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  • SFC's Avatar
    Today, 03:20 PM
    Ya this makes Zero sense. Terminating a contract with a funder gets you ZERO and gives the funder everything. Not sure why you'd do it. Nor why you'd post about it on here. If you don't like a funder, don't submit deals to them. Everyone loves or hates funders depending on their own experience with those funders and funders treat ISO's differently based on the ISO rep, deal performance, number of submissions, ratio of submissions to funded deals, fraud deals etc. Trying to use these catch all "IS X a good funder" maybe weeds out some really trash people but if you are sending them files you probably had nowhere else to go anyways.
    3 replies | 144 view(s) |
  • SFC's Avatar
    Today, 03:17 PM
    Pirs is legit. Matt Washington is a tough guy but a sweetheart. Similar to my previous post on Vital, not easy to get an approval but if they like a deal they do what it takes. Dollar amounts. One of my broker friends said he did 350k 12 month with a 1.18 buy up-sold 5 points. I assume they go higher but thats the closest personal knowledge I have. Never heard a complaint or bad word. I've seen Velocity's office, seemed pretty nice. Not to be confused with https://velocitygroupusa.com which is MUCH larger. Velocity seems like every other shop mid tier shop. Maybe others can post about direct experience.
    3 replies | 37 view(s) |
  • Yankeeman07's Avatar
    Today, 01:11 PM
    https://spectrumbusinessinsights.com/marketing/how-i-did-it-doubled-our-revenue-in-a-year/?c=nchtr&mtkgTactic=SBI&cmp=LP_EMX_SBI_EM20200122_171_NCINST&leadRef=LP_EMX_SBI_EM20200122_171_NCINST&p1=8778446707
    0 replies | 4 view(s)
  • Mynameisbob's Avatar
    Today, 12:18 PM
    Velocity capital, the one Paul Boxer promotes
    3 replies | 37 view(s) |
  • Michael I's Avatar
    Today, 11:55 AM
    It assures that he won't get paid on renewals .that he has to come on here and ask where to send the deal to because he has no other options .that his merchant might need to take a worse deal or less money. That if he is up against them in the future he cant get approval and try to get docs back first. All this because he doesn't know a funder that he works with standard contract on their A paper and rather blame them than look at himself.
    3 replies | 144 view(s) |
  • abfunders's Avatar
    Today, 10:39 AM
    Out of curiosity, what does terminating the agreement help? I just read through my ISO agreement with Kalamata again, maybe I didn't understand it fully. How does terminating the agreement help more than never submitting to them again? However, so far, Kalamata's been good for me, almost double the approval amounts as other funders. Sometimes it's shorter terms, but that's part of the broker's cycle - to be able to give options. The ability to offer $250,000 at 9 months makes the $150,000 over 12 or 18 months more attractive.
    3 replies | 144 view(s) |
  • fin4all's Avatar
    Today, 10:37 AM
    Which velocity ?
    3 replies | 37 view(s) |
  • Mynameisbob's Avatar
    Today, 10:21 AM
    I see thees guys making all these Rah Rah videos about this deal they funded and this iso they paid. Yet I haven’t seen any brokers on here post anything about these groups. Who has done business with either pirs capital or velocity group? What is your experience? Buy rates, term, Max dollar amount, level of service?
    3 replies | 37 view(s)
  • Richard Gomez's Avatar
    Today, 06:06 AM
    @Steven_O, the guy wants an 87% LTV. This can be done as a 2nd position mortgage lien or as a clean new 1st position. Call me tomorrow to discuss points, term, etc, etc. I have lenders that can help you out on this specific file.
    2 replies | 21 view(s) |
  • MBWineGuy41's Avatar
    Today, 05:13 AM
    Thank you for the informative reply. I spoke to Steve and he sounded knowledgeable and ethical. Further, I found another post including similar positive feedback.
