations upfront. For example, if he's looking for a 24 month alternative business loan but he says he's not paying over 10% for it, then you should inform him that his bank or community credit union is going to be a better option.
If you explain your program, your price scale, your underwriting criteria, get pre-qualification questions done on the client upfront, as well as get his confirmation that the estimated "pre-quote" you provide based on this is efficient, then getting his application package back isn't that hard at all.
A lot of brokers don't pre-qualify their client and a lot of them won't discuss pricing, underwriting, conditions, etc. at all. Then when their client brings docs in and finds out that you are offering a 1.20 factor over 6 months, and he is looking for pricing similar to what Lending Club offers, then all you are going to have is lost time and irritated merchants.
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