I need some expert advice on this idea I have

30 replies
Hi guys I need help with this idea I have, u see I have a friend who has a business helping business owners get business loans.

He told me if I can find business owners who need a loan, and he closed them I receive 1000 bucks ,

Now I was wondering could I t hire a telemarketing company to provide the leads for me.... any recommendations on any good telemarketing companys... also guys what do you think I should do..... thank u any advice will be well appreciated. ..
#advice #expert #idea
  • Profile picture of the author murloc
    Before you go to telemarketing, I suggest you do some internet research on this. You can make a simple website related to it and drive only targeted people their to see how much response you get.
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  • Profile picture of the author SalesGod
    Telemarketing would be the fastest way to start getting results. you can jump on the phone tomorrow and close deals or you can waste a bunch of money building a website and waiting for people to find you witch will probably take forever. telemarketing is predictable you can track your numbers. building a website and waiting for people to find you is completely unpredictable. get a good script, get on the phone and close. and do do any of that consultive sales BS be a salesman and sell not consult. consultive sales is for those who cant close.


    a lot of the so called "gurus" will chime in and criticize my advice but ask your self, how many deals a week are they really closing? how many calls have they made today? youll find most of there advice is based on theory or something they watched on youtube videos as apposed to what really works on a day to day bases. youll find very few people are actually qualified to give you advice on here.
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    • Profile picture of the author Barry Unruh
      Originally Posted by SalesGod View Post

      a lot of the so called "gurus" will chime in and criticize my advice but ask your self, how many deals a week are they really closing? how many calls have they made today? youll find most of there advice is based on theory or something they watched on youtube videos as apposed to what really works on a day to day bases. youll find very few people are actually qualified to give you advice on here.
      Well, since you are so willing to call into question the qualifications of people like Claude Whitacre, Jason Kanigan, etc...

      It is time for you to put up some proof of your qualifications.

      I have seen Claude and Jason's qualifications...I have seen their results.

      But so far, all I have read from you is conjecture and speculation with not one single bit of proof.

      Remember, you are the one who is calling out people for proof of their qualifications...so..time to show what you're made of.
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    • Profile picture of the author quadagon
      Originally Posted by SalesGod View Post

      Telemarketing would be the fastest way to start getting results. you can jump on the phone tomorrow and close deals or you can waste a bunch of money building a website and waiting for people to find you witch will probably take forever. telemarketing is predictable you can track your numbers. building a website and waiting for people to find you is completely unpredictable. get a good script, get on the phone and close. and do do any of that consultive sales BS be a salesman and sell not consult. consultive sales is for those who cant close.


      a lot of the so called "gurus" will chime in and criticize my advice but ask your self, how many deals a week are they really closing? how many calls have they made today? youll find most of there advice is based on theory or something they watched on youtube videos as apposed to what really works on a day to day bases. youll find very few people are actually qualified to give you advice on here.

      One of our clients is a major insurance company in the UK. Several years ago they looked to start calling b2b businesses to sell private medical insurance.

      At the time we were one of four agencies to pitch for the work. We outlined the process that we'd follow.

      We'd start by wanting to see the customers on their books to see what commonalities there were between their customers.

      The second step would be to listen to the inbound sales calls. We'd use this information to see why people buy and how they sell. Just as important we would call back businesses who didn't buy to try and find out why.

      With this information we could develop a sales flow and decide what data to buy for the campaigns.

      We didn't get the contract.

      Instead they went with companies who operated a churn and burn approach. They bought data and just ran through it every month.

      After a year on the companies dropped out as the contract wasn't proving profitable due to high costs and low turn over.

      This is when they came back to us. Standing firm we told them nothings changed. Reluctantly they took us on a 12 month trail.

      As we spent the time to find out about their customers needs and the insurance companies product we smashed the targets set for us. Our cost for buying data was a little higher but we were crushing it.

      We now have all the contracts for the company for their outsourced sales and we'll as providing training for their sales trainers.

      So you can pick up the phone and start calling randomly and you may get some sales but with planning and time telemarketing can be really effective.

