Business Loan Brokering: Make Money Selling Money

The Funding Assessment: 6 Essential Steps

1. Rapport: Begin by building a genuine connection with the entrepreneur. Understand their business and show empathy for their challenges and goals.

2. Authority: Clearly establish your expertise within the first few minutes. Explain how you and your partners have the knowledge and resources to help them secure funding and support their business growth.

3. In-Take: Gather basic yet vital information needed for the application. This should be a streamlined process to ensure you have all necessary details to assess their funding eligibility.

4. Credit Access: Sign the client up for NAV using your affiliate link. This step helps them understand their current credit situation and builds a foundation for the funding process.

5. Request IDIQ Report: Send a follow-up email to the client with required documentation instructions, including a link to obtain an IDIQ credit report. This step is crucial to provide a thorough analysis of their financial standing.

6. Appointment: Set an appointment and inform the client that it will take at least 48 hours to complete a comprehensive "Funding Assessment." This time allows for a thorough evaluation of how best to assist them.

The 4 Key Questions Clients Want Answered

1. Do I Qualify?

   • Based on this initial 15-minute conversation, do I qualify for funding?

2. How Much Can I Get?

   • Based on this discussion, what is the approximate amount of funding I can qualify for?

3. How Fast Can I Get It?

   • How quickly can I access the funds after qualification?

4. What's The Cost?

   • What will the cost be for the funding I qualify for?

Why We Take At Least 48 Hours

The Funding Assessment requires 48 hours because you may not have all the necessary information immediately to underwrite the file. By scheduling a follow-up call for the next day or two, you give yourself time to confidently analyze the client's situation and prepare a tailored funding solution.

The Goal for You

The aim is to get you started as quickly as possible. The Funding Assessment script and outline are your fastest route to earning within this industry and to learning the intricacies of business funding.

Reasons to Set Follow-Up Appointments

1. Buys You Time: If the client asks complex questions, setting an appointment 48 hours ahead allows you to exit the call confidently while buying time to gather the right answers.

2. Use the Facebook Group: During this period, you can seek advice from the Small Business Lending Source Members Only Facebook group to determine the next steps.

3. Ensures Client Commitment: By scheduling an appointment, the client becomes more invested in the process. It demonstrates your seriousness and encourages their engagement.

4. Creates a Sense of Urgency: If any additional documents are needed, the upcoming appointment instills urgency in the client to provide them, allowing for a thorough and timely Funding Assessment.

By following these steps and using the outlined process, you'll be on your way to becoming more effective in guiding clients through the funding journey.

Funding Assessment Script:

Rep: "Hi, this is [Your Name] calling from [ABC Business Lending]. How are you doing today?"

Prospect: [Responds]

Rep: "Great! You were recently referred to us by one of our preferred partners and requested we contact you regarding financing for your business. Before we dive in, I want to let you know this call may be recorded for quality and training purposes."

(Start the discovery phase—let the client talk and take detailed notes.)

Rep: "So, tell me a little bit about your business?"

Rep: "Is this a startup company or an established business?"

• Established:
  "Great! What is the name of your business? How long have you been in business?"
  "What originally motivated you to start your own business?"

• Startup:
  "Great! What is motivating you to start your own business?"
  "How long have you been working on this? Do you have a business name?"
  "With this being a new business, what are you currently doing to earn your income?"

Rep: "How much funding are you looking for?"

Rep: "What will you be able to achieve for your business with this funding?"

Rep: "Have you personally set anything aside to invest in your business?"

Rep: "Are you the sole business owner?"

• If Yes: "Do you have anyone helping you with the decision-making process? Maybe a spouse?"

• If No: "What percentage of the company do you own?"

Rep: "Have you taken any other steps to secure funding before this?"

Rep: "What will happen if you aren't able to obtain funding?"

(Recap the information they have provided. Restate the reason they need funding and empathize with their past struggles.)

Rep: "It sounds like you have some great plans for your business, and I believe we have a few solutions that could work for you. Let me explain a bit about our company and how we can help you achieve the funding you're looking for."

Rep: "First off, we’re not a traditional bank; we’re business consultants. Over the years, we've been helping both established business owners and startups secure funding. Our company works with trusted lenders throughout the country. What we do for our lenders is start off by conducting some initial underwriting. This process results in what’s called a Funding Assessment. Are you familiar with that?"

