LendKey Technologies, Inc.’s Post

With banks tightening the purse strings on lending for commercial purposes in the current economic climate, #realestatedevelopers and #investors are increasingly turning to #privatelenders like Enact Partners to finance their projects. While metrics such as borrower creditworthiness, track record, and project feasibility remain essential to the lending process, the relationship between borrower and lender often plays the most pivotal role in overall success. Read more on our blog - https://hubs.li/Q02tvQcX0

Read this New York Times article featuring TransUnion’s Liz Pagel to explore the current status of reporting buy now, pay later loans in credit reporting and the potential impact on consumers and lenders. https://lnkd.in/eDEMZHn6

Read this New York Times article featuring TransUnion’s Liz Pagel to explore the current status of reporting buy now, pay later loans in credit reporting and the potential impact on consumers and lenders. https://lnkd.in/enGaxFgZ

Read this New York Times article featuring TransUnion’s Liz Pagel to explore the current status of reporting buy now, pay later loans in credit reporting and the potential impact on consumers and lenders. https://lnkd.in/ejGxz4PS

Read this New York Times article featuring TransUnion’s Liz Pagel to explore the current status of reporting buy now, pay later loans in credit reporting and the potential impact on consumers and lenders. https://lnkd.in/eaURFCc4

💡 Understanding Overdraft Facilities: Key Points for Borrowers and Lenders 💡 An overdraft facility is a flexible credit option that can provide valuable financial support for both individuals and businesses. Here's a concise overview of how it works and important considerations for both borrowers and lenders: 📌 What is an Overdraft Facility? An overdraft facility allows you to withdraw the sanctioned amount of money that you have in your account, up to a specified limit. It's ideal for managing short-term cash flow needs. 🔑 Key Features: 📅 Repayment Tenure: ▶ Repay within a defined tenure as required by the lender. ▶ Terms of repayment are set according to the bank’s terms and conditions. 💲 Interest Rates: ▶ Interest is charged only on the amount of credit utilized. ▶ Rates are determined by the lender and outlined in the bank’s terms and conditions. 🔄 Flexible Repayment: ▶ Repay the utilized amount as and when you have funds available. ▶ Provides flexibility for managing unexpected expenses or cash flow shortages. 💳 Usage-Based Charges: ▶ Pay interest only on the utilized credit amount. ▶ A cost-effective solution compared to other credit options. 💡 For Borrowers: ✅ Understand Terms: Ensure clarity on terms, interest rates, and repayment tenure. ✅ Judicious Use: Manage short-term financial needs without incurring excessive interest charges. ✅ Monitor Accounts: Avoid surpassing the overdraft limit to prevent additional fees or penalties. 💼 For Lenders: ☑ Clear Communication: Transparently communicate terms and conditions. ☑ Flexible Repayment Options: Accommodate varying financial situations of borrowers. ☑ Customer Support: Assist borrowers with queries or issues related to their overdraft facility. #OverdraftFacility #CreditManagement #BankingSolutions #FinancialFlexibility #InterestRates #Borrowing #Lending #FinancialServices #CashFlowManagement

How #credit limits are determined is covered in this article. #moneymatters

🗣️ Insight from the field: "The number one difference between why we like a lender versus why we don't like a bank is their ability to be freaking straightforward with us when it comes to things like, ‘Yeah, I just don't think we're gonna be able to get this deal done.’" Commercial borrowers value transparency above all. They prefer lenders who can give a clear yes or no early on, saving everyone time and resources. It's not just about being honest; it's about respect and efficiency. Three things you can do to build trust in the origination process: 1. Set Clear Expectations Early: From the initial conversation, be clear about what information is required and what the potential deal terms could look like. If there are deal-breakers or non-negotiables, communicate them upfront to avoid unnecessary work and false hopes. 2.  Streamline Documentation Requests: Scale the requests with your confidence level, asking for when you have good reason to believe that effort will pay off. Unnecessary requests for information can be burdensome and frustrating for borrowers, especially when it leads to a negative outcome. 3.  Provide Timely Updates: Keep the borrower informed throughout the process. Let them know when their application is going to the loan committee, if there are any preliminary approvals, and if any issues arise that could affect the decision. Knowing when to expect decisions and updates can help borrowers manage their expectations and plan accordingly. Borrowers are (self-described) “reasonable people.” They are more understanding of lender processes than they are often given credit for. #commerciallending #communitybanking #creditunions

Attention BUSINESS OWNERS: 🔒 As banks brace for a riskier lending environment, now might be the perfect time to consider securing additional credit. Corpay can help by providing you with additional working capital with or Corporate Credit Cards!! With economic forecasts pointing to potential belt-tightening, locking in favorable rates and terms can be a smart move before lenders become more cautious. Whether you're managing business expenses or preparing for future growth, acting now can provide financial flexibility. Stay ahead of the curve and explore your options today! 📈💼 #CreditManagement #FinancialPlanning #BusinessGrowth https://lnkd.in/eu263mVi