      Also I'd be careful of anyone who deals in absolutes, you can easily have hybrid marketing.

      As a quick example some of the campaigs we run are connected to the clients website. If a potential customer gets a quote and doesn't buy immediately we call them within15 minutes of the quote. We also call people who abandon the quote process.

      A website doesn't have to be passive you can market aggressively to get people to your site and your website doesn't sleep.

      You'll probably find that the cost per sale is lower on line and that you can track data with a higher level of accuracy and speed.

      With regards to selling style generally go with what suits your market best. Some products you can't hard sell.

      Our agency would get laughed out of the door of every FTSE 100 company we work with if we went in like wolf of wall street. We'd also loose a lot of our financial services customers if our staff did the same.

      One final thought, when you get good like really good at selling customers come to you and beg you to take them on. That's why I've not made a sales call today


      Eric
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  • Profile picture of the author SalesGod
    In other words your curious how much money I make because your taking a liking to my advice and want to confirm I know what im talking about before you PM me for help on selling?
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    • Profile picture of the author Barry Unruh
      Originally Posted by SalesGod View Post

      In other words your curious how much money I make because your taking a liking to my advice and want to confirm I know what im talking about before you PM me for help on selling?
      Now that is funny.
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    • Profile picture of the author tryinhere
      Originally Posted by SalesGod View Post

      In other words your curious how much money I make because your taking a liking to my advice and want to confirm I know what im talking about before you PM me for help on selling?
      From your own words / examples in another thread as a telemarketer you only make around a quarter of what a salesperson does, so there would be a fair bet that many of the people here would call your earning chump change.
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      • Profile picture of the author selfmadecr
        Okay here it is.. my friend wants me to find business owners who need a loan from their business,
        They must be in business for a year, and have 4 months of business bank statements,
        He told me to find them and give him the leads, if he closes I receive a 1000 bucks,

        This is all I have to go after, so should I hire a telemarketing company, or find the leads another way, or straight up cold call?

        So guys what should I do with this?
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        • Profile picture of the author tryinhere
          Originally Posted by selfmadecr View Post

          Okay here it is.. my friend wants me to find business owners who need a loan from their business
          Can I ask this question then please, regardless of what your friend wants you to do, is it something that you want to do.

          It is very easy in sales if you get good at it for long enough, to get (so called) friends calling wanting you to work for them, and it would seem in this case you are being offered nothing in return, you risk the biscuit and the friend ? losses nothing no skin in the game ?

          So before asking how to get these leads ask is it your call, is this what you really want to do, or are you grabbing at straws trying to build a brick house.

          If it is you calling then your past experience should tell you what way to work this, be it phones, on the ground talking to business owners etc. and any or all of those options may work as well many more, and like anything, it may take some trial and error.

          Just make sure your not buying into a dead end hole where you are the only looser because your feel it is what you have to do / just following blindly in hope of a miracle for this Christmas.
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        • Profile picture of the author quadagon
          Originally Posted by selfmadecr View Post

          Okay here it is.. my friend wants me to find business owners who need a loan from their business,
          They must be in business for a year, and have 4 months of business bank statements,
          He told me to find them and give him the leads, if he closes I receive a 1000 bucks,

          This is all I have to go after, so should I hire a telemarketing company, or find the leads another way, or straight up cold call?

          So guys what should I do with this?
          No one can tell what to do.

          I would say that you have a lot to think about.

          What's your friends conversion rate (quote to sales)?

          What call to quote ration will you need?

          How many staff will you need dialling to achieve this

          What business model are the telemarketing company using?

          Is it purely based on results or are you buying dialling hours?

          How will you pay for the dialling hours if you get no sales?

          How will you track conversion rate?

          Who gives the staff product training?

          What if a customer calls back and takes out the loan?

          What happens if two people want a quote at the same time?

          And there will be more. Are you based in the states?

          I ask as in the UK we had to get our sales scripts signed off from a legal and compliance expert to make sure we weren't giving advice.

