Results 1 to 25 of 31
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08-23-2017, 01:57 PM #1
- Join Date
- Apr 2017
- Location
- Orange County, CA
- Posts
- 90
Does anyone compete with OnDeck as far as loan size and term options?
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
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08-23-2017, 02:09 PM #2
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08-23-2017, 02:21 PM #3
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!!!Last edited by CraaaCraaa Radio; 08-23-2017 at 02:28 PM.
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World of MCA
E.V.P Business Development
___________________________
"Success is a lousy teacher. It seduces smart people into thinking they can't lose."
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08-23-2017, 02:31 PM #4
- Join Date
- Apr 2017
- Location
- Orange County, CA
- Posts
- 90
LMAO, thanks for the info. Appreciate it.
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08-23-2017, 02:31 PM #5
- Join Date
- Apr 2017
- Location
- Orange County, CA
- Posts
- 90
Seems like that is what I have been seeing.
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08-23-2017, 02:47 PM #6
- Join Date
- Feb 2017
- Posts
- 14
1st Merchant Funding
The Business Backer
GRP
National
Snap
Arff
Gibraltor
Kalamata
Strategic
Rapid
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08-23-2017, 03:02 PM #7Disclaimer
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World of MCA
E.V.P Business Development
___________________________
"Success is a lousy teacher. It seduces smart people into thinking they can't lose."
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08-23-2017, 03:08 PM #8
- Join Date
- Dec 2013
- Posts
- 4,713
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 !!
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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08-23-2017, 03:44 PM #9
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.
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08-23-2017, 05:37 PM #10
- Join Date
- Feb 2017
- Posts
- 14
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08-23-2017, 05:39 PM #11
Last edited by CraaaCraaa Radio; 08-23-2017 at 05:46 PM.
Disclaimer
This message brought to you by:
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World of MCA
E.V.P Business Development
___________________________
"Success is a lousy teacher. It seduces smart people into thinking they can't lose."
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08-23-2017, 05:47 PM #12
- Join Date
- Feb 2017
- Posts
- 14
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08-23-2017, 05:54 PM #13
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08-23-2017, 06:13 PM #14Karen37aGuest
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.Last edited by Karen37a; 08-23-2017 at 07:41 PM.
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08-24-2017, 10:49 AM #15
- Join Date
- May 2016
- Posts
- 42
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
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08-24-2017, 11:16 AM #16
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.
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08-24-2017, 11:27 AM #17
- Join Date
- Apr 2017
- Location
- Orange County, CA
- Posts
- 90
appreciate the the input, thanks to everyone.
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08-24-2017, 03:16 PM #18
- Join Date
- Oct 2015
- Posts
- 39
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.
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08-24-2017, 09:30 PM #19Disclaimer
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World of MCA
E.V.P Business Development
___________________________
"Success is a lousy teacher. It seduces smart people into thinking they can't lose."
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08-24-2017, 09:48 PM #20
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?
Last edited by MCAVeteran; 08-24-2017 at 09:51 PM.
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08-25-2017, 09:52 AM #21
- Join Date
- Aug 2017
- Location
- New York City
- Posts
- 199
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08-25-2017, 10:06 AM #22Karen37aGuest
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08-25-2017, 10:35 AM #23
- Join Date
- Oct 2015
- Posts
- 39
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.
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08-25-2017, 11:29 AM #24Karen37aGuest
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 )
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08-25-2017, 03:21 PM #25
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
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