Dealstruck and LendingTree get together to offer customized loans
A key to Dealstruck’s success is being able to customize loan options to meet the unique needs of the many different small business types looking for financing, Mr. Senturia said. In an sector dominated by technology, he explained it is a combination of old and new methods that is behind Dealstruck’s unique approach.
“Our methodologies on the back end rely on accessing standardized data to assist with the decision making process, but the applications also receive a human review in most cases to ensure the business is getting what it needs.”
Mr. Senturia added that most Dealstruck customers, while wanting faster decisions than they would get from a bank, often do not need the money “yesterday” but want fair terms that allow them to position their companies for strong growth.
While Mr. Senturia would not make a firm prediction as to when the inevitable market downturn would occur, he said if recent history is any indication it will not take 10 or 15 years.
When it does come, there are a couple of factors which could separate the winners and losers, he said.
“In a downturn you have to be able to take extra care of your current portfolio and access your servicing experience with collections in order to take steps in advance.”
“Proactively work with your client base.”
Companies relying solely on loan originations could also suffer as companies reduce their borrowing, he added.