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Hi guys, Diana from OnTap Capital chiming in here. Here are the facts: - NEWCDAM has signed up with us recently, and this deal was the first and ONLY deal they've submitted to us. - The merchant started bouncing within the first 7 days of funding, which we caught on time and informed the broker about that, not the other way around. The day the bounces were caught was 1-2 days away from the day we were supposed to send the commission out. - My initial communication with the broker was "We need to wait a few more days to make sure the payments actually go through, then we release the payment. We need to wait until Friday" - On Thursday the broker starts verbally harassing us on the phone - My boss Jay got on the phone with her and tried to resolve the situation, by offering payment after 30 days with no more bounces. - NEWCDAM began harassing the rest of our staff, blowing off our phones, emails, threatening us with legal action. - She informed us that she needed this money for personal reasons and made it clear to us that it would be very difficult for us to clawback on her if necessary. Let's spin this around and turn this negative into a positive! - We are a direct funder, we are NOT white labelling - We fund in Canada and US, we opened in Canada originally in 2017 and expanded to the US just over a year ago. - We go up to 12 months, 500k per paper, A-C paper - We do 1st-5th positions Contact me to get signed up (or discuss this thread lol) diana@ontapcap.com (929)566-7317

LendSaas is the best. Not only because of the offers and underwriting, but mainly because of the deal tracking. I am able to initiate and track every single one of my ACH pulls thru LendSaas. Its directly integrated with my bank and ACH processor. It automatically tracks performance with all of the syndicator wallets for every single metric, as well as having a Syndicator/ISO portal. Absolutely blows Orgmeter away.

We respect your opinion. As it is only an opinion. If you haven't seen our system, then we wouldn't compare.

Being in the court system just means they have funded a deal before and not if they are a good legit funder.

There is not much you can do. If they do not send you the commission soon you can try to sue them for breach of contract but the money you can spend doing that can be more than the commission owed to them. Just use this as a lesson learned going forward. If a new so called funder reaches out to you look them up on google look at the website ask other brokers you know in the industry if they heard of that company before you sign up and send them a file. I been in the financial industry 27 years in this industry for 12 and with my current company 10 and i make sure i do the right thing and keep my reputation clean. So if you need a new funder that has a different approach to how we underwrite and always pay on time feel free to reach out to e. Scott Platto scott@tmrnow.com tmrnow.com 212-220-9872

Sounds like a racket.

Idk, but that sounds not so good :(

they're a super broker/funder

they are in the courts i think that means they are legit https://iapps.courts.state.ny.us/nyscef/CaseSearch?TAB=name

Any positions after the default?

Has anyone actually seen them in banks?

Yea they have one that promotes.

Do they have reps on here that you know of?

True Ontap will you respond?

Lot of dudes out there living 9k Vader to 9k Vader.

Or at least check the agreement first for clauses regarding what they classify as a default, and what he'll be learning in this industry (welcome btw) is never to count your commissions before they hatch. Build a pipe line so when one or two deals get killed you have others working for your quarter so it's not as much of a let down.

This is novo advance. Even his template is the same on his first post where he got bashed.

Its your data, do what you want folks. Would you buy food at the dollar store (mcasimplified) to save money, or whole foods (centrex and salesforce). Save some $ or get fantastic security. The choice is easy.

Centrex and salesforce have better security then all these servers. You ****ing moron. Even santander bank got hacked recently. It happens to the largest companies. A small crm company like mcasimplified isn't as safe as them in my opinion regarding your data.

If he missed 3 payments, legally, you're ****ed. You were better off waiting 60 days to see if they pay.

there are few lenders out there but no no provides a good term, 50-70 Days

Nothing about what you said even sounds right. Whether that's the way things are or not. This is how lenders X a broker out of their hard earned money. That is modern day slavery, period. There is a contract in place for a reason. Well why doesn't it protect the broker the same way it protects the funder?

We have that proof and sent a demand letter and are basically being ignored. We have no choice but to get a lawyer involved.

Theres 3 sides to every story, so get your "proof" merchant didnt default by A) getting their bank statements B) reviewing specific terms in ISO agreement of default and acceptable remedy C) send a demand letter if you are in the right with proof.

Feel like this did not go the way OP hoped (obtain roaring support etc)

They gave 160 days but whats the factor rate dude? Why hide this? They obviously know what deal it is based on the info given.

If they are missing payments within the first 30 days, you really have no leg to stand on. You're at the mercy of whoever who funded the deal. It doesn't matter if they paid it back. It can easily happen again. If you lend out $30,000 for example, and in the first 30 days the customer misses 4 payments, how are you going to feel about sending the broker a commission? Said commission will most likely have to be clawed back, and then never returned which adds to the loss that is already happening. The full bag is held by the funder... SO....Maybe they are a white label, maybe they aren't, but in either case a commission needs to be paid out and they are clearly worried about a default. So common sense, don't pay it out until most of it is recouped. You should be happy with that in all honesty. Most of the time, they will just say its in default and you're out of luck. There are 2 sides to every story..

agree regarding LendSaas