Results 1 to 25 of 28
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05-19-2017, 02:24 PM #1
Worst Deal
What is the most expensive deal you heard about? I heard of a $5k, 1.52 rate, 55 day term, that also had a $500 fee.
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05-19-2017, 02:29 PM #2
- Join Date
- Feb 2015
- Posts
- 47
20k - 29980 - $999 - 30 - COJ - 4627 Fees - 15373 Net - Screenshots available if anyone wants to doubt this.
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05-19-2017, 02:29 PM #3
I know of a renewal i think it was a 1.56 rep had 27 points in the deal
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05-19-2017, 02:36 PM #4
- Join Date
- Mar 2017
- Posts
- 13
LOL, I had to sell a 1.60 once.
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05-19-2017, 02:44 PM #5
- Join Date
- Mar 2016
- Posts
- 657
Back in my High High Risk days (don't sell these deals anymore)- $30k, 1.52, 36 payments, COJ, $1,498 in fees
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05-19-2017, 02:58 PM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,499
I had a broker call me on a deal that he was trying to get factoring for, but the client went dark. The client went dark because another factor was trying to clean out two MCAs of 400K on a $7mil business. He offered a $1.5mil facility charging 3% every 30 days on a 65 day AR turn and thought he was doing the company a favor..... So the client goes from expensive money to even more expensive money and the factor was acting like he was helping because he offered more money........ Unfortunately we never had the guy resurface..... We would have done that deal all-in at less than 12%.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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05-19-2017, 02:59 PM #7
- Join Date
- Jun 2015
- Posts
- 3,325
Yellowstone once did a deal back over 5 years ago . 1.55 and Yellowstone had total of 17% in fees .oh and it was 30 or 40 payments
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05-19-2017, 03:10 PM #8
- Join Date
- Jun 2016
- Posts
- 39
Almost every single YSC deal is 1.499 50-100 days with min of 5% fees but up to 12-15% fees that's a 1.70 factor over 3 months
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05-19-2017, 03:14 PM #9
- Join Date
- Mar 2016
- Posts
- 335
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05-19-2017, 03:19 PM #10
- Join Date
- May 2017
- Posts
- 350
55,000 1.45 (8 points) 4% bank fee 18% psf
Commission for this deal was around 13,000-13,200
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05-19-2017, 03:25 PM #11
- Join Date
- Mar 2016
- Posts
- 657
I was thinking about it, I didn't even consider all the renewals where the refi brought the factor to over a 2.37...yeah, I'd have to say the renewal book has to be the "worst deals" strictly from a cost perspective
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05-19-2017, 04:53 PM #12
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
$5,000 at a 1.49 with a $1000 origination fee. Totally crooks. Effective rate of 1.8625.
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05-19-2017, 06:21 PM #13
- Join Date
- Oct 2016
- Posts
- 4,318
Wait, do you haven't seen this one:
$30,000 @ 1.499 but $10,000 of the proceeds has to go toward payback, so merchant nets $20,000 with a $45,000 payback. Plus fees.
I've seen variations of this a few times. I told them I wouldn't even consider presenting to the merchant.
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05-19-2017, 07:18 PM #14
- Join Date
- Jul 2014
- Posts
- 1,746
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05-19-2017, 07:30 PM #15
- Join Date
- Oct 2016
- Posts
- 4,318
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05-20-2017, 08:31 AM #16
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,499
Factoring at less than 1% every 30. Staffing
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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05-20-2017, 06:35 PM #17Karen37aGuest
Kevin I called you (or someone) with a staffing guy...$ 66,000 a day in payments. 7 advances and factoring.
$66,000 a day.. I told that guy he was nuts and paying off advances and loans with loans and advances and factoring he told me "excuse my french", no f ** shi* sherlock ". He was passed around a lot too.
I took someone out of a 1.79 once.I blinked a few times made sure it was right
A paper double dipping to the effective rate of 1.98 as well( including underwriting)
I had a client that I took away from a funder ...150k to pay back 230k it was 7 months and he got double charged a PSF fee of $7500.and additional underwriting of 5k. He is still pissed to this day.
Oh and one of my clients went to someone's office with a bat to get their money back once. ( against my advice)
And a broker trying to drive to my office when I took a 150k to pay back 210, with 7% psf on the back away.
Funder Mark is that the worst you saw? It can't be. I can keep going. No wonder I am so tired and out of patience . Next, ask about the worst merchants lol I have an ex model who is beautiful who thinks she can flirt to lower the rate. If any of you call her she will flirt send pics then switch.Last edited by Karen37a; 05-20-2017 at 07:13 PM.
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05-22-2017, 08:07 AM #18
- Join Date
- Apr 2017
- Posts
- 66
Everest, 3k 1.60 60 days, woof.
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05-22-2017, 08:55 AM #19
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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05-22-2017, 09:48 AM #20
- Join Date
- Nov 2014
- Location
- NYC
- Posts
- 187
1.70 for 90 days on 55k deal
David Obstfeld
Chief Executive Officer
SOS Capital
1330 Ave of the Americas, NY, NY 10019
212-235-5455
SOSCapital.com
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05-22-2017, 09:53 AM #21
- Join Date
- Jan 2014
- Posts
- 1,378
spoke with a merchant once was being offered 5k @ 1.45 from another broker and being charged $1500. When I spoke to her she said she did that deal with him every 3 months because it was no paperwork involved.. smh
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05-22-2017, 12:18 PM #22
- Join Date
- Mar 2016
- Posts
- 657
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05-22-2017, 12:50 PM #23
- Join Date
- Sep 2012
- Posts
- 199
How about rewards network? Weren't their standard deals between 1.75 - 2.0? Are they even still funding anymore? I haven't seen a balance from them in years but they were really common 5-6 years ago.
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05-22-2017, 01:08 PM #24
- Join Date
- Aug 2016
- Posts
- 831
Used someone claiming to be a lender that funded the deal with cresthill. They gave him 15k 1.5 90 days and had 16% in fees,that broker charged 10% in his own fees
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05-22-2017, 01:17 PM #25
- Join Date
- Feb 2016
- Posts
- 243
150k 1.50 10% psf
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