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  • ryanh's Avatar
    Today, 01:30 AM
    Just finishing reading through the NY Disclosure Law. As a broker & syndicator based in New York. Have a couple of questions if anyone has insight or can point me in the right direction of people I should speak to. If I am syndicating on a deal with a funding company who is not based in New York state, thus not impacted by this law, am I technically a Financer or is that still all on the funding company? My biggest concerns are the points: Page 44 (b) A broker shall not provide a recipient with a specific amount, rate, or price quote for commercial financing based upon information from, or about, the recipient, until the broker transmits the disclosures required by subdivision (a)(1) of this section, unaltered, to the recipient. After a broker transmits disclosures to the recipient, the broker shall provide evidence of transmission of the disclosures to the financer, including the time of transmission. Does this mean I have to calculate an APR on every deal, even if the funder is not legally responsible to do so if they are not located in New York? Page 45 (1) require a broker to evaluate the accuracy of the disclosures provided by the financer; PG 45 (2) create any liability for a broker if the disclosures that the financer provides do not comply with this Part; or We must now calculate APR on every deal if I am reading this correctly, eh? https://www.dfs.ny.gov/system/files/documents/2021/09/pre_proposed_fs_sect600.pdf
    0 replies | 148 view(s)
  • DonMcGrath's Avatar
    Yesterday, 11:33 AM
    Well that nightmare is what would give fundkite the edge, IF, they’ve figure out how to automate those logistics issues.
    25 replies | 3052 view(s) |
  • cruisinman's Avatar
    09-24-2021, 10:52 PM
    All good . . . We have decided to raise our own Capital for the MCAs. Have $10million committed so far. Going to fund one with Bitty, then fund one ourselves. Rinse & Repeat. Going to structure it similar to Rewards Network with a twist. Not just Restaurants. Other small businesses. $5k to $25k max. All others subbed out for a commission split. Still using a MLM concept tho. Plan to launch by March, 2022.
    18 replies | 622 view(s) |
  • TheUnderwritingProdigy's Avatar
    09-24-2021, 10:37 PM
    This seems like an absolute nightmare from a logistics standpoint. You would need countless staff to do a daily reconciliation and then you're getting banged out with even higher same-day ACH fees. On top of that, once a merchant realizes that they simply do not have to make a deposit in order to not pay or pay an extremely reduced payment, the abuse will run rampant. On days that they make large deposits, and you come in and take the specified % they're going to throw an absolute fit when it's multiples of what they thought they had to pay. I get the idea, and I'm sure merchants will when being sold, but logistically, it just doesn't make any sense IMO.
    25 replies | 3052 view(s) |
  • TheUnderwritingProdigy's Avatar
    09-24-2021, 10:33 PM
    I've owned and ran a funding company for over 3 years. It is NOT necessary to have contact information until the contract request. The ONLY time I've needed to call a merchant prior to funding is to clarify information that needs to be on the contract if I'm dealing with a slow ISO or I just want to take the lead and get the file done faster than having to go through the ISO. Examples include confirmations regarding address, entity type, or anything else that stands out as being strange during underwriting that needs to be addressed. Asking a merchant, "What are you using this capital for?" is an absolute joke. I ask it anyway just out of habit, but you never really know or can confirm that the merchant is using those funds for that purpose after the wire has been sent. You know how many times I've gotten the answer "business purposes" or "working capital"? If you think these merchants are telling the truth than you're playing yourself.
    50 replies | 3172 view(s) |
  • mistamca's Avatar
    09-24-2021, 10:22 PM
    If you are going to insult me, can you at least spell it correctly? How about you educate us what a telephone & email provides an underwriter that prevents them from extending an offer?
    50 replies | 3172 view(s) |
  • mca2150's Avatar
    09-24-2021, 09:50 PM
    Can we reach you with the number on your website? 123-456-7890? LOL
    11 replies | 667 view(s) |
  • fin4all's Avatar
    09-24-2021, 09:15 PM
    incompetent** lmao
    50 replies | 3172 view(s) |
  • fin4all's Avatar
    09-24-2021, 09:14 PM
    no dave you are wrong once again, it has been sent...an email and phone will not tell anything to an underwriter...lmao
    50 replies | 3172 view(s) |
  • Yankeeman07's Avatar
    09-24-2021, 08:38 PM
    Good Catch - that is funny! Partnering with Thyrve means transparency & exclusive access to one of the largest funding houses in the country. We offer the highest level of service and tailor our revenue sharing models for each ISO. Our bottom line is making you money when others cannot!. https://vintageadvance.com/#about_us
    11 replies | 667 view(s) |
  • joshbr9's Avatar
    09-24-2021, 08:04 PM
    You put that "lender" website up yesterday?? Its almost identical to http://www.thryvecapital.com/ , with no Real phone number, and you left the word Thryve in there! Jfc these dudes
    11 replies | 667 view(s) |
  • Yankeeman07's Avatar
    09-24-2021, 06:56 PM
    MJ Capital Funding’s Website Has Been Shut Down, Company’s Assets Being Auctioned Off https://debanked.com/2021/09/mj-capital-fundings-website-has-been-shut-down-companys-assets-being-auctioned-off/ INO - Very interesting on how quickly the Receiver is moving.