Prospect: [Responds]

Rep: "Great! The Funding Assessment typically takes about 48 hours to create. It’s fully customized to your unique file and specific funding needs, giving you a complete snapshot of how your file is viewed from an underwriter’s perspective. After we complete that, I’ll meet with our Senior Funding Team to analyze your business, the opportunity it presents, and your personal profile. Then, I'll give you a call back with the best funding options available for you. Our Senior Funding Advisors have creative ways to help get the funding you need, and they'll help you become a more educated borrower, which is crucial in today’s lending environment."

Rep: "Some of the items we’ll cover with you include:"

• "How the funding will be accomplished—where we can go for funding and which lenders are available for you."

• "What the interest rate should be."

• "What the term of the loan should be."

Rep: "Does all that make sense so far?"

Prospect: [Responds]

Rep: "Great. As mentioned, this generally takes about 48 hours for us to produce. After our Senior Funding Team has thoroughly assessed and prepared your file, I’ll jump on another call to go through our findings and provide you with the best options for funding your business."

Rep: "Would this same time in two days work for you? Would this also work for [any other decision-maker]?"

Prospect: [Responds]

Rep: "Great. I'm pulling up the schedule now. We’ll set aside a time that works best for both of us. The assessment usually takes about 20 minutes, but I’ll clear an hour on my calendar just in case you have additional questions. Do you have a pen and paper ready?"

Prospect: [Responds]

Rep: "Perfect. I’m going to have you write down your appointment. As I mentioned, I’ll be calling you back at [Date/Time] with your complete Funding Assessment. It’s very important that you’re on time for the appointment as we’ll be going over important details. Are you ready?"

Prospect: [Responds]

(Fill out Application Form using a lead sheet or, if you have our customized CRM, take detailed notes.)

Rep: "Next, we need to create a business credit profile with our partner, NAV. NAV is an excellent company that allows us to access your business credit report free of charge. If you don't have a business credit profile yet, it will help create one for you. Our partnership with NAV is crucial because it helps us secure funding strictly through the business. I’m going to email you a link right now. Can you click on it while we’re on the phone?"

(Email them the link and guide them through signing up.)

Rep: "I can actually complete the NAV signup for you as well while we're on the call. This will ensure everything is set up properly to give you the best chances of securing the funding strictly through your business. Let’s get started by clicking on the link I’ve just sent you."

(If the prospect agrees, proceed to complete the NAV signup for them.)

Rep: "We also try to keep everything through the business, but one thing all lenders check, whether it’s for a business loan or a personal loan, is that no ownership has any open bankruptcies. You don’t have any open bankruptcies, do you?"

Prospect: [Responds “No”]

Rep: "Great! If you already have an updated credit report with all three scores that's less than two weeks old, you can send that over. If not, the email I’m sending now will have a link. Just click on it, and you can pull your credit report yourself for $1. It's from one of those monitoring sites, so if you don’t need it after this, you can cancel within 7 days to avoid any charges. "

Rep: "Once you've pulled your credit report, we’ll be ready to move forward with the assessment. Just to confirm, when can I expect the document to be sent over? It’s important to get that in as soon as possible so we can stay on track with the funding timeline and next appointment "

Rep: "Once you've pulled your credit report and emailed it over to me, we’ll be ready to move forward with the assessment."

Rep: "To recap: Please make sure you’re in front of a computer and can access your email at the scheduled time. This is where I'll send your completed Funding Assessment. It's been a pleasure speaking with you today. Do you have any more questions for me?"

Prospect: [Responds]

Rep: "Great! I’m excited to get started on this, and I'm sure our conversation in a couple of days will be very productive. We look forward to working with you! Have a great day!"

To submit a B-HELOC deal, please send everything in one email with the property address in the subject line.

Please include the following attachments:

One month of business bank statements

Completed application (your application or ours)

Copy of the merchant’s driver’s license

Credit report

In the email description/body, please include:

Merchant Full Legal Name

Business Name

Merchant Phone Number

Merchant Email Address

Monthly Gross Revenue for the Business

Please make sure all documents and information are complete and legible to avoid delays in review.