When it comes to dealing with Funders I came up with 7 tips that will help you fund more loans.
- Know the process
- Each funder is going to be different
- Don’t cut corners
- Don’t send deals that won’t work
- Show some favoritism
- Tell a story
- Set expectation
You have to know the process for each funder. If you don’t you risk looking bad to the borrower. You don’t want to keep coming back to the borrower requesting more information because you didn’t ask for it in the beginning.
Each funder is going to be a little different. Learn each one’s nuances and have that information ready for them.
Don’t cut corners. When you work with a funder and they ask for certain things or they want the borrower’s information presented in a certain way, try to accommodate them.
Don’t send deals to funders that you know they won’t take. If a funder won’t take a 3rd or 4th position don’t waste their time sending them a 5th position deal. Funders want to look at and work with deals they can do and knowingly throwing things against the wall to see what sticks won’t work.
Pick your favorite handful of funders and work with them. You don’t need countless funders, have enough that you can cover the types of deals that you get with a few options.
Tell the borrowers story. Funders are human and it can make a difference if they know a little about the borrower. Take a few minutes and include a brief story about the borrower in the email.
Set expectation with the borrower. Don’t mislead by saying that you can do something that you know is not going to work. Explain that you will try your best.
Create a process and checklist so that you don’t miss anything. The funders will look forward to a well-organized file from you and be more likely to fund your deals quicker than if you send them a mess.