[1Loanguy]

Are there any companies you would recommend that offer terms of 12, 15 and 18 as easily and often as OnDeck. I hate to keep putting my eggs in one basket for new and renewal business. I understand most lenders prefer the shorter term....so 8-10 seems to be the norm. Thanks

[MCAVeteran]

8-10 is the norm for A paper?

[CraaaCraaa Radio]

Are there any companies you would recommend that offer terms of 12, 15 and 18 as easily and often as OnDeck. I hate to keep putting my eggs in one basket for new and renewal business. I understand most lenders prefer the shorter term....so 8-10 seems to be the norm. Thanks

Welcome to the World of Funding young snapper.

Lenders with more than 12 Months Term

National
GRP/BFS (same matrix)
Principis
Quarterspot (18 months but must have 7 yrs in business and no more than 3 nsf in 3 months of statements)
Business Backer (must submit file with 2015 & 2016 business tax return w/ P&L including both years balance sheets)

Now my young funding snapper remember the key essentials with any file:

- SIC/Industry Type
- Time in Business
- Fico
-Revenue/Daily Ending Balances

May the Funding Gods be with you!!!

[1Loanguy]

LMAO, thanks for the info. Appreciate it.

[1Loanguy]

Seems like that is what I have been seeing.

[D$$]

1st Merchant Funding
The Business Backer
GRP
National
Snap
Arff
Gibraltor
Kalamata
Strategic
Rapid

[CraaaCraaa Radio]

1st Merchant Funding
The Business Backer
GRP
National
Snap
Arff
Gibraltor
Kalamata
Strategic
Rapid

Hey Snapper isn't Snap longest term 12 months?

[mcaguru]

Anytime one of those funders balk at your submission reach out to us and will get you offers ASAP with fewer Stips and great commissions !!

[MCAVeteran]

the reason your network may be picking 12 and under is because they see/saw how many longer term deals have stacking behind them. anytime you go long and the renewal dept waits 50% paid in or more and the merchant must have addtl cash sooner, the layering begins, especially with the number of companies doing second position on. I wouldn't build a portfolio of longer term deals as your majority term choice unless its where you have to land knowing how many calls that merchant will get shortly after for a second. Its a mitigation of risk to go shorter by some funders. We have seen a number of banks with on deck for example with positions behind them.

[D$$]

Hey Snapper isn't Snap longest term 12 months?

Snap gave me an approval 2 weeks ago up to 16 months

[CraaaCraaa Radio]

Snap gave me an approval 2 weeks ago with term options 8 months-16 months

*mic drop*

Than it got killed at the gate by John.
Approval does not equate to FUNDED!!
8-16 months ha ha ha ha ha ha My Young Funding Snapper!!!

[D$$]

Than it got killed at the gate by John.
Approval does not equate to FUNDED young funding Snapper!!!

So you're saying even though they gave me a 16 month approval they wouldn't have done the deal if I went with them?

[Funder Mark]

So you're saying even though they gave me a 16 month approval they wouldn't have done the deal if I went with them?

Anyone can give any kind of offer, you should only say what you funded.

[Karen37a]

And do not forget to check out how much money each company funds monthly because when you get up to 700k monthly ( maybe only 100k for you) they( some ) will never put all their eggs in YOUR basket unless you are syndicating $$

And you can be terminated for lack of production, for spreading the wealth too wide( lose renewals with some)...so you are in a quandry.

When you get loyal companies( funders ), try to stay with them, do not penny pinch to save a point or make an extra point or 2 and shop your file out like a guy passing candy out at a carnival to kids....you will never get it back; unless you are super strong in sales and can hold the line.

Backdooring for a 1pt or 2 is ridiculous and a big waste of time and effort as well.

Searching for 18 months in a down market = dead to me

You will be cherry picking the cherry pickers.

[ssafirstein]

Are there any companies you would recommend that offer terms of 12, 15 and 18 as easily and often as OnDeck. I hate to keep putting my eggs in one basket for new and renewal business. I understand most lenders prefer the shorter term....so 8-10 seems to be the norm. Thanks

We offer and more importantly FUND deals with terms of 12, 15, 18 and 24 months. We also offer a monthly repayment options for our customers who qualify and large early repayment discounts. Our buy rates are as low as 1.16x on a 12 month deal, 1.24x on an 18 month deal and 1.31x on 24 months. Submission process for the longer term and monthly deals are the same as normal deal. If you are not signed up already, let me know if you want to discuss our products further.

Steven Safirstein
Vice President of Sales & Head of ISO Relations
Breakout Capital Finance, LLC
6862 Elm Street, Suite 300, McLean, VA 22101
O: 703 852 6013 I steven@breakoutfinance.com

[MCAVeteran]

Have your network ready when declines get issued. you will lose some time if you wait around for a unrealistic term. low rates long terms = low approvals. the majority of deal flow out there usually don't qualify for longer terms.

