Today, in the world of business lending, we're seeing more products, more types of deal structuring, as well as more options for repayment than ever before. Some products, like the reverse consolidation for example, can be more complicated than others. Because of the complexity of certain deal structures, it is advised that you keep vigilant as to knowing all of the quirks of these products, the benefits, and the disadvantages of these different vehicles as well before contracts are signed. If you're not sure exactly what you're signing, you could end up as another third party story in one of my pieces. (but don't worry, I'll change your name to protect your identity).
Despite the complexities when it comes to the structuring of different capital injections, with a little due diligence, borrowers have it better than ever. With rates in general still at the ground floor (think QE2 with a twist), combined with the recent crowding of the business funding space, lenders are having to come forth with offers that are more and more competitive. Those companies that are most efficient, tech savvy and connected are quickly capturing market share, and the industry is becoming all the better for it, at a rapid pace.
What? You just want a juicy third party story? Fine.
Well, maybe not that juicy, but yesterday I helped a business owner with his most recent round of funding, and somewhere in the process, we realized that the lender on his first position had inserted a clause/addendum into the fine print, that was basically a $5,000 fee for either getting funded after their funding was received by his business, or paying off his balance early (before the final payment was made. Obviously the former of those two would be slightly more understandable, but regardless, this was an egregious amount and a shady tactic. I listened on speakerphone as the same company attempted to make this business owner wait DAYS for a payoff letter (eventually, we got that payoff letter within minutes after speaking to a manager), and I practically shuttered in disgust while they used every cheesy sales tactic, eventually resorting to antagonistic passive aggression, in a lame attempt to retain a client against that client's best interest. Listening to that call showed me that the size of a company has no inherent bearing on the quality of their customer service. As a matter of fact, it seems that in this industry, the further down the chain you get, the less your best interests actually seem to matter. Un-invested employees or reps are 1000% more likely to overcharge and over promise, costing businesses time and money.
I want to thank you sincerely for reading this piece. The responses we have been getting from business owners every day serve as confirmation that we are doing good in the world, even if we happen to be doing it in a relatively notorious industry. We believe that's where it may be needed the most. And feeding the world, we're getting on that next. Right after world peace.
Technology Makes The Difference.
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