Wheatpeak Lenders, a small-business funding broker in Lewiston, Idaho, works in four steps: a call about the bill, a match between the bill and an option, a lending partner's underwriting review, and your decision. This page explains what underwriters look at, why timing varies, and how to compare an APR with a factor rate.
Step 1: the call about the bill
It starts with a phone call to (208) 439-3933 or the short form, which collects your name, email, phone and business name. On the call we ask what the money must cover, when it falls due, and roughly how revenue comes in. We do not need a figure to the dollar yet; we need the purpose.
Step 2: matching the bill to an option
Next we set the bill against the six options. Wages before invoices clear point toward working capital or a line of credit; a remodel toward a term loan; a loader toward equipment financing; stock toward inventory financing. A merchant cash advance is discussed for what it is: a purchase of future receipts, not a loan.
We then list the records a partner is likely to want, so nothing comes as a surprise later.
Step 3: what a business loan underwriter reviews
An underwriter is the person, or the set of rules, at the lending partner that decides whether to fund and on what terms. Commercial underwriting usually works through the same questions in the same order:
- Identity and standing: who owns the business and whether it appears on the state's business records.
- Cash flow: deposits over recent months, from bank statements.
- Existing obligations: other loans, advances, leases and liens.
- Credit history: the business's and often the owner's.
- Purpose and collateral: what the money buys and what secures it, if anything.
Approval sits with the partner, never with Wheatpeak Lenders. We cannot change an underwriting outcome, and we never promise one.
How long underwriting takes
There is no standard length. A short-term request with clear bank statements may be reviewed quickly; a larger term loan with collateral, appraisals or tax returns takes longer. The things that slow a file down most are within your control: missing statements, a business name that differs between documents, or an unexplained large deposit. Sorting those first is the most useful thing you can do.
Step 4: setting offers side by side, then choosing
| Offer type | Price usually shown as | What to calculate |
|---|---|---|
| Term loan, credit line or machine loan | An interest rate and often an APR | Total of all payments, plus fees |
| Lease | A payment and an end-of-term option | All payments, plus the buyout, plus fees |
| MCA: future receipts sold, so not a loan | A factor rate and a holdback | Purchased amount minus the advance, and how long collection may take |
Set the total cost of each offer side by side, then ask whether your cash flow carries the payment schedule. A lower payment stretched over a longer term can cost more in total. You may turn down any offer, every time.
Warning signs in an offer, from anyone
- Someone promises approval before a partner has reviewed anything.
- The total cost or total remittance is not stated anywhere in writing.
- You are pressed to sign the same day.
- A second advance is suggested while the first is still being collected.
Our broker disclosures explain where our part ends. Short answers to other questions are in the FAQ; for free advice outside any broker, see the Lewis-Clark Valley resources guide, and for sizing the request, the working capital method.
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