Notes from the Underwriting Department
Tony heads up the Underwriting Department at Z & R Funding and when I sat down with him, we talked about the field of underwriting in general, and how much the personal touch plays in the overall process. According to Tony, the human touch is the most important part of underwriting. “There is only so much that we can rely on technology to help us make a decision about whether to fund a deal,” Tony told me. Adding, “experienced underwriters would never rely solely on automation to make a decision for them. There are too many factors to consider, and our clients are glad that real, live human beings are making the decisions about the lifeblood of their business. Cash flow.”
Underwriting involves assessing financial risk, determining if a loan to a business makes sense, and if that business will be able to repay that loan. To do it effectively, you need strong communication skills, an understanding of the risks involved, ability to analyze documentation quickly and accurately, good business sense, computer literacy and how to use software to help assess situations in a timely fashion when clients are in a time crunch for their money.
According to Tony, “Part of what makes Z & R a great choice to fund your business is the speed with which applications can be approved and deals funded. In fact, the whole process at Z & R Funding can be completed in just two days time. With a one page application to fill out and just the last three month’s bank statements, our team of underwriters are swift and sure in their work, ensuring that merchants and professionals in need of funding can get their money quickly.”
“Banks are risk averse in today’s economy,” Tony adds. Noting that “they are not willing to take the risks that we are. A bank will examine a business plan and look at history going back ten years. We are more concerned with where you are now and where you are headed. It isn’t important to us to look at what was going on with your business in 2004 or 2008. We are focused on the present and the future. That is where business growth lies.”
And by exercising good judgment and analytical skills, to reach “fair and balanced” win-win deals, the underwriting team at Z & R Funding is results oriented and client-centric. Keeping your business’ needs in mind.