[Jason Sterling]

Sterling /Quikstone Capital - Best for credit card split deals

[Lendvo]

Lendvo - ecommerce/12-18month durations/paypal/consolidations/business purchase finance

[MCAVeteran]

i didnt see can capital on the list. they are funding new again but to select partners.

[MidnightAdvance]

i didnt see can capital on the list. they are funding new again but to select partners.

Mantis wasn't on the list either are they still funding? (lol)

[jake2276]

WE GOT MISSEDDDDD
unique funding solutions
Jake Winograd
Cell:1-646-943-2204
Office: (718) 316-6897
Fax:1-347-549-4296
Unique Funding Solutions

[jandmretail]

Does anyone know the lenders that don't do hard credit pulls? I want to send my files to as many lenders as possible to get the best offer, but I don't want merchants credit being dinged 20times. So far I only know Ondeck and Knight that do soft pulls.

[CraaaCraaa Radio]

Does anyone know the lenders that don't do hard credit pulls? I want to send my files to as many lenders as possible to get the best offer, but I don't want merchants credit being dinged 20times. So far I only know Ondeck and Knight that do soft pulls.

Bfs will do as well, as long as you request it. When sourcing the file put in the body of email, merchant does not want hard pull on credit

[Cfairbank]

Does anyone know the lenders that don't do hard credit pulls? I want to send my files to as many lenders as possible to get the best offer, but I don't want merchants credit being dinged 20times. So far I only know Ondeck and Knight that do soft pulls.

We (Breakout) do soft pulls

I will address our "low approval rates" in a longer note (next "comment"), which I don't argue with at all -- we are transparent and I readily admit that, across all ISOs, our aggregate approval rate is low. We do underwrite customers differently than the other lenders/funders, and that can lead to a learning curve on what we will fund -- and i know it can be frustrating as new partners get started, but if an ISO or partner takes the time to really learn our product, they will get high approval rates (and strong terms/product features), and the only time a decline should happen is if something shows up that the partner couldn't know, such as issues on credit report.

Again, I am not disagreeing with the posters statement in any way -- if you look at us like MCA, approval rates will be very low. But our top partners that "get" our model will receive industry standard (or higher) approval rates; and these approvals are coupled with typically lower rates (start at 1.09x), longer terms (yes we do still fund a lot of 24 month deals), and one or more product features (e.g. monthly pay, zero net/balance transfer, no DD, etc) they would have a hard time finding elsewhere.

[Cfairbank]

I haven't posted in a while, so figure this is a good time to provide an update on our products as I address the statement that Breakout=hard to receive approvals. For many partners, that is an entirely true statement; our underwriting and approval model is different than most in the space, allowing us to fund deals others won't but also be tighter where others may be looser; and this leads to the 80/20 result with ISO partners and a full admittance on my part that our approval rate isn't as high as I'd like it to be in aggregate (and i'm working on improving that). However, for folks that really understand our products, the right fit for each product, and what we look for in approvals, our approval rate should be industry standard for A paper.

So I agree with your statement; we are not a standard MCA funder where a new partner can join and immediately get a 50%+ approval rate; but our differences are what allows us to give strong approvals to partners who know our various products & underwriting criteria; for files that we view as an A-paper file, we are very aggressive in rate, term, and we do offer fully unique product features. A few highlights below:

1. We offer a monthly pay product with term between 12 and 24 months.
2. We don't only make 24 month offers every day, but we consistently close loans with terms of 24 months every day --
3. Our buy-rates start at 1.09x .
4. Bridge loans with structured as with longer term, but aggressive early repayment schedule (must be requested in advance)
5. While we offer daily pay, almost all offers are weekly or monthly pay
6. Net zero, balance transfer solution that ISOs can use to move their a-paper customers off of failed lenders
7. We can use hard collateral (but not real estate) or, more preferably, AR to de-risk a merchant, provide better rates
8. We do not double dip or having confusing fee sheets -- we do our best to offer the most merchant friendly product we can
9. I think everyone here knows if an app is sent to Breakout, it's 100% safe
10. We will do soft credit pulls
11. Ask your ISO rep about our hybrid product; only selectively available