          Are there similar regulatory bodies that you will have to comply with (regardless of whether you do it yourself or outsource).

          None of this is meant to put you off but to give you something to think about.

          Why not contact some list brokers for the cost of leads. Tell them what info you have so they can match your needs.

          Before you do though go back to your friend and find out if certain businesses or locations repond better. Try and find out what he has on file at the minute and at least you can have an idea what kind of data you want.

          Check how old the data is and ask what the return policy is (businesses move and shut down all the time).

          Once you know the cost of the data you can start to plan things out. Let's say you are doing it yourself what wage do you want? What expenses will you have? How many sales will you need to break even? Based on your friends conversion rate how many leads will you need to pass to him?
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        • Profile picture of the author ewenmack
          Originally Posted by selfmadecr View Post

          Okay here it is.. my friend wants me to find business owners who need a loan from their business,
          They must be in business for a year, and have 4 months of business bank statements,
          He told me to find them and give him the leads, if he closes I receive a 1000 bucks,

          This is all I have to go after, so should I hire a telemarketing company, or find the leads another way, or straight up cold call?

          So guys what should I do with this?
          You'll have to get better at finding out
          what type of loans.

          I gave examples of 3 kinds.

          There are more kinds of business loans.

          The script and who is called depends on knowing that.

          Best,
          Doctor E. Vile
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  • Profile picture of the author SalesGod
    any real closer can knows that "consultive sales" is something made up by people who are afraid to be pushy and close. its an easy out and its not sales. sure people do sell with those techniques however their sales volume would double if they actually learned the technical skills to close.
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  • Profile picture of the author SalesGod
    I also don't sell a cheap $2.99 ebook that I need to position myself as a professional infront of a crowd in order to sell it. newbies can take my advice or they can ignore my advice either option does not effect my business or my income in anyway, eventually they will just quit sales because the adive they got never worked. I simply give sales advice that's working everyday and making millions. on the other hand the "gurus" need to position themselves as experts in order to sell their products. a sales professional will be making in the high 6 figures to 7 figures a year from there skill set. sales professionals of this caliber would not invest time in creating $2.99 ebooks. unless your selling 1000+ ebooks a month its simply not worth the effort when you could be spending your time making $100/hour somewhere else. these are the simple facts that you will find out when you hit the yearly figures imtalking about. your time becomes extremely valuable.
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    • Profile picture of the author animal44
      Originally Posted by SalesGod View Post

      get a good script
      And how long would it take a newbie beginner to develop a good script?
      Originally Posted by SalesGod View Post

      youll find very few people are actually qualified to give you advice on here.
      I tend to agree, but for different reasons. IMHO people on here have a job, not a business. Nothing wrong with that, however, if you want to make a lot of money, they're not the people to listen to...
      Originally Posted by SalesGod View Post

      any real closer can knows that "consultive sales" is something made up by people who are afraid to be pushy and close.
      I consider myself a consultant. I don't do "consultive sales". IMHO that's an oxymoron (I think that's the right term). I do however make sales without being "pushy".
      Originally Posted by SalesGod View Post

      I also don't sell a cheap $2.99 ebook
      Neither do I...
      Originally Posted by SalesGod View Post

      I simply give sales advice that's working everyday and making millions.
      You make millions every day from a cold call? What is it you sell, that people will buy from a total stranger and is priced that enables you to make millions?
      Originally Posted by SalesGod View Post

      a sales professional will be making in the high 6 figures to 7 figures a year from there skill set.
      Perhaps you'd like to give us your figures.
      What is your average sales value?
      How many calls do you make in order to make an average sale?
      How many calls does it take you to get through to a DM?
      How many hours per week do you work?

      Originally Posted by SalesGod View Post

      when you could be spending your time making $100/hour somewhere else. these are the simple facts that you will find out when you hit the yearly figures imtalking about. your time becomes extremely valuable.
      You think $100/hour is a lot of money?
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      • Profile picture of the author selfmadecr
        Okay guys,, can we please stay on topic... should I hire a telemarketing company to get leads for me..if so which companys...

