So many 'Direct Funders'.
Which ones to choose and how many total do I need?
So many people pretending to be Direct Funders.
Who can I trust?
Who will do what they say they will?
So many of these websites look and feel the same.
It can often feel like a minefield out there for the ISO(Independent Sales Organization) or loan broker. If it's not dealing with unrealistic clients who want $1 million but only in business for 1 month, did $2,000 gross deposits and have a 450 credit score, then it’s dealing with funders who take 2 days for an offer, say they can fund the deal before telling you they can’t fund it or come back with 50 stipulations including DNA testing.
The broker goes through all of this, only to mysteriously have his client go silent wondering what happened, or if he finally got the deal to the goal line and the commission into his account, had his money disappear one day when the business owner decided not to make a payment on the advance thus defaulting.
Now the title of this article will lead to ways to get more ISO’s working with you, but the point of the above was that in order to have a better chance to stand out from the crowd and have these ISO’s work with you, then you must take the appropriate steps to make a meaningful connection with them. You can do this by addressing their concerns and objections in an empathetic way, upfront, on your partner page, because in the end we are all in the people business.
So below we are going to go into a couple of examples of direct funders websites and how they did a good job in connecting with ISOs through the written word and video.
Lendini- lendini.com
If you take a look at the first part of the page, then it should be apparent to you that they know what the biggest concerns are for the broker.
-They depend on Partners to meet their goal of being the best
-Commissions, support, and fast approvals.
-Then a deeper dive into the details of each partner program they offer, with an emphasis on ‘unmatched support’, comprehensive introduction session and a training program few offer. This goes to the ‘who can I trust’ question that ISOs ask themselves before signing up with a funder. Surely if they offer these additional services they should be trustworthy.
Then Lendini builds on this by providing a couple of reviews by current partners, which is a must these days. They then continue to explain about their technology like their portal and provide a simple sign up form. Then complete the page with the major bullet points to leave you with including that they are a direct funder, commission max upsell and also the speed to offer and funding.
From the brokers point of view, this is almost as complete a description you can provide to a broker before they speak to this funder Lendini. Hits on most all of the important topics or questions that a broker would want to know in a clear and concise way.
Everest Business Funding- everestbusinessfunding.com/partners
Now on this partner webpage I want to direct you to the video that they have near the bottom. It’s an animated video that serves to humanize them and address brokers concerns, such as:
-Who do I send my deals to?
-Are you a direct funder?
Then they go over benefits:
-Quick Turnaround
-Offers in a few hours
-Assigned Representative
-Easy to 'Contact Us' to get information on your deal.
Then they have real-life brokers give audio testimonials in their words.
The great thing is that they sound like real brokers or more importantly real people who had success working with them.
The video closes by saying we are a direct funder you can trust.
Through the video, Everest understands once again that we are in the people business and with dealing with ISOs the trust business. To hammer this trust part home, right below the video is more credibility through the major sites that they have been featured on.
In conclusion, if you want to stand out from all of the other direct lenders out there when seeking ISO business, then remember the basics.
We are in the people business.
We sell by connecting emotionally with our client’s desires and by seeing through their eyes.
With loan brokers it is a matter of Trust.
The power to have empathy and emphasize and address the biggest pain points and concerns of brokers will create a connection.
Short simple videos can further humanize your company and make it much more approachable for the perspective ISO.
The more credibility and real testimonials you can offer, the more likely the ISO will engage with your company.
If you take this article to heart and implement these suggestions, then no doubt you will gain more ISO’s bringing you business. Have other suggestions? Leave a comment below.
In our next article, we will explore the key performance indicators that you can use to better make sure that you are getting the right ISO’s to work with for peak profitability, efficiency and overall success.
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