[Chambo]

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.

But that would require actually understanding and knowing what you are selling!!!