Frequently Asked Questions:
How does the PALMS Platform work?
Through years of experience in commercial lending the founders of Connect Lending developed a vast network of alternative lending sources. The PALMS Platform on our website automatically matches borrowers with financing sources depending on answers to a short list of questions.
What type of financing is offered ?
We provide connections to lenders offering Commercial Real Estate Loans (investor or owner occupied), Asset Based Loans, Factoring, Equipment Loans, Merchant Cash Advance, Start-Up Financing, Acquisition Financing, Franchise Financing, Healthcare Financing, SBA Financing, and Working Capital.
How long does it take ?
Lenders will contact borrowers after reviewing the questionnaire to determine next steps. Closing the loan may take anywhere from 1 week to 90 days depending on the type of financing.
How will advisors be updated on their clients ?
Lenders will update the ‘status’ of the loan throughout the process. These update are visible to the advisor that referred the loan.
How many lenders will contact the borrower ?
Connect Lending matches each loan request with up to five lenders that are likely to approve the borrowers lending need.
How do advisors benefit from inputting a referral?
Aside from the benefit of helping a client achieve their financial goals, advisors can receive referral bonuses. After your first referred loan closes, you will receive an email from Connect Lending regarding your preferences for your referral. Advisors have the choice of taking their referral fee as direct compensation, donating it a Non-For-Profit organization, or using it to pay professional/membership dues to other organizations.