        Also any other ideas how I can make this a whole lot profitable?
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        • Profile picture of the author ewenmack
          Originally Posted by selfmadecr View Post

          Okay guys,, can we please stay on topic... should I hire a telemarketing company to get leads for me..if so which companys...

          Also any other ideas how I can make this a whole lot profitable?
          What type of business financing is it?

          I helped the principals who buy back used heavy machinery
          then lease it back to their clients.

          This way credit rating was not a factor in the
          finance deal.

          $60,000 was the bottom end of the deals they would do.

          That's one type of deal.

          Another was the finance broker brokered mezzanine finance for multi story commercial property.
          He had arranged finance for a helicopter fleet and oil rigs.

          Another type is invoice financing.
          The finance company will pay out on a percentage of the face value of commercial invoices.
          Another industry term for it is factoring.

          Once we know what type of finance your friend does,
          then we can get closer to the type of ideal clients will be the best fit.

          The message comes next and how it's delivered.

          Best,
          Doctor E. Vile
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        • Profile picture of the author animal44
          Originally Posted by selfmadecr View Post

          Okay guys,, can we please stay on topic... should I hire a telemarketing company to get leads for me..if so which companys...

          Also any other ideas how I can make this a whole lot profitable?
          With respect, it is on topic. Sales God says telemarketing is the fastest way. I disagree.

          IMHO telemarketing is one of the more expensive ways to get sales. And this is supported by various surveys, and my own client's figures. Do some Google research telemarketing vs direct mail for instance.

          In order to have success with telemarketing you'll need a proven script to start with. Perhaps your loan company could provide this... If not, then you're going to have to develop one and test it. That'll take time and expense, so isn't "the fastest way".

          My approach is to broker JV deals. This involves finding someone with a list of known buyers, who might be interested in what you're selling and making them an offer.

          To understand why telemarketing might be more expensive let me show an example. One of my tame lists has 54,000 people on it. If Salesgod got his telemarketing team to call this list, and we allocate an average of 1 minute to each call, each of his 25 telemarketers would take 36 hours to get through their share of that list. Salesgod has 25 employees who expect to get paid at the end of the month.

          By contrast, with a JV, a sequence of emails would be loaded onto an autoresponder and each email would go out automatically. Less intrusive and annoying for the customer and far more efficient, in that there's little labour involved. I have an assistant who also expects to get paid, however she's a lot cheaper than 25 employees...

          JVs are paid on results (though I charge a retainer as well and offer a 100% money back guarantee if the JV fails to produce profit). I suspect a telemarketing outfit would charge a fee regardless of the number of sales.

          This should not be construed as any form of offer or prospecting on my part. I'm far too busy to take on any extra work and your sales value is too low. However, with a bit of thought you could potentially do JVs yourself. You'll have to share your commission, however, risk is low - you only pay when you make a sale.

          I would only attempt a JV if the loan company has a top class reputation. Actually, I'd only do any form of deal if the loan company had a top class reputation...

          An ideal JV partner might be a B2B business owner who's already had a loan from the company. If they've had a good experience they could send out an endorsement to their customers, from their own personal experience. Perhaps go through your friend's customer list and see if there are any possibilities therein.

          However, ensure you have a deal in place before you explain all this to him, or friendships might end...!

          So my short answer to your question is, telemarketing is risky and I would not advise it... There are less risky and cheaper alternatives.
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      • Profile picture of the author SalesGod
        Originally Posted by animal44 View Post

        And how long would it take a newbie beginner to develop a good script?

        I tend to agree, but for different reasons. IMHO people on here have a job, not a business. Nothing wrong with that, however, if you want to make a lot of money, they're not the people to listen to...

        I consider myself a consultant. I don't do "consultive sales". IMHO that's an oxymoron (I think that's the right term). I do however make sales without being "pushy".

        Neither do I...

        You make millions every day from a cold call? What is it you sell, that people will buy from a total stranger and is priced that enables you to make millions?

        Perhaps you'd like to give us your figures.
        What is your average sales value?
        How many calls do you make in order to make an average sale?
        How many calls does it take you to get through to a DM?
        How many hours per week do you work?


