So much behind the scenes lead selling from top tier personnel, at top funders is becoming the wave to make additional side money.
Funders should place some incentive to crack down on these inside moles?
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So much behind the scenes lead selling from top tier personnel, at top funders is becoming the wave to make additional side money.
Funders should place some incentive to crack down on these inside moles?
This was on Debanked In Aug
Lengthy Investigation Leads to Arrest of Former Funding Company Employee
https://debanked.com/2018/08/lengthy...pany-employee/
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Ps I think some of the Backdooring from some of the A paper Funders need to be addressed and not ignored.( if you are going to really address some of the issues?)
Biggest factors for lenders/funders is cost of capital, cost per acquisition of customer, and how much they're paying out for commission. People laugh at the 1.40+ rates being charged by some, but when they're paying 12-13% interest for the capital, and 12% for commission, there's not much room leftover to be profitable.
Then throw in having 50-75 employees, and the overhead starts to kill you. Plus throw in some spending hundreds of thousands on marketing if they also have an inside sales team.
And when people have a big w/2 nut to crack and rent etc etc ...they cant make it if the rates are too low unless they ponzi moneyQuote:
Originally Posted by Atlas Financial
Add in the Defaults as well.Quote:
Originally Posted by Atlas Financial
This is why I said years ago ( and was attacked) if you cant sell 1.30 to 1.45 get out of the business now
And Isos have the same expenses and business problems just on a smaller level and there isnt an Iso or broker alive who can make it on 1-3 % commission after you factor in costs...let alone the drama and risk
Those leads are worth so much money. This is why 99% of brokers pretend to be "direct funders" so they don't have to spend a dime on marketing.
That's why I love the Kabbage business model. They say screw you to any brokers and only pay $250 for a referral that funds ;)Quote:
Originally Posted by Karen37a
this is true BUT the leads are all the same...those are just instant leadsQuote:
Originally Posted by Atlas Financial
if you call uccs and yellow pages you will land on the same people, its just timing
and I bought out a few isos that went under...hence the reason for the massive attacks on me
They think I have their book of business ...which I do and did... yellow pages :)
Add . Ps . Do not ever step into a live Iso that is going under its like a zoo of wild beasts. With ungrateful nutbags who will try to blame you for their demise because they cant pick up the phone
What happens in Financial Services is some people use brokers until they get established then they cut them loose.Quote:
Originally Posted by Atlas Financial
Then in an effort to disguise this disgusting behavior they put down the brokers they cut off
1099 Model people ( iso friendly) are the best for brokers not models that think if you have a degree from Harvard its important...because it isnt in sales
And because I think this way they always belive I do not have a degree...which is false
Why are you so convinced it is not them selling it themselves . The ones with inside sales team gives it to them , it will not surprise me that the ones with out sell themQuote:
Originally Posted by CraaaCraaa Radio
They do. Then they have that excuse in their pocketQuote:
Originally Posted by Michael I
Those dirty damn mca brokers did it..
It gets tiring, then I start thinking ...does he really believe that after all these years in financial services? Does he really not know what's going on? Or is he part of the game?
This is why you have to be surgical with your placement of deals.
this is true and when you are "surgical" with your placements of deals, it holds off mass future offers of stacking or even offers to take it away to 1st position pay off the old advance etc etcQuote:
Originally Posted by WestCoastFunding
So people who do not understand these things must have a huge default ratio low renewal ratio
Add. This again is why I have said " join a local iso or brokers broker"
So many deals flying around...all that happened is it condensed the sales "team" or community... 1099 need to be paid to survive to bring more deals in
Nailed it.Quote:
Originally Posted by Karen37a
just posting so it cant get editedQuote:
Originally Posted by WestCoastFunding
ahhhhhhhhhhhh he said I am right
must be funding season