Compared to most of the industries out there – the Equipment Financing Industry relies on an extreme amount of faith and trust.
What other industry allows a person, that we have never met, send us a deal, from a person who we have no background on, to lend them $100s of $1000s of dollars, to buy a piece of equipment that we have never seen, to use that piece of equipment to conduct business in such a way that they can try and make a profit with it.
To top it off – the supporting documents can be from a bank that we have never worked with and a vendor that is 1000 miles away from us, that is sending the equipment 1000 miles the other way.
The broker, who brought us the deal, is having complete and 100% faith and trust in us that we will pay them their commission, and that the vender will get all their money and that the buyer will send their down payment and it will all clear the bank.
We have 100% trust and faith in our broker associates, in that they will get us the right documentation, be upfront and honest with the applicant, and make sure the applicant will be completely satisfied with their financing option.
And all of this needs to happen in 24 to 48 hours.
With that – we all trust each other that we will not circumvent the broker/lender/vendor/client process and that when the client or the vendor comes back for more financing, the broker is notified and commissions paid. All this works – because we all have a role to play, to make sure that everyone is kept in the loop, and we are all able to make a living and live another day.
Communication is the key that holds us all together – Communication is what keeps the faith and the trust.