        You think $100/hour is a lot of money?
        well to answer part of that question my sales techniques make millions of dollars for my clients. I personally do just over 7 figures a year but by no means consider my self accomplished. I simply provide advice that got me where I am, and the advice I give my sales team to be able to close enough deals to hit those numbers. how many hours a week do I work? I work every second im not sleeping. how many hours are my employees working? typical 8 hours days nothing special. other then that I cant even see the rest of your questions in this little box im typing in so feel free to start a new thread and title is SalesGod Interogation. or ask again without a long ass quote.
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        • Profile picture of the author Oziboomer
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          • Profile picture of the author DABK
            OP, you seem to think that you hire a telemarketing company and they start calling. Who do they call? Who comes up with the list? Based on what criteria?

            Ewan gave you examples of different business loans.

            We've brokered some business loans: against accounts receivables, against assets.

            It matters what the business is:
            normally lenders/brokers have several programs, each fitting different situations

            gas stations are different from restaurants, which are different from import/export people, which are different from florist.

            To do a good job, you need to know the details of the loan programs... You/your telemarketers will be asked questions... You/they will need to be able to answer them.

            Some are simple: what's the max LTV? Do you lend to churches? Candy makers? etc.

            Others will require a lot of understanding of finances, in general, and your friend's loan programs, in particular.

            Once you know a lot about what he sells, you can decide if telemarketing is the best way to go.

            Contrary to what the God of Sales says, some people produce more with telemarketing/calling while others produce more with direct mail, etc. Question of strengths. And, I'm of the opinion you should go with your strengths first. Later, you can go into other areas.
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        • Profile picture of the author tryinhere
          Originally Posted by SalesGod View Post

          other then that I cant even see the rest of your questions in this little box im typing in so feel free to start a new thread and title is SalesGod Interogation. or ask again without a long ass quote.
          I will take you up on the offer
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  • Profile picture of the author animal44
    Great post Eric. (Seriously, no sarcasm intended!)

    What you're doing is effectively what I do - we just use a different medium. Mines less risk, clients don't pay up front for a list and I don't have the labour costs...

    Now give OP an indication of how much he'd have to pay up front to get your services... How much would it cost for the list? And any other expenses before he actually starts making sales...
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  • Profile picture of the author SalesGod
    ops maby that's why. I quoted the wrong response lol
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  • Profile picture of the author DaniMc
    Originally Posted by selfmadecr View Post

    Hi guys I need help with this idea I have, u see I have a friend who has a business helping business owners get business loans.

    He told me if I can find business owners who need a loan, and he closed them I receive 1000 bucks ,

    Now I was wondering could I t hire a telemarketing company to provide the leads for me.... any recommendations on any good telemarketing companys... also guys what do you think I should do..... thank u any advice will be well appreciated. ..
    Back away. I can tell from your posts in this thread that you are in no position to take on selling loans and finance. If you attempt this they way you are thinking, you are not going to get anywhere.

    If you really want to sell loans and commercial paper - just do it.

    Ask your friend to HIRE YOU to sell the loans. If he will not, then you need to ask why he doesn't think you will make him money?

    If you still want to sell paper - get a bottom line sales job with a financial institution. You might have to pass a certification test but so what? We are talking about a career move here. Many of these people are busting $400k annually. Not chump change.

    Or - you can play around with these types of ideas and still not have anything to show for it in 5 years.

    If he hires you to sell more - then you can come here with some actual resources and maybe someone can give you a real game plan for growing the business.
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  • Profile picture of the author selfmadecr
    Okay guys just talked to my friend .. he doesn't want me to sell , he just wants me to get referrals...... he wants me to talk to business owners to see if they are interested

    in receiving a loan for their business....
    Then if there interested then he'll call and follow up with them..... he says the mom and pop shops would be good and Hispanics usually buy from him since he can speak spanish...
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    • Profile picture of the author bizgrower
      Originally Posted by selfmadecr View Post

      Okay guys just talked to my friend .. he doesn't want me to sell , he just wants me to get referrals...... he wants me to talk to business owners to see if they are interested

      in receiving a loan for their business....
      Then if there interested then he'll call and follow up with them..... he says the mom and pop shops would be good and Hispanics usually buy from him since he can speak spanish...
      Sounds like factoring - getting loans against their accounts receivable.
      Not a type of loan I'm a big fan of. Also, it's a very competitive market and perhaps oversaturated.
      Hard to find interested prospects.

