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Business Lending Overview + Support Documents

Business Lending Solutions From First Look Approval
 
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First Look Approval has multiple solutions when it comes to business lending.  We've developed a direct partnership with one of the industry leaders in small business micro loans (On Deck Capital), and have additionally partnered with a number of other lenders to offer more solutions to more businesses.  You can learn some high-level specifics about what we offer for B2B lending HERE.  

Below on this page, you'll find material for our small business micro loan solution through On Deck Capital. This product is the most straight forward product available and will be the most common solution in most cases.  Please review the material below if you plan on actively selling B2B Loans.
 
**PLEASE NOTE - If you simply want to refer us warm leads to close, you are welcome to do so.  We pay our agents FULL COMMISSION for simply referring us deals.  To refer us a warm lead, simply send an email with basic information about the business and opportunity to sales@firstlookapproval.com.  We will then contact the lead and close the deal from there, bcc'ing you on all correspondence.  As always, you are paid 50% of the total commission amount First Look Approval receives for each funding.  Doesn't get any better than that!**
 
Basic Overview Of On Deck Capital Business Loans
 
 
Loan Types & Terms

  • Standard Loans: Up to $150,000 with 6-12 month terms.  $100,000 max with terms longer than 12 months (15 & 18 month terms)
  • "Bank Only" Loans: $5,000 - $100,000, 6-12 month terms.
  • On Deck Express: $5,000 - $35,000, 6 month loan term.

**The underwriting team looks at each deal and decides which loan product is best.**
 
 
 
Required Docs Needed For Each Deal
 
Each deal should be initially submitted with the following documentation:

  1. Completed 1-Page Application (below)
  2. 3-Month Bank Statements
  3. 3-Month Merchant Processing Statements
 
 **If business is seasonal or has cash flow issues, please be prepared to gather 12 months of bank statements.**
 
 
Minimum Merchant Qualifications 
 
As a rule of thumb, keep the following minimum criteria in mind when prescreening:

  1. Time In Business: +1 Year
  2. Annual Revenue: + $100,000
  3. Average Bank Balance: +$3,000
  4. Minimum Credit Score: 500
 
**These are the minimum requirements, review the document titled "Our Strikezone" to see what deal types to focus on**
Industries To Target

Industries To Target Include:
  1. Restaurants
  2. Automotive Repair, Parts, Accessories
  3. Doctors + Dentists
  4. Veterinary
  5. Plumbing, HVAC Contractors
  6. Hair Salons and Spas / Nail Salons
  7. Furniture / Home Furnishings 
  8. Jewelry Stores
  9. General Retail
  
 
**For a complete list of our best industries, read the document titled "Top Industries." **
Industries To Avoid

Industries To Avoid Include:
  1. Home Building and Construction
  2. Financial Service Companies
  3. Power Equipment
  4. Real Estate Brokers
  5. Management Companies
  6. Mortgage Lenders
  7. Payroll Companies
  8. Gun Sales
  9. Funeral Service
  
 
**For a complete list of restricted industries, read the document titled "Restricted Industry List." **
Documents Needed To Fund Loan

After we receive an initial approval, there are a number of documents needed to fund the loan.  First Look Approval corporate will facilitate this process and will collect the following documents:
  1. Signed Business Loan & Security Agreement
  2. Proof of US Citizenship of Permanent Residency
  3. Business Lease or Proof of Ownership
  4. Signed ACH Agreement
  5. TXA Loan Agreement

**Please note that for deals under $35,000 we will not need #2 and #4 above.  Instead we will just need a copy of drivers license.**
  
Training Documents For On Deck Capital Business Loans
 
PowerPoint Presentations:
Advanced + Basic Training
 
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Basic Training 
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Advanced Training
Video Training 
 
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3 Phone Calls Every Agent Should Make
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On Deck vs. Merchant Cash Advance
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Advanced Sales Technique Webinar
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Closing Docs Explained

 
Support Documents For On Deck Capital Business Loans

 
Marketing Flyers
 
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Auto 
Business Loans


Generic 
Business Loans
Medical 
Business Loans
Generic Business Loans
(Spanish Version)


 
Application
 
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One-Page Loan Application
Overview & Underwriting Guidelines
 
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Loan Snapshot
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Underwriting Guide
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Guidelines For Liens, BKs, Judgements
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Prequalify Merchants Cheat Sheet
What To Focus On
 
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Our StrikeZone
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Top Industries
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Restricted Industry List

Who Is First Look Approval?

First Look Approval is a customer finance company that has a unique way of doing things. Our amazingly simple online financing platform is integrated with multiple lending programs, giving merchants and borrowers alike more options when it comes to financing. We have a diverse background in customer finance and work hard to educate our clients on how to correctly implement customer financing in their business.
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All Rights Reserved

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