Done Right Funding: Online Loan Brokerage

Written By Hans Kang

Introduction:

For the last 4 months I have been trying to get an online loan brokerage off of the ground.

I worked for a company called the Business Lending Blueprint for about 3 months and started my own business on the side.

It has not been without troubles. Starting an online loan brokerage was not as easy as the program made it out to sound. I have closed two deals but I am in the red a few thousand dollars. Looking to improve in 2024.

How we can try to improve:

Invoice factoring with Ira:

  • RTS: need to be able to see who I submit & status of leads

  • Wex: need to test process and be able to see who I submit / the status of leads

Increase lead quality (better targeting / narrower audience):

  • Facebook ads restarting after 1st week of January

Decrease qualification criteria (find more lenders):

  • Contact more lenders in January

To do:

  • Set up payments from 7FF

  • Set up payments from ROK Financial

  • Make Ira’s life as easy as possible

    • Email Templates

    • Standardized Operating Procedures

Hans Kang
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