5 Steps to Obtain More BlackRiver Approvals Today!
The first step to a BlackRiver approval: A great submission package! The initial review of any deal is the most important part – as the saying goes “You never get a second chance to make a first impression”.
- We need the complete package. Single. Time. A BlackRiver ‘Credit Package’ includes:
- Credit Application (filled out completely)
- CBR/Authorization to pull credit
- Last 3 months’ bank statements (the full statements are better but we can issue an initial proposal with the summary pages – full statements and/or bank verification may be required via an online portal)
- Vendor Invoice/Quote
For Transportation and Sale Leasebacks we also need:
- Vehicle Condition Report
- Mileage & Pictures of Vehicle
- Debt Schedule/Facilities List
- One email that we can read. If your customer writes like a third grader have them type out the app. Secondly, we see a lot of submissions each day, piecing together multiple emails forces us to try guess what goes where and only slows down the turnaround time.
- Accurate Info. You’ve talked to the customer. We haven’t. As the broker you are our eyes and ears. Our best referral partners have already vetted the customer and done some due diligence before the deal ever hits our inbox.
- What’s the sitch? You’d be shocked at how many submissions we receive where the details about the equipment the customer wants to finance, the business they are in or even their name are either left out of the package or just difficult to figure out. A few detailed sentences on what the customer does, why they need the equipment, and background on the credit challenges goes a long way.
- Do they own anything or have any $? It is always best to include a facilities list and debt schedule with all submissions (no it is only required for Transportation and Sale Leasebacks). This allows us to price deals more aggressively and having this information upfront allows us to move the transaction through quicker.
All submissions should be emailed to email@example.com
Trivia Question of the month: Name that movie! (submit your answer in the comment section below to be eligible for our monthly prize $$!)
“You know how they say we only use 10 percent of our brains? I think we only use 10 percent of our hearts.”
*Don’t forget all transactions funded between now and the 4th of July – YOU keep the doc fee + the commission!*