      Learn to close and market and you'll have it made if you pick the right products or services.

      Dan
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      • Profile picture of the author Jason Kanigan
        Originally Posted by bizgrower View Post

        Sounds like factoring - getting loans against their accounts receivable.
        Not a type of loan I'm a big fan of. Also, it's a very competitive market and perhaps oversaturated.
        Hard to find interested prospects.

        Learn to close and market and you'll have it made if you pick the right products or services.

        Dan
        Agreed, and the OP should find out what kind of loans these are.

        Factoring is a death knell sign because the borrower can never catch up. If as a credit manager I saw this, I would stop extending credit to that company.

        OP, from what I've read in this thread I think you're attracted by the money but your heart isn't in it.

        You think it could be easy cash, but it won't be.

        If you are going to do this--ie. the news comes back that it's a simple business loan at a reasonable rate of interest--then I would definitely go the JV route. Then you only have to make ONE sale (to the JV) and get many chances at getting an order. Well worth it to give up a third or half of your commission for your birddogging efforts.

        From my own perspective, I felt DISMAY when I read that your friend is not interested in hiring you. It's not "real" to me.
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    • Profile picture of the author ewenmack
      Originally Posted by selfmadecr View Post

      Okay guys just talked to my friend .. he doesn't want me to sell , he just wants me to get referrals...... he wants me to talk to business owners to see if they are interested

      in receiving a loan for their business....
      Then if there interested then he'll call and follow up with them..... he says the mom and pop shops would be good and Hispanics usually buy from him since he can speak spanish...
      Are these mom and pop shops sell only for cash and debit cards,
      or do they sell to other business owners?

      What type of security does your friend take over the cash loan?

      Once again, knowing these answers guides you better who you should be talking with
      and what to say to them so you get more solid leads to pass on.

      Best,
      Doctor E. Vile
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    • Profile picture of the author DABK
      Your friend doesn't believe you can do it or he/she doesn't believe in his products.

      Your friend doesn't seem that good at selling. Hispanics don't buy from him because he speaks Spanish. There are other business loan makers who speak Spanish. If they buy from him, not from them, he should figure out why and make more sales.

      Just my translation of what you said your friend said + advice he/she did not ask for.

      Originally Posted by selfmadecr View Post

      Okay guys just talked to my friend .. he doesn't want me to sell , he just wants me to get referrals...... he wants me to talk to business owners to see if they are interested

      in receiving a loan for their business....
      Then if there interested then he'll call and follow up with them..... he says the mom and pop shops would be good and Hispanics usually buy from him since he can speak spanish...
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      • Profile picture of the author Kay King
        I admit I skimmed because the pissing contest above didn't interest me - but I don't see legalities or fund sourcing mentioned. Did I miss it?

        How long has the friend been in business doing this? What is the average loan amount? Is this the friend's business or does he work for someone else?

        If your friend is offering $1k for one lead that pans out, sounds like he's marketing high risk loans. ...or perhaps high limit loans. Very few details here and in finance, it's all in the details.

        What is not clear to me is whether your friend is MAKING the loans himself or is funneling prospects to a lending source (my guess). Don't know the loan type or the underwriting guidelines. Also - don't know where you live or where the lender lives.

        I do know from experience with similar businesses that loan procurement is tightly regulated by many states so check the legality.
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        Saving one dog will not change the world - but for that one dog, the world will change forever.
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  • Profile picture of the author bizgrower
    IS he an SBA approved lender?
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    "If you think you're the smartest person in the room, then you're probably in the wrong room."

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