[Quickfunder]

Does this sound right?

We are obtaining a renewal for a merchant @ $100K priced at a 1.18 over 12 months.

The account manager will be receiving a 4 pt. "closing fee/underwriting fee" and we will be getting 6.

I'm still astounded every time a lender tries to sneak in these damn closing costs when the account manager does next to nothing to help close the deal.

Per our ISO agreement, this lender does not advertise a closing cost ... so my obvious question is, do we challenge their closing fee and try to collect on the full 10 points?

[johndough17]

Does this sound right?

We are obtaining a renewal for a merchant @ $100K priced at a 1.18 over 12 months.

The account manager will be receiving a 4 pt. "closing fee/underwriting fee" and we will be getting 6.

I'm still astounded every time a lender tries to sneak in these damn closing costs when the account manager does next to nothing to help close the deal.

Per our ISO agreement, this lender does not advertise a closing cost ... so my obvious question is, do we challenge their closing fee and try to collect on the full 10 points?

who is it? pm me

[Quickfunder]

John, PM'd you.

I'll add - - we are keeping the business with this lender even though we could have easily taken it elsewhere for a larger commission; this lender is requiring payoff of their own existing balance anyways.

[Michael I]

You can easily beat a 1.18 on a 12 month,and legally make 6 points? If it is qs that is normal for them

[Quickfunder]

You can easily beat a 1.18 on a 12 month,and legally make 6 points? If it is qs that is normal for them

Where are the stipulations on legal closing costs but what a lender outlines per a Schedule A?

What I meant was, there are other lenders who would not charge a 4 pt. closing fee.

[nrh1lp]

sounds like you co-brokered a deal and never knew

[Quickfunder]

sounds like you co-brokered a deal and never knew

No this is with the lender we sent it to.

[ryan $]

sounds like you co-brokered a deal and never knew

Some of these shops are set up like that. Everest did it. 24 Capital. The Fees is what the Lender/ISO Manager whatever makes on the deal. It neccesarily isnt a co broker or broker.

Is this a 4 pt fee sheet? And the deal pays 6 points. this makes sense. Your getting all of the comission. But if a 1.18 Pays 10 Points... hmmmmmm That doesnt make sense to me.

How is the lender living?

[DiamondBL]

Some of these "fees" are getting crazy~ 1.459 with 10pt payout and then the client gets 5%-7% funding fee, more like 1.55??