[omegafund]

So is it common for ondeck to decline a deal and then approve in house later in the month?
Merchant had another small loan, fora, and then an ondeck loan after fora. Small deal 25k. So I am glad I have other funders for my larger deals. I usually have good report with all our clients but this one did slip past us.
I hear this is more common with some of the funders now.. I was with these guys since the beginning so not cool

[JayBallentine]

So is it common for ondeck to decline a deal and then approve in house later in the month?
Merchant had another small loan, fora, and then an ondeck loan after fora. Small deal 25k. So I am glad I have other funders for my larger deals. I usually have good report with all our clients but this one did slip past us.
I hear this is more common with some of the funders now.. I was with these guys since the beginning so not cool

I cannot speak for OnDeck. But the inability to expand the market leaves some Funders with no choice but to steal from brokers. They will get more clever and clever in how they do it.

No idea about ODC, but this should be expected.

[FUNd]

So is it common for ondeck to decline a deal and then approve in house later in the month?
Merchant had another small loan, fora, and then an ondeck loan after fora. Small deal 25k. So I am glad I have other funders for my larger deals. I usually have good report with all our clients but this one did slip past us.
I hear this is more common with some of the funders now.. I was with these guys since the beginning so not cool

On Deck is now calling recently funded deals and telling them they are not to respond to any solicitations they receive from ISO's or other lenders throughout the duration of their loan. On Deck is going public, and soon. Part of the appeal to investors will be that they can originate, fund, and retain clients without the help of brokers. Brokers (in investors eyes) bring increased fraud, cost, and general servicing hassle to the organization and it is my prediction that most ISO's will be phased out of the OD model in the next year. The only ISO's left standing will be high volume players with exceptionally high performing portfolios.

[isaacdstern]

It's called stealing your deal

[omegafund]

YEs it is stealing my client, but that is why we will do business elsewhere. Just a reminder to keep close connection with your clients!

[jonkaufman]

This wont happen at World Business Lenders. Give us a try on you files. Plus, consider the variety of options we provide in the secured and Collateralized space. Some clients will also qualify (easily) for a Business Line of Credit (BLOC) from WBL
Jon Kaufman
jkaufman@wbl.com
212-220-0173

[Chambo]

I cannot speak for OnDeck. But the inability to expand the market leaves some Funders with no choice but to steal from brokers. They will get more clever and clever in how they do it.

No idea about ODC, but this should be expected.

ODC has been stealing deals form the brokers for years. Nothing new to report here.

There was even a post on the old blog about it. When applying, put your own email in the portal. You will soon have solicitations coming in

[bizloanbroker]

Another group of thieves here, its amazing what you can get away with if you have fancy NYC 5th ave offices