[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.

[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

[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.

[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

[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

[Karen37a]

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

It was that bad...there is / was a shake out...and i think one more is coming ( not as bad )...like another hurricane, just a small one

The Few that are left will make money coming back up again...then new people will pop up and say

"you do not know what you are doing, there are new fangled ways to do business"

it cycles

[WhoisKingsley]

It was that bad...there is / was a shake out...and i think one more is coming ( not as bad )...like another hurricane, just a small one

The Few that are left will make money coming back up again...then new people will pop up and say

"you do not know what you are doing, there are new fangled ways to do business"

it cycles

Agree.
Was - Is- and Will.

The "WAS" is obvious but if you think about it... it shook down a total opposite that we didn't see coming. The good guys- aka those who shut doors or shook up their execs. Change hit everyone hard and what was thought to be the a shake out originally (regulating the broker) didn't happen. Stacking won and new baby boomer funders are now reigning in a behind the scenes market.

It was said the Broker is bigger than all of us. The largest of the market that gets the deals in the door. No shame in the game... but now we have -IS. You have the need, building up, breeding, and celebration of the Broker on one hand with conferences and advertisements/posts accepting "ISOs"... but like you said... there is no amazing lead traffic of those good deals and those A/B paper outlets are "dormant" or "selective" in which they have every right to be. There is a huge separation in the space. Just like you have A-D Funders you have A-D Brokers.

WILL happen- Separation. We all know we can't teach old dogs new tricks. You can't tell an ISO Owner how to run his/her Business. You can't give everyone the same "rules" across the board if there are tiers to this...

How the hell did we get this far off topic?

[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!

[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....

[Fundyman]

FundyMan it seems you may be on the breakout cheerleaders squad but I am a realist.

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!!
!

Craaaa, I'm not the type to join no cheerleading squad, no matter how much I would enjoy looking up a few skirts. It's just not something I have that much time for. But you did best to say that you're speaking based on your own personal experience. My experience was simple: I know when to send & when not to send a file to Breakout, so I'm a lot less disappointed with the results.

In general, it only takes a few deals sent to a funding company to see where their minds are at. Breakout made it clear: They fund, but not in ways that you expect; nor do they fund the merchants you expect. That's all. Many times, I feel I should get more commissions on a deal. Guess what: I don't send it to Breakout! Nor do I send it to Quarterspot.

All I know is I've gotten killer offers from OnDeck, and Breakout beat those offers or matched them. Had I never funded w/ them, I'm sure I would have had a different perspective of the company altogether. It all reverts to your main statement on experience.

As far as Snaps, I have no clue what that is. You should PM me some info.

[CraaaCraaa Radio]

Craaaa, I'm not the type to join no cheerleading squad, no matter how much I would enjoy looking up a few skirts. It's just not something I have that much time for. But you did best to say that you're speaking based on your own personal experience. My experience was simple: I know when to send & when not to send a file to Breakout, so I'm a lot less disappointed with the results.

In general, it only takes a few deals sent to a funding company to see where their minds are at. Breakout made it clear: They fund, but not in ways that you expect; nor do they fund the merchants you expect. That's all. Many times, I feel I should get more commissions on a deal. Guess what: I don't send it to Breakout! Nor do I send it to Quarterspot.

All I know is I've gotten killer offers from OnDeck, and Breakout beat those offers or matched them. Had I never funded w/ them, I'm sure I would have had a different perspective of the company altogether. It all reverts to your main statement on experience.

As far as Snaps, I have no clue what that is. You should PM me some info.

YOU DO NOT SEND TO QUARTERSPOT A TRUE P2P LENDER




QUARTERSPOT GIVES AVERAGE 200% of Revenue

IF Ondeck and Breakout is all you have as an arsenal we need to help you Snapper

FYI: Ondeck what a joke. Snap has beaten Ondeck offers with ease

[WhoisKingsley]

YOU DO NOT SEND TO QUARTERSPOT A TRUE P2P LENDER




QUARTERSPOT GIVES AVERAGE 200% of Revenue

IF Ondeck and Breakout is all you have as an arsenal we need to help you Snapper

Everyone wants double digits but I can almost guarantee that my Quarterspot deals renew. I don't have to worry about their underwriting or my deals getting lost at the time of submission or beyond. The Business owner likes the way it works and the process... they come back. So for one deal that can be funded once at a high rate for those 4-5 extra point I make up residually within a year x3. Hmmm... accounted "commission" stability for X amount of months to come by locking a merchant in and organizing my follow ups?

Good advice here people. #staywoke

What other Companies you see staying around long term?

[CraaaCraaa Radio]

Everyone wants double digits but I can almost guarantee that my Quarterspot deals renew. I don't have to worry about their underwriting or my deals getting lost at the time of submission or beyond. The Business owner likes the way it works and the process... they come back. So for one deal that can be funded once at a high rate for those 4-5 extra point I make up residually within a year x3. Hmmm... accounted "commission" stability for X amount of months to come by locking a merchant in and organizing my follow ups?

Good advice here people. #staywoke

What other Companies you see staying around long term?

Fundyman if we have the same merchant you have no chance on funding that merchant.
Because the array of programs that we can offer merchants will leave you funding under 500k a month on your own

[HDF]

@ Amanda...Kalamata is going through some system changes and enhancements to get with the times. If they get it right they could have some shelf life.

[Fundyman]

YOU DO NOT SEND TO QUARTERSPOT A TRUE P2P LENDER




QUARTERSPOT GIVES AVERAGE 200% of Revenue

IF Ondeck and Breakout is all you have as an arsenal we need to help you Snapper

FYI: Ondeck what a joke. Snap has beaten Ondeck offers with ease

I'm sure this thread is way past my reply, but I just funded with Quarterspot last week, and they have at least 3 submissions from me since. My brain still does think commissions 1st.

[CraaaCraaa Radio]

I'm sure this thread is way past my reply, but I just funded with Quarterspot last week, and they have at least 3 submissions from me since. My brain still does think commissions 1st.

Now your learning, dont worry we will have your outsource list stellar in no time Fundy