Seems like the first loan or two for any borrower CAN be a little frustrating. Maybe a set, sliding scale could be implemented? As always, can be adjusted in the future based on feedback.
First loan is a feeling out for both sides. It is most likely the highest risk we have with potential borrowers. So what if we made some set parameters for the first one or two loans, something like…
1st loan is to be $1million max with 20% fees
2nd loan up to $3million with 18% fees
3rd loan, make us a proposal with a hard minimum of 15% fees
Those numbers are purely for example but it seems it would make it easier for new borrowers to jump in knowing how it works. As they gain our trust we reward them with lower fees and higher limits.