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Calculating the Best Lending Fit for You



Financing in the U.S. is undergoing an evolution that you will want to be prepared for. Whether your organization is looking to finance or refinance, or if you’re a lender or compliance professional who wants to make a better impact when advising clients, there is always ways to improve. In this compelling Compliance Expert Radio Show, Sonia Luna interviews the President of QuickFee, Kyle Redding. Learn the most important tips on how to advise CEOs on the upcoming lending compliance changes and finding the best fit for you.

What we are Going to See in the Next 6-12 Months and Beyond

  • Massive shift in technology
  • Means easier loan origination, completely paperless
  • Shifting to the Cloud for real-time underwriting data
  • Fraud prevention and detection for lenders
  • International credit reporting creeping into the U.S.
  • Big difference for international companies in the U.S. and the commercial lending space
  • Easier, faster, and better for both borrower and banks
  • Breaking News: EquiFax just bought Australia’s largest credit reporting agency, Veda.

Advice for Compliance Professionals When Advising Clients on Financing Options

  • Most important: Asking the RIGHT question and UNDERSTANDING the needs, objectives, and plan of clients
  • Shopping for the lowest interest rate is NOT always the best
  • Look at opportunity costs overall
  • Ask: Do you have time to wait for cost capitals?
  • Finding the right lender is key, as some are more flexible than others
  • Do your research on what platforms can draw in the right financing
  • Kyle’s Insider Tip: Biz2credit – allows a broker/CPA firm to find the best deal by plugging in the key terms of what their client is looking for, and allows them to see 2,000 lenders around the country instead of just local ones

Considerations Organizations Should Evaluate When Choosing a Financing Options

This is the crux of putting the deal together, so make sure to consider the following:

  • Interest rate
  • Covenants
  • Pre-payment penalties
  • Personal guarantee – potentially dangerous
  • Understand the lender – type of business they usually do
  • Reputation of this lender – do you know what their specialization is? Do you know anyone who has used them?

Metrics Most Organizations MISS When Choosing a Financing Option

CORE: 3 C’s of credit

  1. Character – references, credit score
  2. Capital - collateral
  3. Capacity – to make the payments

In between those lines, these metrics could easily missed:

  • A call on outstanding balance including interest at any given time
  • What is the definition of default?
  • Release of any collateral you put up to get the loan
  • If you are a good borrower and you didn’t get the best deal – whether it’s refinancing or a new deal lenders will extend more deals to you in order to make money off the interest

Need help strategizing on Compliance, Automation, or Financial Transformation? We invite you to learn more by emailing us at info@avivaspectrum.com

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More about Kyle Redding

Listen to Entire Interview

Kyle is a CPA & President of QuickFee, Inc. He started his career with EY, working in both the US and Australia, and transitioned into the early stages of QuickFee Australia, where he grew the business from 50 to 700 firms, including 70% of the Top 100 Accounting firms in Australia and the Big 4. Kyle moved back home to California to establish QuickFee USA and quickly gained notoriety by being published in Accounting Today, Accounting Web & CPA Practice Advisors. QuickFee was recently recognized by Accounting Today as one of the “2017 Top New Products” for their unique payment portal that offers clients of professional firms a “fee financing option” directly alongside ACH payment & Credit Card payment.