[Karen37a]

We (Breakout) do soft pulls, and i'll provide a little color in response to the commentary shortly

I am only adding to the commentary below the above comment ...this one was shorter

My experience is that most brokers do not want to select anything...its a throw the **** against the wall and see if it sticks kinda thing, or stick a square peg in a round hole.( I have pressed or negotiated with "begged" underwriters..but I beleived mine were 50/50 or 45/55 )

too much drama for 2-5/6 % as well...especially if it was split iso/broker

( too much risk even if you have no skin in the game...funder pulls you under with them when they do something wrong or unethical...not that you would *)

Its not that the product isnt good or people do not understand it...I assume it just has its place to some

[Karen37a]

PS No matter what anyone says...getting mca full docs in is like panning for Gold...you have to call a lot of people to get docs in, lots of follow up calls...the ones that come very easily, usually have huge underwriting issues.

Once you get the docs in... only a % can qualify ( they lie about their nsfs, liens, credit score, the balance owed, gross $ etc).Of the % that can "Qualify"...only a few get approved period including D paper

30% fund

Massive declines on top of other issues.Most cant do it (nor want to) so they look for a shortcut eg backdooring, fake crms.( like some Funders)

Low commissions and you are done for...too low rate ...done for ( defaults ). I don't want to argue over it...I've said it from the beginging...it just is what it is. Funding into sub prime..or sub sub prime. ( the A paper of mca is still subprime , and if they could go to the bank they should)

Point being...we are looking for a small sector in mca that can fit into that A plus criteria and when you have brokers trying to stay alive funding 1/2 deals..they are not going to go for the lowest commission, with the highest stips. If they do they fold.

[Fundyman]

We (Breakout) do soft pulls

I will address our "low approval rates" in a longer note (next "comment"), which I don't argue with at all -- we are transparent and I readily admit that, across all ISOs, our aggregate approval rate is low. We do underwrite customers differently than the other lenders/funders, and that can lead to a learning curve on what we will fund -- and i know it can be frustrating as new partners get started, but if an ISO or partner takes the time to really learn our product, they will get high approval rates (and strong terms/product features), and the only time a decline should happen is if something shows up that the partner couldn't know, such as issues on credit report.

Again, I am not disagreeing with the posters statement in any way -- if you look at us like MCA, approval rates will be very low. But our top partners that "get" our model will receive industry standard (or higher) approval rates; and these approvals are coupled with typically lower rates (start at 1.09x), longer terms (yes we do still fund a lot of 24 month deals), and one or more product features (e.g. monthly pay, zero net/balance transfer, no DD, etc) they would have a hard time finding elsewhere.

Well, yeah. CraaaCraaa forgot to put something like: "Great for those anal merchants who only want the lowest possible cost of funds when getting quoted, or give you 5 other referrals, so they expect their deal to be done for free, or they understand the industry and have already been quoted at a 1.15, so you're SOL..." on his list.

Breakout has done that so far: Offered really low factor rates on merchants with decent credit and strong business models, while still making it possible for you to see 5-6 pts on the deal. Only thing I wish you guys would do is fund larger amounts!

[FlashGordon]

Breakout is the most difficult lender to work with. Tried sending them files, must have sent them over 50 submissions and literally couldn't get a normal approval. Meanwhile, I'm getting great offers and closing those same files with other A lenders. Waste of time.

[CraaaCraaa Radio]

Well, yeah. CraaaCraaa forgot to put something like: "Great for those anal merchants who only want the lowest possible cost of funds when getting quoted, or give you 5 other referrals, so they expect their deal to be done for free, or they understand the industry and have already been quoted at a 1.15, so you're SOL..." on his list.

Breakout has done that so far: Offered really low factor rates on merchants with decent credit and strong business models, while still making it possible for you to see 5-6 pts on the deal. Only thing I wish you guys would do is fund larger amounts!

