Unit quiz: Alternatives, fairness, records and the capstone file review

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Question 1

A merchant needs $16,000 to renovate a leased storefront and a broker proposes a fixed-asset programme that cannot fund leasehold improvements or working capital. What is the strongest correction?Re-route to a source whose eligible uses cover the actual need — an intermediary microloan of up to $50,000, equipment or leasehold financing, or a small facility sized to $16,000 — because eligible-use rules disqualify a need regardless of how strong the file is.Proceed with the fixed-asset programme and describe the renovation as an improvement so the use fits the programme's list.

Question 2

A sole proprietor qualifies on her own for $45,000, and the closing checklist asks for her spouse's signature on the credit instrument. What is the correct handling?Obtain the spouse's signature, since a spousal signature is a routine safeguard and refusing it risks losing the approval.Challenge the requirement: where an applicant qualifies under the creditor's standards for the amount and terms requested, the spouse's or another person's signature may not be required on the instrument, so the file should close without it unless an additional party's liability is genuinely necessary.

Question 3

An offer is described as available today only with pricing rising tomorrow, and no offer document with an expiry date has been supplied. What is the correct treatment?Treat the deadline as an unsourced claim: request the written offer with its expiry, present the comparison in total repayment and weekly remittance terms, and decide on the figures rather than the clock.Relay the deadline as given, because a broker cannot verify a funder's pricing authority and the merchant would rather hear about a possible increase.

Question 4

A merchant disputes a duplicate weekly remittance and asks for a chargeback. What should determine your response?A chargeback should be initiated immediately, because a banking dispute is faster than a records review and the merchant's bank will assemble the evidence.Whether the file can produce the signed agreement page stating the remittance amount and frequency, the ACH authorisation for that amount and account, and a dated remittance log — which turns the dispute into a reconciliation today instead of a chargeback over days.

Question 5

A merchant with weekly contribution of $5,612.31 and existing obligations of $2,100 a week requests $95,000, and the decision rule requires coverage of at least 1.20 in a normal month. What is the largest facility you can defend?About $57,000 of net proceeds: the floor permits $4,676.92 of total weekly remittance, leaving $2,576.92 for the new facility, which over thirty weeks is $77,307.69 of capacity and $57,264.96 at a factor of 1.35.About $95,000, provided the term is shortened so the existing obligation retires before the new schedule begins.

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