How to Spot the Deep Fake Lender

Lending with Integrity, Comprehension and Humility

Integrity

There have been some recent events which have sent a shockwave throughout the finance industry (*facepalm emoji). Executive teams using funds from their lending pool for personal gain, deleting tens of thousands of emails intentionally…the list goes on and on. They don’t care about you; hell, they don’t even care about their shareholders or investors. They care about their own “success” and that illusion is getting bigger and bigger.

There are some really good lenders out there, and then there are some garbage ones. How do you know which is which? Sifting through the debris to find the one you can trust to be your lending partner, is a full-time job. Most loan companies have educated, experienced people at the helm so, in most cases, when a lender or finance company isn’t acting in the most ethical or professional way, it’s not because they are not educated or don’t know better. In fact, it’s the opposite. They are educated and they should know better. So, what makes a firm competent, respected and ethical? The people who manage and operate that firm - their skills, their upbringing, their work ethic and their deep understanding of business, just as much as their understanding of lending. Understanding businesses, their industries and how they operate, is something that escapes most executives at a lending institution because they don’t actually have experience outside of lending. So, how can they offer the best product or loan to you, if they don’t actually know anything about your business?

Many reps are salespeople, which means motivation can be somewhat skewed. You may ask, “but aren’t salespeople paid based on funding?” Yes, they are…which puts into question their motivation on why they want to fund you and if they are in fact the right lender for your needs. Just because a loan is available to you, doesn’t mean it’s the best loan for you. A lenders true intention will manifest itself based on how well they understand the business owners’ position, the needs of the business, and if the business will actually be more successful with the loan or whether the loan will put them into a hazardous situation. 

We have built and continue to build our firm with intention. We intend on being absolutely upfront and honest about what’s available. We do not sell a song & dance or a product just to collect fees. We don’t pretend to be something we are not, and we don’t push you into a product that doesn’t make sense, just to lock you in. This isn’t a cell phone plan that promises good deals if you sign a contract. It’s vital that business borrowers are more discerning about who they borrow money from, as well. If they cannot do all the leg work themselves, it is important that they choose a competent representative who will protect the business owner’s interests over their own.

Comprehension

A lending rep needs to be experienced at lending, but also needs to know what is really involved and know how to cross the finish line with each unique borrower and situation. Every lender or bank has amazing team members, but every lender or bank also has some really “out of touch” ones, as well. Those who are “out of touch” make it difficult when it comes to doing what’s best for both the lender and the borrower. When a firm or lender hires an executive, some are interested in education first, and then their experience. Only the good lenders put value in the employees past mistakes, practical business experience, integrity, their ability to wade through the garbage and their steadfastness towards doing what’s best for everyone involved – which is more tied to experience.

When it comes to private firms who have relationships with lenders you want to deal with, The UnBankers aren’t the only option in the market, but we certainly are one of the very few options who operate outside of the norm. The lending landscape has forever changed. Dealing with lenders or reps who don’t get it will leave you in the dust or wondering why you wasted 8-10 weeks with zero results, or worse - mismatched options. Our team has a little greyer hair and has been through a little more than perhaps other finance firms, and that’s exactly how we wanted it. As the youngest in the group, I am proud to say that I consciously made the decision to partner with older professionals who have been around the block. I partnered with people who weren’t typical “bankers”, and that’s been the game changer.

Humility

The UnBankers refuses to buy into the bullshit with the wrong lenders, and we choose to deal with only reputable finance partners. We do this because we know the difference and we’ve spent decades figuring out who’s safe and who’s dangerous. We get it, we’ve been there. Our team members have all owned businesses, bought and sold and made huge mistakes, which has been humbling. In general, humility is missing from the lending space, and we pride ourselves on being real with every borrower and lender we deal with. Our best partnerships are with lenders who employ only true ladies and true gentlemen. People with integrity. People with humility. People who strive to understand and help, not just “transact and close”.

Don’t be influenced by the visual, take care to deal with those who will go the extra mile for you.

Trust a valued firm to represent you and take you to the right lender partner. Your business depends on it.