FundyMan it seems you may be on the breakout cheerleaders squad but I am a realist. And for the record Snapper that is not my list, that is the Funders Directory for debanked. Another member had stated some of the Funders on that list are no longer funding or merged. Thus, I replied with banks that I know are still funding for the members based off the debanked list. Some may take offense to it like Carl Fairbank, but it is nothing personal to breakout. It is merely the facts, why would I send a merchant that qualifies for funding circle capital to breakout. No way they can compete with Funding Circle repayment options or overall structure. So for me the individual, yes it is not the easiest approval ratio from breakout. I know other brokers experienced the same as well

But I will say when Breakout does send an approval it is a stellar offer. No doubt about that!!!

Just for the record the list that I commented on Funders that are still funding, and my personal take is based off of nothing but pure experience with each specific lender. It was an effort to assist the members on what lenders are still open and operating for submissions on new deals.

Fundyman it seems your outsourcing lender list needs to be updated. I can help you to find better competitive rates. As it may seem that your low buy rates options are not that many!! Give me a shout Snaps!!

Carl Fairbank Happy Friday and Happy Shabbot to you and your hardworking team over at Breakout!!!!!

[Cfairbank]

@World of MCA -- no offense taken at all, simply offering background -- and I do believe our approval rate should be higher across the ISO channel (especially for "standard" offers that the individual above mentioned), and we are working on that through a variety of initiatives. But to be clear, our products are not meant to compete with Funding Circle; but, using Funding Circle as an example, certain products (such as our monthly pay loan) are intended to address the gap between a funding circle loan and a standard weekly pay product. There are a massive amount of borrowers that fit into that category, where one or two variables lead to a funding circle decline, but you can still get a lower rate, long-term, and/or monthly pay product through us (e.g. we do not require profitability, but we do conduct our own evaluation to ensure we believe the capital is suitable for the business and that the business is an ongoing concern). Same type of concept with our Hybrid product -- addressing a massive gap in the market (and with the Hybrid product, we can be extremely aggressive on a much looser credit box; this is aimed at folks with AR -- for ISOs that offer factoring, you should find this product interesting and our approval rate is much higher).

And stay tuned on tech front....

[aredmond]

Credibly

[WhoisKingsley]

I am only adding to the commentary below the above comment ...this one was shorter

My experience is that most brokers do not want to select anything...its a throw the **** against the wall and see if it sticks kinda thing, or stick a square peg in a round hole.( I have pressed or negotiated with "begged" underwriters..but I beleived mine were 50/50 or 45/55 )

too much drama for 2-5/6 % as well...especially if it was split iso/broker

( too much risk even if you have no skin in the game...funder pulls you under with them when they do something wrong or unethical...not that you would *)

Its not that the product isnt good or people do not understand it...I assume it just has its place to some

How dark is this dark side you speak of?!? Can you enlighten some of your points pls? your described type of "Broker".

do not want to select anything
Why tf not? Select what exactly?

Your'e a broker. You want to "select" the right product by which funder/lender. You take the time to review, take your notes, and update it here and there. It's not hard to link it all together at the end- if your not "selective" and just chose a rando "We're signing new ISOs 16 pts!" then you seriously deserve the backlash.

throw the **** against the wall and see if it sticks
Again... you can shop smart without that much effort. What kind of sh*t deals are being thrown at these walls? Deals aren't sh*t in the first place what type of brokers are getting these deals and do half of these funders even WANT to deal with who you are talking about?

too much drama for 2-5/6 %
drama? or just want more commission? I am sure the Merchant wouldn't complain of the offer. I don't know anyone's website that doesn't say "We provide Merchants the best, lowest, fastest" ... then get on the phone, offer whatever you have, they shop, you haggle with the funder... what's more drama than that?

too much risk even if you have no skin in the game - for a soft pull? to throwing sh*t against the wall? That's self-harm that's not risk.
funder pulls you under with them what? for...
(Funder) do something wrong or unethical Again... who are these Brokers signing up with and not reading over their agreements and looking up these Funders?

I've known some people who've made dumb mistakes but not all of that.

[MCAVeteran]

Some funders/products are better suited for direct sales. They are not going to get the A paper credit they want from brokers. FC already learned that. I spoke to FC before they even launched a broker program and they didnt think the mca world of brokers could acquire the credit customers they sought out.

