I'm hearing that Funding Circle is very very very slow in underwriting right now. Can someone please confirm how their service has been recently? Are they funding deals within a reasonable time frame? Thanks!
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I'm hearing that Funding Circle is very very very slow in underwriting right now. Can someone please confirm how their service has been recently? Are they funding deals within a reasonable time frame? Thanks!
right now they are always slow
slower than mca, but, given they do 2-4 year terms and monthly's, you would expect a slower process.
Are we talking 1 week from submission to funding (like Fundation) or 3-4 weeks?Quote:
Originally Posted by fundingsmbs
Which broker/partner shops still have access to them?
Or are you talking about retail channel?
They cut all the brokers???Quote:
Originally Posted by DiamondBL
I think only a handful are still on board... but haven't seen or heard who they are -
they don't need brokers. just like kabbage doesn't need, square, amex, etc. they have the investors, product, direct sales team, why bother with inflated costs of acquisition if they don't need it or the risk of higher defaults with stacking behind those loans.
Do they accept broker?
No
they brought in the former paypal executive who led the acquisition of swift capital to run the ship. they have big plans to open a Denver office and add a lot of staff in the coming months/years.
Doesn't always have to be the case. LoanMe funds 2-10 year terms with Monthly payments and we can fund a file from start to finish within 4 hours.Quote:
Originally Posted by fundingsmbs