[1Loanguy]

appreciate the the input, thanks to everyone.

[mishatbb]

Welcome to the World of Funding young snapper.

Lenders with more than 12 Months Term

National
GRP/BFS (same matrix)
Principis
Quarterspot (18 months but must have 7 yrs in business and no more than 3 nsf in 3 months of statements)
Business Backer (must submit file with 2015 & 2016 business tax return w/ P&L including both years balance sheets)

Now my young funding snapper remember the key essentials with any file:

- SIC/Industry Type
- Time in Business
- Fico
-Revenue/Daily Ending Balances

May the Funding Gods be with you!!!

Thx for the mention.

Quick note, for TBB we only need most recent year's tax return and to date financials at certain $ sizes and deal quality. If smaller deal, don't need either. But at $150K+ need 1 year TR and to date financials.

The smaller deals depending on quality may qualify for 12-18 months without a TR or financials.

[CraaaCraaa Radio]

Thx for the mention.

Quick note, for TBB we only need most recent year's tax return and to date financials at certain $ sizes and deal quality. If smaller deal, don't need either. But at $150K+ need 1 year TR and to date financials.



The smaller deals depending on quality may qualify for 12-18 months without a TR or financials.

And let us not forget repayment structure The Business Backer Offers

Daily
Weekly
Semi-Monthly

[MCAVeteran]

Thought they werent signing up new brokers? Has that changed? (Business Backers) do they still outsource deals they dont want? Non competes in iso agreement that still exist?

[JMB]

Are there any companies you would recommend that offer terms of 12, 15 and 18 as easily and often as OnDeck. I hate to keep putting my eggs in one basket for new and renewal business. I understand most lenders prefer the shorter term....so 8-10 seems to be the norm. Thanks

National
Rapid
BFS

[Karen37a]

Thought they werent signing up new brokers? Has that changed? (Business Backers) do they still outsource deals they dont want? Non competes in iso agreement that still exist?

And Just out of curiosity...Q...how much do they fund monthly? 1 million ? 2 million?

[mishatbb]

Thought they werent signing up new brokers? Has that changed? (Business Backers) do they still outsource deals they dont want? Non competes in iso agreement that still exist?

We're still signing up but have become more selective, looking for consistency vs. one off funded deals every few months or so from our new partners.

We've also never outsourced deals that come in from brokers, only declined deals that our direct sales team brings in, and we attempt to fund those through our True Relationship Network of partners.

As for non-competes, it's on the old agreement but if you're referring to on the deal level (ie: can only send deal to us) we've never followed through with that. Many files we get come with competing offer information.

Hope that helps, feel free to reach out to me with any additional questions, mmitsnefes@businessbacker.com. I'm in Operations Strategy/Analytics here now but spent over 5 years in Underwriting.

[Karen37a]

Have your network ready when declines get issued. you will lose some time if you wait around for a unrealistic term. low rates long terms = low approvals. the majority of deal flow out there usually don't qualify for longer terms.

MCAVet you know that even if deals qualify for longer terms they are still not going to get them funded at times because there is only so much money to go around. Only so much "monthly" funding allocation.

The Funding Allocation will be used for
Renewals
Inside sales force
Syndication Partners
Top Isos
Independent Brokers

in that order for most
So if someone Funds 1-2 million ...half goes to renewals( unless sold off/tranches), 1/4 to inside sales reps? Then syndication partners/then top isos...bread and butter, and the rest

What does that leave? 200k-500k Nationwide???? God forbid there is a default...no money that week.

So what happens to all the applications? Denied, "tank file" , brokered out( legally) or backdoored

If everyone has their hand in your deal it will be almost impossible for a newbie to know if they were backdoored or lost the deal to ethical competition.

2 weeks in the business I thought...I better raise capital ...

Most are not lining up to give away money at low rates or factor rates( nor should they)

I've argued with Carl/breakout on here but if anyone had to send it somewhere for that type of advance/loan...they should go to him. It won't fly out the back door while waiting on underwriting decisions.

And this is the # 1 reason Newbies need to partner with a reputable Iso or a Brokers, Broker who has experience or syndicates. That and they will keep deal flow going so you do not get terminated for lack of production.
( unless you are strong in sales and can keep the merchant loyal to you, its tough to do )

[Cfairbank]

I've argued with Carl/breakout on here but if anyone had to send it somewhere for that type of advance/loan...they should go to him. It won't fly out the back door while waiting on underwriting decisions.

Ha thank you, Karen, for the very unexpected plug!