Being a lender in this market place can be interesting to say the least. There are all types of people/companies looking for money. Not all are fundable, bankable, legitimate, or even real business opportunities. For direct lenders sifting through the viable opportunities can be a time suck.
As a broker I am sure you know that all deals are not real deals at all. I have found that sometimes it is impossible to get off the roller coaster of counting unrealized earnings only to see deals die at the finish line because our "preferred lender" can't close a deal. Wow! I mean how many times have you spent hours, days, weeks, or even months trying to get a "sweet" deal over the line only to see the company you were placing a deal with drop the ball.?
Brokers have an especially hard time. Not only do they need to source a deal by working their contacts list on an ongoing basis but they need to stay in front of lenders that can actualize winning deals. I have seen a new bread of broker pop up recently though. The ISO has emerged. The ISO is a free agent sourcing mostly cash advance deals but occasionally stumbles across deals that are outside of the cash advance bucket. What to do with them is a real question. What if there was a place to source funding that really works for the merchant and keeps you in the money?
There is a network of lenders, brokers, and ISO's working behind the scenes to create "one stop shop" for all your lending needs. It's the place you take good deals that get turned down or are potential time sucks. this network is secret and is a members only kind of thing. Not just anyone can play.
Many "old school" brokers will find that being lone rangers is not working as well as it used to.It's time to throw away the mask. The competition is too intense. You are shooting more blanks than closing deals. Bankers have quit calling with slam dunks and that chamber meeting or turn around group just doesn't provide the same opportunities as they used to. Maybe your contacts have just left the business or retired. So what do you do?
Well, funny you should ask. There is a solution that works for some and might work for you. Join a power lenders network. It's a group of like minded brokers, ISO"s, and lenders from factoring firms, PO finance, equipment, Luxury lending, real estate, hard money, investors and the list goes on. This will allow the broker and the ISO to focus on deal flow and not have to focus so much on the quid pro quo relationships that just don't work. It will allow you to get out there and generate deals and place them in a network and have someone else bring them to a close. Someone who can close deals not just talk about closing deals.
You will no longer have to spend tireless hours speaking to business owners trying to sell them on why they should go with you the independent person who doesn't have their own money to lend in order to secure capital for their company. I mean any smart person can boot up their laptop and in minutes have 100 companies that can lend them money. What do you offer that they can't do for themselves?
The business owner though doesn't always know how to separate the sharks from those that really want to provide a fare win/win opportunity. They get taken with added closing costs, fees that are charged just for applying, and so on. What if you as a broker were part of this mysterious network? What if you were a real POWER ISO and could speak truthfully to the merchant/prospect about making sure they got a good deal and worked with a solid lender?
I believe these would be a huge differentiators. Your lead sources (banks, other reputable lenders, family and friends) could trust that you are looking out for their best interest and the best interest of the people that they refer to you. I mean how hard would it be to ask for a referral from someone that you placed in a network where their needs were met with integrity and velocity?
As a POWER LENDER you have to put the ego aside and work with others. I mean what fun is it to only share the glory with the person in the mirror. If you would like to find out what networks are out here and how you might become a part of one, give me a shout. here's my cell 513-400-6475 or email me at kiefer.joe@gmail.com.
Go ahead and do something really nice for yourself. Increase your lending power. Become bigger than your one room office. Quit playing at being a thriving self employed business owner and become a POWER LENDER. These networks that i speak of are exclusive only to those who are like minded ISOs, brokers, and lenders who understand that there is power to be harnessed when real people work with real people.
As a single broker, ISO, or consultant you are only as good as your last sale. You need more deals and wasting time hustling deals over the line is a time and energy suck that you can't afford. You need to be hunting for more deals. If you want to sit back read a book, watch a movie, play on social media then you are probably not right for the title of POWER LENDER. But if you are self motivated, hard working, and strategic minded person then i am sure that you are already thinking about how being part of a network of lenders and independents can partner together in order to increase sales volume and in the end make it easier to make money.
If you are lender and want to know more about how you can become part of a thriving network of lead sources reach out. i am happy to share what is going to change the way independents get deals done. You won't want to be left out of the conversation.
It's been a while since I have posted. Thanks for tuning in. You can expect to see more posts on an ongoing basis. Be sure to reach out and let's do great things.
