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Affiliate Questions
This is a question bank, which contains responses to questions asked by affiliates in the past.
Payment
How does a finder get paid?
Affiliates are paid 1-2 business days after funds have been received by CFA. For example, the average commission received on a commercial loan is 2% of the loan amount, so on a $2 million dollar loan the commission paid would be $40k. The split is 55/45, so CFA retains $22,000 and the affiliate receives $18,000 in this example. CFA is only paid after a borrower receives their funds from the lender. The commissions may be paid by the lender, borrower, or both depending upon the type of loan funded.
What is the most an affiliate can by paid?
The commissions are uncapped, so the affilate receives 45% of the total amount paid to CFA regardless of how high the commission is. CFA funds reguarly funds multi-million dollar deals so the possibilities are extraordinary.
What is a 1099 arrangement?
http://work.chron.com/benefits-being-1099-employee-6605.html
Marketing Support
Who is Commercial Finance America's ideal customer?
The ideal customer is a business owner that is looking for funding and has some positives relating to their business associated with the satisfaction of lending criteria, CFA works with over 5000 lenders and has funded requests from businesses in hospitality, food services, real estate development, oil & gas, technology, recreation, retail, manufacturing, entertainment, etc. For example, in early 2016 CFA closed on a multi-million dollar loan to a Wild Life Sanctuary, so really any business can obtain financing through CFA if they meet enough of the lending criteria.
CFA has a higher probability of funding deals than anyone else due to the sheer number of lenders they work with and ability to develop very attractive loan request packages, but not every deal can be funded. Therefore, the ideal client is a borrower that meets most of the lending criteria set forth by lenders to obtain financing.
The biggest obstacle to success is working with borrowers that have too many issues with their businesses. If a borrower has strong collateral, solid financials and good credit than almost every deal is fundable. If they have two out of the three than there’s a very good shot. The biggest deal killer is when a business is losing money. Lenders want to know that they will get paid back and if there’s no money to cover the debt then it’s nearly impossible to find an interested party. Also CFA has access to a lot of 100% financing programs, but most lenders like to have money in the deal from the lender.
Are affiliate links provided for social media and website promotion?
An affiliate link can be setup for any affiliate if they so desire. For example, we could easily setup a website page for an affilate tied to their name or business such as www.cfanow.com/johnsmith or www.cfanow.com/smithenterprises.
Will I receive a CFA email address or do I use my own?
Initially, you will use your own. However, we have issued CFA email addresses to a number of successful affiliates.
Is CFA a multi-level marketing company?
No, we are not a MLM company, but it’s possible for an affiliate to share their commissions with others. For example, we have affiliates that have relationships with professionals such as CPAs, business brokers, bankers, mortgage brokers and real estate agents.
Some of these professionals are motivated to refer business to their affilate connection, because of a monetary arrangement that exists between both parties. We don’t set the rules, it’s solely at the discretion of the affiliate to determine their preferred corse of action.
Clients (Prospective Borrowers)
Who is Commercial Finance America's ideal customer?
The ideal customer is a business owner that is looking for funding and has some positives relating to their business associated with the satisfaction of lending criteria, CFA works with over 5000 lenders and has funded requests from businesses in hospitality, food services, real estate development, oil & gas, technology, recreation, retail, manufacturing, entertainment, etc. For example, in early 2016 CFA closed on a multi-million dollar loan to a Wild Life Sanctuary, so really any business can obtain financing through CFA if they meet enough of the lending criteria.
CFA has a higher probability of funding deals than anyone else due to the sheer number of lenders they work with and ability to develop very attractive loan request packages, but not every deal can be funded. Therefore, the ideal client is a borrower that meets most of the lending criteria set forth by lenders to obtain financing.
The biggest obstacle to success is working with borrowers that have too many issues with their businesses. If a borrower has strong collateral, solid financials and good credit than almost every deal is fundable. If they have two out of the three than there’s a very good shot. The biggest deal killer is when a business is losing money. Lenders want to know that they will get paid back and if there’s no money to cover the debt then it’s nearly impossible to find an interested party. Also CFA has access to a lot of 100% financing programs, but most lenders like to have money in the deal from the lender.
Where is the ideal customer located?
CFA has funded deals all over the U.S., but it's easier to fund deals in highly populated areas compared to rural areas. If it's a rural area in a highly populated state that may not present a program either. A lot of lenders are more concerned with geographic regions than the type of deals they fund.
CFA will also consider deals outside of the U.S., but they are much more difficult to fund for a myraid of reasons.
How will we know what is happening with our client referral?
We are very good about keeping affiliates and borrowers in the loop throughout the process. We will let you know when we have made contact with the borrower, when they sign our agreement, when we have all the documents, when the loan request package has been put together, when the loan is being shopped, when a letter of committment has been issued, when the deal is in underwriting and when the deal has been funded.
What constitutes a referral?
As soon as their is an expression on part of a prospective borrower it can be turned over to CFA, because it meets are definition of a lead.
Some affilates will turn things over to CFA as soon as they get a response from a busienss such as, "Yes, please call me about business funding" where as some affiliates get more actively involved, because they are hoping that the business will also be interested in what they are offering.
That is why are program is so popular with financial planners. In 2016, CFA funded a deal referred by an advisor affiliate and the borrower was so happy that he used the advisor to setup their company benefits program. Along the way the advisor would make regular contact with the borrower to keep them updated and the advisor meet with the client face-to-face to introduce CFA.
What is the process for turning over a lead?
As soon as you are ready to turn over a referral, you would email or call Tom Hallstrom and one of us would make initial contact with the borrower to introduce CFA and ask a few preliminary questions. We would communicate with you and the borrower, but others at CFA would be responsible for working with the lenders and assisting with the underwriting. Eventually, the borrower would be speaking with Tom.
Funding Questions
Does your network of lenders fund auto loans?
They do so long as the automobile will be used for business purposes. Most of the time it’s one component of a much larger loan. For instance, a borrower might be requesting $250,000 to cover an auto purchase along with other uses listed for the funds.
Do you offer factoring loans?
CFA has worked with a number of factoring companies to fund deals. However, CFA is more of a generalist than a specialist. They will seek out the loan that provides the best means for the respective business to receive funding.
Other
Why is this easier than other sales jobs?
The fundamential reason why, it’s much easier to offer someone money than to ask for it. You are offering something that most businesses want. There's hardly any sales resistance, because either a business needs money or they will at some point in the future. You are their best source for funding.