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  • FundKite's Avatar
    Yesterday, 05:21 PM
    TheUnderwritingProdigy It’s a nightmare for those that still use an Abacus to count. It’s a very seamless process for us.
    28 replies | 3199 view(s) |
  • FundKite's Avatar
    Yesterday, 05:18 PM
    This is not about investors. This about proving merchants with the product they expect. Fixed payments are not MCA. Most of our merchants are on daily or weekly reconciliations. How we do it is a combination proprietary products and 3rd party vendors. It works, merchants are happy and they are paying what they are supposed to per the MCA product.
    28 replies | 3199 view(s) |
  • FundKite's Avatar
    Yesterday, 05:14 PM
    That is correct. The payments vary based on sales. A merchant whose payments are lower because sales are slow is not in default.
    28 replies | 3199 view(s) |
  • Olderguy's Avatar
    Yesterday, 03:36 PM
    2nd lien Ok on O/O if funds are used for business purposes. Let me know if you still need help with this.
    7 replies | 915 view(s) |
  • Olderguy's Avatar
    Yesterday, 03:20 PM
    SBA 7A with non bank lender. 10 years at 6% adjusts quarterly. 70 days processing and funding. Needs collateral of business assets, inventory or any property. I have a direct connection.
    5 replies | 411 view(s) |
  • Olderguy's Avatar
    Yesterday, 03:17 PM
    Olderguy replied to a thread Any lenders for these? in Deal Bin
    I have a lender I work with that can do SBA 7A down to that if they have good cash flow. SBA non bank lender.
    1 replies | 302 view(s) |
  • creloan's Avatar
    Yesterday, 02:58 PM
    Hotel Loans - Acquisition, refi, construction, PIP, bridge USA including Puerto Rico
    0 replies | 44 view(s)
  • ryanh's Avatar
    Yesterday, 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 | 286 view(s)
  • DonMcGrath's Avatar
    09-25-2021, 11:33 AM
    Well that nightmare is what would give fundkite the edge, IF, they’ve figure out how to automate those logistics issues.
    28 replies | 3199 view(s) |
  • cruisinman's Avatar
    09-24-2021, 10:52 PM
    All good . . .
    18 replies | 696 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.
    28 replies | 3199 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 | 3309 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 | 3309 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 | 747 view(s) |
  • fin4all's Avatar
    09-24-2021, 09:15 PM
    incompetent** lmao
    50 replies | 3309 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 | 3309 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 | 747 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 | 747 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 | 33 view(s)
  • Yankeeman07's Avatar
    09-24-2021, 06:50 PM
    Are you that incompentant?
    50 replies | 3309 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 | 186 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 | 3309 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 | 3309 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.
    28 replies | 3199 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.
    28 replies | 3199 view(s) |
  • Yankeeman07's Avatar
    09-24-2021, 02:17 PM
    IMO - This product will go a long ways to reducing-eliminating defaults
    28 replies | 3199 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 | 747 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 | 315 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.
    28 replies | 3199 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.
    28 replies | 3199 view(s) |
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