#1 Shortening & lengthening Time & Amounts
The easiest way to drop the rate on a deal is to shorten or lengthen the time and amount to pay back the loan. The funding is better utilized by paying back the loan as soon as possible. Once you have received an offer your options begin to multiply. For example; if you were offered $10,000 and the payback is $12,000 within 6 months then the daily ACH can be adjusted depending on your preference.
#2 Lessen The Risk
Certainly, this is an assumption because every business has factors that underwriters scrutinize and may ultimately define your rate however; very few medium sized businesses are completely unqualified for some type of loan. The underwriter's bottom line to rate is risk. If you lessen the risk you lessen the rate. The best way to lessen your risk is to remove all negative factors within your data sheet.
A data sheet is typically created for you once you have submitted your information. Most well-known corporate money lenders create a report of negatives and positives on your file so that they can keep track of your progress. Here at Syndicate Lenders we know you are more than just data on a sheet. That is why we take personal care of every business owner we have on file by creating a fundamental business partner relationship.
Once your level of risk has been ascertained, an assigned agent may advocate a better deal for you by haggling with underwriters. Usually, these are the same factors your agent will help you work around or through to decrease the rate. Being Informed of this process gives you the upper hand on negotiation. As a business owner you should be working with your agent to identify your risks and improve profitability.
#3 Prove Your Worth
I know this is the last thing a business owner wants to hear but, simply dealing with your debt first before getting a business loan may be a better idea. Paying off your debt looks much better on paper as opposed to seeing unpaid bills on credit reports and non sufficient funds in your bank statements. We understand that sometimes life can be unpredictable so we are here to help. It doesn't cost you anything to pick up the phone and ask questions.
Underwriters often want to see proof of a business's good standing. For example, lets say you had taken a business loan from another lender and paid it off. Sometimes it takes time for lenders to update their system and it may show up on your bank statements. The underwriter may think that you are at higher risk because you are still paying off a previous loan. If you had a payoff letter from the previous lender it easily reinforces trust in your ability to pay back a loan.
We Can Help Lower Your Rates
Syndicate Lenders specialty is finding the best deal to suit your needs. We find ways to get you funded even if through unconventional means. If you don't think you qualify find out now for free. Click Here and get a quick quote without any obligation. Please note that it is only an estimate and does not actually reflect a deal.