Monday through Fund-day
Nothing screams excitement like a brand-new week filled with endless funding opportunities. Regardless of the type of funding, the ultimate goal is to find clients in need of capital and spring to action quickly.
“I would say Tuesday is like, a day that things get done,” said Michael Krepak, CEO of FlexCap Solutions. “People always talk about Friday’s a closing day. I’ve had a lot of success on Fridays as just like a funding day, like when the deals actually get done afterwards in all the underwriting and the back and forth and stipulations. So, Tuesdays and Fridays…”
Fridays may be hectic for some professionals in the business who are trying to close out a deal before the weekend is over. The pressure to close a deal can create competition within oneself to finish the week off strong or to make sure that nothing ruins it over the weekend.
“There’s always a push to get everyone funded right before the weekend, you don’t want deals rolling over,” said Brendan P. Lynch, CEO at Sharpe Capital. “Too many things can happen: negative days, they can go negative, and then the login, they have to redo it. And you know, the deal can die on Monday. So, you always want to get everything done before the weekend. That’s for sure.”
For equipment finance consultant Cheryl Tibbs, if she is able to finish funding by Thursday, she uses Fridays to either spend quality time with loved ones or to promote her business.
“I’m a bit different than most. I start off strong on Mondays and relax on Friday,” said Tibbs. “When I’m done Thursday, late Thursday evening, Friday is reserved for deals that will fund that day. If I don’t have anything booked for a Friday funding, I usually chill on Fridays and use that for marketing or family time.”
Sonia Alvelo of Latin Financial was non-committal to a day. “What gets us excited is the satisfaction of a job well done…” Alvelo said.
Krepak meanwhile, explained that if you’re working on commission, then there is an incentive to keep going strong every day. “Like every day, you want to do something every day,” he said. “It’s just a competitive face to begin with.”Last modified: September 8, 2022
Anaya Vance is a reporter for deBanked. Connect with me on LinkedIn.