    2 replies | 41 view(s) |
  • SFC's Avatar
    Today, 02:41 AM
    Circadian is Steve Scheinbaum's new company. Previously he ran MCC/BizFi. You can read more about that here: https://www.excelcapmanagement.com/bizfi-review/ or with any other google search. They are direct brokers and if you're posting this you probably receive a lot of their emails requesting to help brokers as some sort of super ISO. I don't think they're funding direct yet but if they're following their old path they probably will. From my personal interactions the team seems pretty straight.
    2 replies | 41 view(s) |
  • MBWineGuy41's Avatar
    Today, 12:17 AM
    Rarely see them but does anyone know whether they are truly direct and any feedback on experience or reputation. Thanks
    0 replies | 29 view(s)
  • MBWineGuy41's Avatar
    Today, 12:12 AM
    I have been receiving lots of marketing from the group, whom I know is a broker, but with whom I am largely unfamiliar. I welcome any feedback, good or bad, but more importantly, honest and unbiased please. Thanks.
    2 replies | 41 view(s)
  • MBWineGuy41's Avatar
    Today, 12:02 AM
    I agree with you that the bad actors should be exposed with specificity yet not exaggeration. Hence I am starting to post in detail as well specific instances encountered in what I consider an unfortunately murky space in which, as a broker, lender and client relations are critical to success.
    8 replies | 602 view(s) |
  • Quickbizpartner's Avatar
    Yesterday, 11:56 PM
    Any body go to business expos to find new clients?
    0 replies | 11 view(s)
  • Napoleon Butic's Avatar
    Yesterday, 10:56 PM
    I have my SBA sources, and it's not an option for this one.
    4 replies | 50 view(s) |
  • Napoleon Butic's Avatar
    Yesterday, 10:55 PM
    no WBL, looking for firms comparable to a Maxim Commercial Finance
    4 replies | 50 view(s) |
  • MBWineGuy41's Avatar
    Yesterday, 10:34 PM
    MBWineGuy41 replied to a thread A-paper $500-750K in Deal Bin
    I agree David that the deal does not represent the norm in the space and perhaps should have been shown to a true mezz or sub debt group. I, too, have several funding sources although dwindling as company policy is to terminate the agreement for any circumvention attempts or otherwise unethical behavior. The industry is concentrated in NYC and being on the other side of the country with few lenders in the space here that don't cap at $150K or actually write business. I would be open to discussion as I see many CA deals as most bankers or veteran lenders who comprise my pool of resources have no interest in getting involved in advance but certainly enjoy the revenue share my company offers. As such, I siphon deals to a couple of other solid brokers when I don't have capacity, I also focus on supply chain or reverse factoring, factoring, ABL, equipment finance and RE deals less often. Cash advance is about half of my business. John Dur, CPA (Inactive) Manhattan Commercial Finance (President) johndur@financial-solutions.us 310-621-5806
    4 replies | 49 view(s) |
  • MBWineGuy41's Avatar
    Yesterday, 10:12 PM
    MBWineGuy41 replied to a thread A-paper $500-750K in Deal Bin
    Thanks for the response. The answer to your first question is simply “no”. Many if not most of the deals I close with A-paper lenders (OnDeck, Fora, Rapid involve a client with a Senior Lender. The absence thereof does not give an advance lender latitude to collect directly from customers. Even ABL lenders with a borrowing base full of A/R are unable to go directly after customers without following protocol. Only a factor who has purchased the receivables formally by noticing customers and controlling cash by requiring collections flow through a LB can collect directly from the customers, normally via attorney demand notices referencing the notice of assignment which defines factoring. Kapitus promised the deal would fund Friday but decided to change points from 5 to 2, and wanted more time to analyze the agreement, so I killed it. First time a lender capped my upsell at 2 points and I rarely deal with Kapitus but the situation was disappointing. I have two years financials, one year of returns, A/R, A/P, 8821 signed and every other stip required. As stated, company has a 20% EDITDA margin therefore more profitable than most willing to pay these high rates. I realize some higher risk lenders try to collect from customers in the case of default but the practice is questionable and rare with my clients if not inconsistent with the law. Will update who funds and when but I now think it’s covered. Regards, John
    4 replies | 49 view(s) |
  • Yankeeman07's Avatar
    Yesterday, 08:21 PM
    In addition to hard money lenders, SBA & USDA Loans may be an option Call 727-291-7890 to discuss. - Dave
    4 replies | 50 view(s) |
  • Yankeeman07's Avatar
    Yesterday, 08:19 PM
    Yankeeman07 replied to a thread A-paper $500-750K in Deal Bin
    $750K request $450K minimum will suffice 12-15 months Buy rate 1.25 max This is with points built in? I don't see a rate that low for the length of time for unsecured capital. I broker (Yes Broker) with several funding resources if you want to call 727-233-1111 - Dave
    4 replies | 49 view(s) |
  • SFC's Avatar
    Yesterday, 08:13 PM
    SFC replied to a thread Toast Capital in Merchant Cash Advance
    Yikes, sounds like they're Toast!
