Home > Uncategorized > Underwriter hell. Another example

Underwriter hell. Another example

Last week a invoice financing underwriter asked a question regarding my clients financials. The question was as follows. In essence

Why is my client taking so LITTLE out of the business?

He also wanted to know how he and his family are supporting themselves etc etc etc

I conveyed a two word response.

There were other excessive demands too and naturally I have quickly moved this onto other lenders. A pity because up until this point this looked like a good match.

But the key here is not the immediate. The fact is that with 40 plus lenders in the market there is often a situation whereby you are seeking reasons to differentiate and the posing of frankly irrelevant and unnecessarily probing personal questions is the perfect antidote

Clearly if a business owner is taking a lot out of a business then there is a question to be posed but not too little. His wife’s income stream or whether they are lottery winners is none of the lenders business

None whatsoever

 

 

 

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