Broker Funding Source
Use an ISO broker funding source that gets you the highest approval rates and the most diversity of programs. Increase your income by providing several forms of financing to your customer’s.
Advantages of these broker funding sources include asset refinance:
More businesses will prequalify for this product than any other product because more businesses have equipment than any other asset.
– Machinery, Construction Equipment, Tractor Trailers and Farm Equipment.
– More businesses qualify for $5K to $25K than for larger amounts such as $250,000
– Fund difficult to fund restricted industries, such as used car dealers, attorneys and others.
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Call us at Tel: 1-919-771-4177, or Questions? Contact us here.
Faq, frequently asked questions on broker funding sources
Why should I offer these programs to my business customers?
Brokers should offer these programs to their customers because of the wide range of business funding programs that are available. You want to offer business loans that will help your customer the most and some loans are not right for them. Each customers strengths are different and will match up best to certain programs. Some of your customers should be funded with unsecured programs and others will match up better with secured programs. You can decide on a case by case basis.
How do I become an independent loan broker?
The easiest way to become an independent loan broker is to establish a customer base and have a steady source of business loan leads. From there you can learn the sales skills and products and how to talk to your customer about them. Having customers is a key to success. You can get a business license with the Secretary of State and have an office and staff but if you do not have customers then your business will not be successful.
What does a commercial loan broker do?
A commercial loan broker advertises loans to businesses. Once they have contact with a business they find out what the customer is trying to do and what problem the business is trying to solve. In short, what is the need of the business? The broker then offers the business the products that will help them the most. They go over the options with the business and give them an idea of terms and rates. Then the broker submits the customer to the best funding sources for that need. When there is an approval the broker reviews the offer with the customer and orders closing documents when the customer is ready. The broker finishes by helping staying in close contact with the customer while they complete the closing documents and required stipulations. Brokers are paid on renewals
Clawbacks or no Clawbacks
A Clawback happens if the customer defaults soon after the financing transaction is funded. The funder asks the broker to return the commission. This normally happens if the customer has defaulted within 30 Calendar days of closing or between 21, 22 or 23 payment days. Our asset based as well as some of our revenue based MCA Merchant Cash Advance transaction do not have a clawback or are much more limited in the possibility of a Clawback. Contact us to ask about this.
Most businesses have either revenue or Equipment. With these multiple flexible programs, you will be able to get a very high percentage of your customers approved and funded.
Broker Funding Sources
This product can be very effective as an additional loan product. Offer along with your main loan products that you already offer. As an example, you are a broker that offers merchant cash advances and accounts receivables financing. Your client wants $200,000 and you have secured $125,000 maximum in funding through your 2 core funding products but the customer still really needs another $75,000. Your client is a Manufacturing company and they have Accounts Receivables. By factoring their receivables, you obtain the extra $75,000 that they need.
Meet all of your customer’s loan needs
We have other broker funding source options, including loans against Retirement accounts and Against Commercial Real Estate. By offering many products as a broker, you will be able to offer your customer every product they may qualify for. Some customers may not get the funding they need through just one or two programs. By being able to tap into other programs like unsecured and commercial real estate backed loans, some customers can get the full funding they need instead of falling short of their goals.
Use a broker funding source. Get the highest approval rates and the most diversity of programs. Multiple programs to get clients all the funding they need.
Associates and Brokers: On Deck is getting harder to get signed up with and stay signed on with.
There are background checks, interviews, questionnaires of qualifications, as well as exercises. Many brokers are unable to get signed on or are discouraged. Some brokers cannot qualify for OnDeck and meet their requirements. We have been working with On Deck for over 10 years.
- 6 month and up to 24 month offers.
- Daily and weekly payments.
- Same day approvals and funding opportunities
- Online closing with corp office assistance to help push through any last minute closing hurdles and issues.
- Buy rates as low as 1.10
- $5,000 to $250,000
- $200k + in annual revenue, $3k avg bank balance, 3 or less neg days per month, and 1 yr in business needed
- Offers start with a 600 FICO
- 1st position lines. Customer must net at least 50% of funds after payoff if another funder is being payed out.
- Build business credit for your client.
- Renewals at 50% are available.
Thank your for visiting our broker funding source page. Because the success of your business is our goal.
If your customer needs help improving other areas of their business, they can contact SCORE the is the nation’s largest network of volunteer, expert business mentors