[HDF]

Some funders/products are better suited for direct sales. They are not going to get the A paper credit they want from brokers.

There are plenty of well-trained brokers that can place clients of any paper grade, product or need. For those who willfully don't want to exercise the discipline that takes, you are 100% correct.

[Cfairbank]

One last thing to add -- we do still believe that two or three more shakeouts are coming, and until then, we are staying up market for standard paper; however, we will still lend to higher risk merchants when we can (a) truly perfect our security interest; (b) offer our hybrid product; or (C) collateralize a core business component, even if it doesn't meet the full loan amount. You are already seeing default rates go up with many the industry (see IOU's annual report -- it shows you the impact of debt settlement companies and stacking on their defaults) and these increased defaults are happening when we remain in the middle of a benign credit environment (as a side note, our default rate has gone down as we immediately pivoted and began to strongly weight the probability of a stacked loan that, in today's market, is not only going to suck cash flow, but stacked loans are what debt settlement companies target). Here are the two highly likely shakeouts and one potential:

1. folks that don't properly evaluate the probability of a debt settlement company coercing a merchant to stop payments (or, said differently, identifying stacking risk which more and more leads to debt settlement companies jumping in) in their approval and pricing model. Folks that settle with these guys will increasingly become a target for these companies and I do think this will take several lenders down

2. when credit inevitably weakens, we do believe the standard MCA Underwriting model is not sufficient for longer term deals, and those folks that mostly used banks to underwrite and offer long terms will be in trouble.

3. the unknown -- regulation; despite current GOP control, it is inevitable that we will be regulated; the question is when, by whom, and what will it cover?

[Karen37a]

How dark is this dark side you speak of?!? Can you enlighten some of your points pls? your described type of "Broker".

do not want to select anything
Why tf not? Select what exactly?

Your'e a broker. You want to "select" the right product by which funder/lender. You take the time to review, take your notes, and update it here and there. It's not hard to link it all together at the end- if your not "selective" and just chose a rando "We're signing new ISOs 16 pts!" then you seriously deserve the backlash.

throw the **** against the wall and see if it sticks
Again... you can shop smart without that much effort. What kind of sh*t deals are being thrown at these walls? Deals aren't sh*t in the first place what type of brokers are getting these deals and do half of these funders even WANT to deal with who you are talking about?

too much drama for 2-5/6 %
drama? or just want more commission? I am sure the Merchant wouldn't complain of the offer. I don't know anyone's website that doesn't say "We provide Merchants the best, lowest, fastest" ... then get on the phone, offer whatever you have, they shop, you haggle with the funder... what's more drama than that?

too much risk even if you have no skin in the game - for a soft pull? to throwing sh*t against the wall? That's self-harm that's not risk.
funder pulls you under with them what? for...
(Funder) do something wrong or unethical Again... who are these Brokers signing up with and not reading over their agreements and looking up these Funders?

I've known some people who've made dumb mistakes but not all of that.

Amanda,

I cant go into the "inner workings " of the Mca business or Financial Services and the dirty side of it with you. I am sure you can just google lawsuits, go on pacer.

Why are you asking me this? Because you want me to say so and so was charged with Rico? So and So is broke and defaults on people to make extra fees? So and so raped their top super isos for all their deals?Brokers stack and there are moles? Some Funders backdoor?
Go look at the picture of Yellowstone exiting someone out in handcuffs. Look up the "data theft" lawsuits. Funders suing each other etc etc etc.
Mca Brokers/smal/ funders doing double time, funding deals then recommending default.

I know where they are in the phillipeans if you want to pop by their office and offer your services.

I am not going to be some rah rah rah everything is great anyone can do this business type of person. Because it isn't true. Never has been and never will be.Funders have gone bankrupt. Cut off isos renewals. Backdoor jamboriee. Isos bankrupt, brokers too.

Most go back to a "job"( cursing out the sales profession on the way out) or take on other "ventures"
And for the record ( which you know) I am a broker who has an Iso, with brokers in it. And are you going to come back into the industry?

It is not easy being salesperson; most cant do it so they spend a lot of time trying to figure out automated mareketing , or looking to consult/advise the top producers (which is a joke) etc etc.