    0 replies | 29 view(s)
  • Yankeeman07's Avatar
    09-24-2021, 06:50 PM
    Are you that incompentant?
    50 replies | 3172 view(s) |
  • NickHubbard's Avatar
    09-24-2021, 06:48 PM
    NickHubbard replied to a thread Reverse funder needed in Deal Bin
    https://www.gandgfunding.com
    1 replies | 145 view(s) |
  • mistamca's Avatar
    09-24-2021, 06:42 PM
    You must not fund MCAs because it is laughable that you think that you cant get an approval without contact information. The only funder that I use that complains occasionally is Rapid.
    50 replies | 3172 view(s) |
  • FlexibleCapitalSolutions's Avatar
    09-24-2021, 06:21 PM
    Perfectly stated, thank you for shining a light on this subject for us. Needless to say, I agree with everything you say, always.
    50 replies | 3172 view(s) |
  • Yankeeman07's Avatar
    09-24-2021, 02:44 PM
    My credit card split - we do not require any change to processor - our funding is the same day as soon as funding call is completed. A few differences between the products - as you stated in a previous post - you are returning to the roots of the MCA Business. It should be well accepted by merchants.
    25 replies | 3052 view(s) |
  • Fundkite Egor's Avatar
    09-24-2021, 02:22 PM
    Additionally, when comparing a CC split to our ACH split, we don't need to see months of credit card statements, no need to set up a lockbox, no need for the merchant to change their processor, and funding is same or next day.
    25 replies | 3052 view(s) |
  • Yankeeman07's Avatar
    09-24-2021, 02:17 PM
    IMO - This product will go a long ways to reducing-eliminating defaults
    25 replies | 3052 view(s) |
  • bloom's Avatar
    09-24-2021, 02:14 PM
    Vintage Advance can help you out. We provide 2-5th positions B- C paper, If you are looking for a home to fund them with, I'd love the opportunity to work with you. We're an ISO driven Lender (no inside sales team) deals@vintageadvance.com
    11 replies | 667 view(s) |
  • bloom's Avatar
    09-24-2021, 02:14 PM
    Vintage Advance can help you out. We provide 2-5th positions B- C paper, If you are looking for a home to fund them with, I'd love the opportunity to work with you. We're an ISO driven Lender (no inside sales team) deals@vintageadvance.com
    2 replies | 295 view(s) |
  • Yankeeman07's Avatar
    09-24-2021, 02:04 PM
    A credit card split only requires a merchant Authorize a DDA Change - it may take a few days for the processor to make the change, which will slow down the initial funding to the merchant.
    25 replies | 3052 view(s) |
  • Fundkite Egor's Avatar
    09-24-2021, 01:54 PM
    Speaking from personal experience as an ISO rep at Fundkite, majority of our merchants are happy to work with our reconciliation and believe its beneficial to their business cash flow. As opposed to a fixed payment in which the merchant may worry about making payments when business is down. Reconciliation allows merchants payments to be flexible according to their sales, so yes, a 6 month term could end up being 4 months or 8 and we're fully prepared for either scenario.
    25 replies | 3052 view(s) |
  • Kevin Henry's Avatar
    09-24-2021, 01:52 PM
    My two cents: Every advisor and every institution has their own style and requirements. The certainty of closing a transaction is highly reliant on the amount of information reviewed and work done up front. If the appropriate work is done up front by the advisor they SHOULD know what can be done and who will do the deal. If you send a deal to someone who does little work up front, the chances of the deal closing goes down or time is wasted because something came up in review. Follow the simple rule of closing clients: Know your customer, Know your advisor, and Know your sources of capital. I personally have a low tolerance of "advisors" calling with "deals" that have done zero work only to waste our time and resources. "I got a guy that needs money" just doesn't cut it in this environment.
    50 replies | 3172 view(s) |
  • Yankeeman07's Avatar
    09-24-2021, 01:26 PM
    They you do not have a legit offer - the file is NOT been sent to underwriting ! ​
    50 replies | 3172 view(s) |
  • mistamca's Avatar
    09-24-2021, 12:43 PM
    Pretty much every single funder has done it to me. It isn't backdooring necessarily. 3 months go by and then they send it to their broker shop or put it in a drip campaign. For example, a very large funder shoots over all their applications to their sister company for a mortgage. I also firmly believe that most backdoor cases are not coming from management. Typically, it is a rogue employee. I wish it didn't have to be this way but it is.
    50 replies | 3172 view(s) |
  • J.Celifarco's Avatar
    09-24-2021, 12:13 PM
    people really do this where they submit files without contact information of the merchant? I thought people did it maybe when starting with a new lender but all the time? That is crazy to me
    50 replies | 3172 view(s) |
  • BB_Cooper's Avatar
    09-24-2021, 11:58 AM
    Good point Micah. Do MCA investors or many of the merchants want fluctuating daily draws?
    25 replies | 3052 view(s) |
  • mistamca's Avatar
    09-24-2021, 11:58 AM
    No they don't. You do not need contact info to underwrite a deal to give an offer... I do not know about you but email & phone is given when requesting a contract.
    50 replies | 3172 view(s) |
  • mcaindustryveteran's Avatar
    09-24-2021, 11:26 AM
    Very eloquently written. But facts are facts.
    50 replies | 3172 view(s) |
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