Cash Flow Business Tip of the Week: You do not need to know what the funder’s parameters are before you submit a note

funder-parametersYou do not need to know what the funder’s parameters are before requesting a quote. Simply take your note to a funder, and if it’s a bad deal, they’ll tell you. If you bring 3-4 bad deals to a funder, you’ll then have a pretty good idea of what their parameters of NOT buying are. And, knowing what a funder will NOT buy is just as important as knowing what they WILL buy. Once you bring 4-5 notes to a funder, you’re going to know what not to bring. You’re not going to bring them a second mortgage in default on a toxic dump site, for example. Let them educate you as to what the guidelines are on a case-by-case basis. You’ll learn fast enough. Once again, I call that “learning while you are earning”.

In the next Tip, we will discuss the merits of “listing” a note on the internet when searching for buyers.

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