Phil Grossfield's Blog

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Same Work More Commission

Great job…you got a Merchant approved for an MCA loan!   Did you ask them if they have real estate?  Did you ask them if they would be interested in another loan…in addition to the MCA loan you just got them approved for?  If they say yes, which they will 9 out of 10 times, then you have another opportunity for a commission…just send me their contact information and I’ll take it from there. You don’t have to do anything else…I’ll do all the work and when I close the loan, I’ll pay you full commission for the referral. 

No Revenues?  No Problem!+

Let’s say your business owner needs a loan but her revenues are non-existent, or really low, or declining for that matter.  With no revenues there’s no opportunity for a working capital loan, or is there? 

Assuming there is enough equity in one or all of their properties, we can include an interest reserve or subsidy fund to help them with their payments.  Simply, we use money from the cash out of the loan and hold it back in an account to either (1) cover the entire loan payment for the entire term (or for a period of months) to give the Merchant time to get their revenues higher, and/or to (2) supplement and lower the payments for a period of months or for the entire loan term to make the payment more affordable!  Put another way, we structure a loan the Merchant can qualify for and that makes sense for their current and future economics.  The moral of the story is, always ask your Merchant/Borrower if they have real estate.  If yes, then I’m your first call as a potential business lender.  WBL will accept virtually ANY real estate type in ANY condition, and, we can use multiple properties together to max the lendable equity.  They can use the loan for any business purpose. 

Acceptable Properties As Collateral

Go ahead, fund the MCA loan now, but don’t forget to ask the Merchant if they have real estate because if they do another larger commission is close by.  Apply for a loan with WBL at the same time as the MCA loan. Simply ask the Merchant if they would also like to use their real estate to apply for more working capital.  9 out of 10 times they’ll say yes:

DEAR MERCHANT, WOULD YOU ALSO LIKE TO APPLY FOR AN ADDITIONAL WORKING CAPITAL LOAN USING YOUR REAL ESTATE AS COLLATERAL?

Remember, a Merchant can use any combination of properties to qualify.  We’ll accept virtually any type of property in any condition, and, we’ll lend in junior lien position.  The property can be owned by anyone as long as the owner also signs the loan documents, i.e., family, friend, business partner, etc.

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To Qualify For A Business Loan.  (1) Equity in Real Estate – we’ll utilize virtually any type and combination of real estate in any condition, and (2) Revenues – sufficient to support/afford the loan payments.  If they have these two, we can overcome just about any hurdle…

What Real Estate Will Be Acceptable As Collateral?

Process To Get Started.  Email the loan opportunity to me and I will provide guidance…see below. At the same time, I will send it to our Intake Department to get their feedback on the real estate collateral, affordability, and any other considerations. On the same day or next, you and I will discuss and decide what to Offer your Merchant Borrower. If accepted, then we’ll send them an authorization form and formally submit the loan.

Email the Loan Opportunity To Me.  Send me (1) an Application with all the Merchant/Borrower’s information including their mobile number and email address, (2) a full description of the real estate (use this Excel if necessary REO Schedule), and (3) a minimum 3-months business bank statements (6 months is better if you have it).