I just had a merchant tell me she is getting an offer for 80k @ 1.20 for 20 months with a weekly payment of 1200 bucks.. This is a 3rd position behind fund kite with Fundkite on a 1st and 2nd..... Is she lying... What lender would do this?
I just had a merchant tell me she is getting an offer for 80k @ 1.20 for 20 months with a weekly payment of 1200 bucks.. This is a 3rd position behind fund kite with Fundkite on a 1st and 2nd..... Is she lying... What lender would do this?
Sbfs?
In the words of Mrs Cleo (RIP)Quote:
Originally Posted by wallerbusiness
She be lyin' to you girl.....
I'm hearing craziest stuff ... yesterday for example i found out that a well-known funder was paying cash advance rates to his investors .......meaning there is a lot going on in the market and theremay be 2 pals in Mississippi that heard about MCA asks bar owner for 1M to put on street and so they start doing 24months at 1.20's ..... those guys get out quicker then they came in (which is hard to imagine based on how fast they got-in).
She is lying to you. If she had that offer she would not be shopping around and talking to you.
This.Quote:
Originally Posted by closer129
Yes highly likely its BS... but when you see many thousands of files a week ---you get to see a deal that makes no sense only to find out the funder was a credit card agent that decided he can do MCA's at 1.15 over 4 months)...... those guys don't last once there is any scale.
Tell her you'd give her $100 bucks to see a copy of the contract. It also could be a bait and switch from an ISO, get he primed for a nice deal then kill it in UW and offer a "bridge" 60 day deal to get the original offer back.Quote:
Originally Posted by wallerbusiness
How bad is your approval or closing rate? to be seeing "many thousands" of files a week and to barely see you on bank statements.Quote:
Originally Posted by MCA-VET
Just tell her that you have a meet or beat policy and if you cant you will give her $500 after verified .Quote:
Originally Posted by wallerbusiness
When I hear something from a merchant that I don't believe to be true, I tell them to sign those contracts and take that offer as quickly as possible because I nor any funder that I've ever seen can compete with that. Usually, this leads to the truth coming out about how this offer was a few months ago and might not still be valid or a number of other reasons why they are still on the phone with me.
Exactly what I was about to ask! I think I've seen Capybara in statements 2-3 times in the past 6 months.Quote:
Originally Posted by RickyR3712
Quote:
Originally Posted by RickyR3712
Your asking good question.
Any funder will tell you that to fund 8 digits+ a month (my comfort zone) you need to go trough a lotsssssss of paper.
Regarding conversions ---its very interesting I have 2 Marketing Guru's turned MCA brokers (out west and a little more west) that spend millions per month on the most creative marketing gimmicks (hard plastic credit cards/ out of the box Mailers that for some reason have the highest conversion rates, as they are super great at getting merchants to run to computer and LOG in with special codes) Typical isos fall into good to terrible but they all close great deals. so you keep the paper high....
Quote:
Originally Posted by MCA-VET
I've underwritten a lot, I barely see you in statements. (my comfort zone)
I’ve seen them twice. Basically good enough for me
That's comforting. (perhaps best news i heard this week). tells me i am not funding a lot of the recycled deal flow that ends up in your UW pile.Quote:
Originally Posted by BR-Nightmare
I would agree here, especially after we've put pieces together with all your "no inside sales" hooplahQuote:
Originally Posted by MCA-VET
If an ISO wants to sign up with you, where do they go on your website?
Plus if I not seeing you it's because maybe you're too pricey and I we don't wish to be that straw the breaks the Merchant's back.
I highly doubt that. There are no brokers brokering that volume to justify the cost. They would turn funder well before they get to the point to sustain 1mm+ in marketing. That's like 500+ funded units a month lmaoQuote:
Originally Posted by MCA-VET
Unless the funder is looking and the 2 fundkite positions as one and the balance is 40k and they are paying it off I would say this is total BS. If it is an A paper file and the balances are low enough to be paid off maybe it is real but I would assume it is total BS
your right I wrote MCA broker...they do all kind of business loans / equipment leasing,etc. i am shocked you doubt someone is spending 1M+ on marketing to merchants across America.Quote:
Originally Posted by mistamca
Marcus, you are not funding 10m a month plus. PLease stop. Also do your bosses not check Daily Funder before hiring you? Clearly not.Quote:
Originally Posted by MCA-VET