    1 replies | 63 view(s) |
  • Steven_O's Avatar
    Yesterday, 07:34 PM
    ...why would they care if the merchant defaults, when they are charging the client 10% in fees ON TOP of their commission (which they won't see either due to not being paid on it, or because the merchant defaulted)??? These kids is in the skreets making guapo. My question is, who gets rich from funding these losers? What is the long term game? How do they post a profit? Hmmm...
    2 replies | 91 view(s) |
  • Steven_O's Avatar
    Yesterday, 07:29 PM
    Steven_O replied to a thread A-paper $500-750K in Deal Bin
    Doesn't the blanket UCC no longer make it A Paper? The risk is high, considering they can't legally sell their receivables. Fast isn't cheap, and cheap isn't fast. But, I do believe in helping - so... while Rapid Advance may not have the rate, they can approve up to 1M. And maybe Strategic/Kapitus? Have P&L's, Balance and Taxes ready to go for an amount that large. Let us know who was able to do it! Or at least PM me and let ME know! Good luck.
    4 replies | 49 view(s) |
  • Steven_O's Avatar
    Yesterday, 07:12 PM
    Got a client with a 2.4M condo & commercial space on Miami Beach with Lis Pendens situation from last year... mortgage on it is 1.7M... guy wants 400k for working capital under 10% (which is what he's paying now)... Credit 690-710. Been turned down once due to lis penden situation. Blood in the water...
    2 replies | 21 view(s) |
  • sbuda150's Avatar
    Yesterday, 06:54 PM
    Check out WBL. I haven't worked with them (but plan to) yet, but I hear they offer collateralized loans. I think rates and term length are similar to what you'd find in MCA, but I'd assume you'd be able to get more aggressive dollar amounts given the collateral
    4 replies | 50 view(s) |
  • sbuda150's Avatar
    Yesterday, 06:52 PM
    I was hoping to get some recommended partners for invoice and AR factoring lenders. Don't have a specific deal right now, but I often come across companies, whose needs are better suited for the aforementioned products, and I'm currently only partnered with MCA, LOC and SBA lenders. Thanks in advance!
    0 replies | 4 view(s)
  • Nick MGM's Avatar
    Yesterday, 06:39 PM
    I'm looking for some new equipment financing funders. I know of Ondeck, Quality leasing, Lendspark, Equipment Leasing Group of America, Omega Funding, Original Genius Funding, Big Think Capital, RDM Capital Funding and Mateo Capital Group. If you know any other funders that offer equipment financing please post below. Thank you.
    0 replies | 9 view(s)
  • jbfunding's Avatar
    Yesterday, 04:30 PM
    Has anyone come across Toast Capital? Can’t find anything online as far as rates, terms, and max funding amounts
    1 replies | 63 view(s)
  • Nick MGM's Avatar
    Yesterday, 04:04 PM
    Does anyone know of Funders that will pay off 2 or more positions besides Par, Rapid, Premiere, River Advance, Vital Cap, Seacost, Quickstone, Franklin capital and Fundamental? Having trouble getting a few files paid off. Thank you.
    0 replies | 27 view(s)
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