I ran this subject line past a few of the administrators.  They and I could not recall this subject getting discussed here.

To start off I want to say I am NOT an expert on lending institutions or anything that they do, per se.

I will try and tell you what I saw  while working with a general contractor's sales people.

In 2003,  as the engineering rep for the paint / coating I work with, our manufacturer sent me to Sacramento.  We had a brand new distributor who was a general building contractor.  They had 96 employees on the construction crews.  They had crews that could build a house from the ground up.

They were a distributor of a very good line of insulated windows, they had an insulation crew and two 3-man crews that would install our energy saving coating / paint.  That was their total involvement in energy efficiency.

Sorry for the long lead in here but here is the main point.  The husband was the general contractor.  One of the other companies his corporation owned was a finance company, his wife had whatever credentials was needed to do that.

They had 12 sales people in the field 6 days a week.  I accompanied many of them to answer questions on our product the salesmen were as yet unable to answer. When it got to the point of signing on the dotted line, they would bring up the fact that they worked very closely with a financial institution and had the paperwork to submit an application for a loan for the amount of the job. Nine out of ten always signed and filled out the loan papers on the spot.  The fact that the contractor was tied in with the financial institution was very impressive to the customer.

Most of the contracts that came across my desk were  for exterior painting with our coating and for some new energy efficient windows.  Those 2 products seemed to go hand-in-hand.

Now, some numbers.  The salesmen, on average, wrote $200,000.00  in contracts every week! 

A portion of those DID NOT pass the credit check  OR did not pass for the full amount but did for a lesser amount.  Sometimes the homeowner had to decide which they wanted, the paint or the windows.

The salesmen being knowledgeable on the credit application end AND having the correct paperwork with them was a HUGE selling point for that job.  The financial institution came to them rather than them having to drive to the lender.  The salesmen would leave and bring the paperwork to the finance department.

I  am curious if anyone else on this site has had any similar experiences teaming up with a financial institution?   Is this just old news that nobody talks about?  Teaming with a reputable insulated window company for leads / finders fees back and forth to expand each others portfolio of services?

It worked very well for those involved back then.  Anyone else have any experiences similar to those??

Hal Skinner


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