In this industry, hot leads are hard to come by. For every one business owner interested in obtaining a cash advance there are many more that would rather hang up on you mid-pitch or happily ignore your calls for eternity. Once a broker has a hot lead, speed and expertise are crucial to closing the deal. However, not many brokers are well-acquainted with the quite specific underwriting guidelines of each and every funder in their arsenal. Prohibited industries, restricted industries, time in business thresholds, caps on overdrafts and negative days, deposit minimums, FICO barriers, tax lien policies, funding limits, position preference, ownership stipulations… The list drags on, and we haven’t mentioned sweet spots and personal preferences that are learned only over time and through consistent, open communication (A funder once declined my submission because he was from the same area as the merchant and believed everyone from his neighborhood, except for him of course, to be “a bunch of unreliable jerks” which I logged with care in my database just as I had logged his NSF policy).
A middle office is designed to manage this vast wealth of information for brokers while directing their deal flow to the appropriate funders. Deal placement assistance means less time wasted on declined submissions, fewer hard credit inquiries for your clients, faster approvals, and easier closings.