If it was so easy most would not have gone under or got arrested or whatever the hell they did.

( everyone wants to be on the backend when the merchants want to fund today or tomorrow....no one wants to be on the front getting them to the table. which is why so many lie about being a Drirect Funder And some have made living, shifting files off the backend, fking brokers over or digging into their tank file)

I am sorry if this disturbs you. This is what is is.

**not all,

This is where I want some of the people who chime in all the time to show me how to get a full file in with full docs...not just babble on about theories, it seriously gets annoying

Is this where someone starts yelling about my dui? Trying to dig out my series 7 background. mortgage, insurance , compliance , which is clean as a whistle? been there done that too.

And if you think I couldnt chip in $20 and call myself a direct funder too...you are mistaken I am a broker....proud of it. I do not need to lie to make sales

[Karen37a]

True Salespeople are King.

[Eagle Funding]

Breakout is the most difficult lender to work with. Tried sending them files, must have sent them over 50 submissions and literally couldn't get a normal approval. Meanwhile, I'm getting great offers and closing those same files with other A lenders. Waste of time.

This is such an awful take, "I tried sending them files or you did send them files because your next line is you sent over 50 submissions and whats a normal approval even mean?

Breakout might not offer on every deal but when they do more than likely they will put out the best offer and best part is youll never lose the deal, their retention rate with clients is nuts and they dont screw merchants ever. (My experience) Carl and Steve have a product that will be around for a long time. (Fun note we have a client on their LOC type program that we have a client that every 2-3 months a commish comes without our involvement.)

[WestCoastFunding]

Karen, chill.

[WhoisKingsley]

Amanda,

I cant go into the "inner workings " of the Mca business or Financial Services and the dirty side of it with you. I am sure you can just google lawsuits, go on pacer.

Why are you asking me this? Because you want me to say so and so was charged with Rico? So and So is broke and defaults on people to make extra fees? So and so raped their top super isos for all their deals?Brokers stack and there are moles? Some Funders backdoor?
Go look at the picture of Yellowstone exiting someone out in handcuffs. Look up the "data theft" lawsuits. Funders suing each other etc etc etc.
Mca Brokers/smal/ funders doing double time, funding deals then recommending default.

I know where they are in the phillipeans if you want to pop by their office and offer your services.

I am not going to be some rah rah rah everything is great anyone can do this business type of person. Because it isn't true. Never has been and never will be.Funders have gone bankrupt. Cut off isos renewals. Backdoor jamboriee. Isos bankrupt, brokers too.

Most go back to a "job"( cursing out the sales profession on the way out) or take on other "ventures"
And for the record ( which you know) I am a broker who has an Iso, with brokers in it. And are you going to come back into the industry?

It is not easy being salesperson; most cant do it so they spend a lot of time trying to figure out automated mareketing etc etc.

If it was so easy most would not have gone under or got arrested or whatever the hell they did.

( everyone wants to be on the backend when the merchants want to fund today or tomorrow....no one wants to be on the front getting them to the table. which is why so many lie about being a Drirect Funder And some have made living, shifting files off the backend, fking brokers over or digging into their tank file)

I am sorry if this disturbs you. This is what is is.

**not all,

This is where I want some of the people who chime in all the time to show me how to get a full file in with full docs...not just babble on about theories, it seriously gets annoying

Is this where someone starts yelling about my dui? Trying to dig out my series 7 background. mortgage, insurance , compliance , which is clean as a whistle? been there done that too.

And if you think I couldnt chip in $20 and call myself a direct funder too...you are mistaken I am a broker....proud of it. I do not need to lie to make sales

Wasn't directed to you personally but you put a whole section of people in a bubble... I had to step back for a second and wonder is it all that bad? Am I disturbed by it... yes a bit. Not for me though for those I work with. All around the perception/outlook. Everyone paints their own picture based on what they do and experiences. I see them as opportunities and gaps in the market that can be filled. To me this is gold.

Also... I've been back I just chose not to be all over here because of time consuming debacles but sometimes I just get that DF itch and I gotta scratch it