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  1. #1
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    Funders similar to fundworks

    I have a merchant that has a position with fundworks, and is looking for a similar 2nd (2-3 years term minimum) Any help?

  2. #2
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    Quote Originally Posted by AMERICApital1 View Post
    I have a merchant that has a position with fundworks, and is looking for a similar 2nd (2-3 years term minimum) Any help?
    Fundworks doesn't offer 2-3 year advances. And you aren't getting a 2-3 year 2nd.

  3. #3
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    My bad, Funding Circle. It is a 5 year term loan I believe...looking for a 2nd term loan provider.

  4. #4
    Senior Member Reputation points: 49585 CraaaCraaa Radio's Avatar
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    Quote Originally Posted by AMERICApital1 View Post
    My bad, Funding Circle. It is a 5 year term loan I believe...looking for a 2nd term loan provider.
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  5. #5
    Senior Member Reputation points: 50566 ADiamond's Avatar
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    Quote Originally Posted by AMERICApital1 View Post
    My bad, Funding Circle. It is a 5 year term loan I believe...looking for a 2nd term loan provider.
    LoanMe, One Main (personal only), Fundera, On Deck, Kabbage, Lending Club (only if credit is good), NewtekOne.com has 7-25-year term products for those who qualify

    if anything else try breakout capital for a lengthy weekly/monthly payment mca-type product
    Last edited by ADiamond; 11-17-2017 at 05:50 PM.
    Anthony Diamond
    Underwriter

  6. #6
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    Funding circle doesen't offer term loans?

  7. #7
    Senior Member Reputation points: 50566 ADiamond's Avatar
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    p.s. a lot of these companies dont accept brokers so if i were you i'd get a power of attorney from your client to apply for credit in their name.
    Anthony Diamond
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  8. #8
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    Thanks Anthony

  9. #9
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    Quote Originally Posted by ADiamond View Post
    p.s. a lot of these companies dont accept brokers so if i were you i'd get a power of attorney from your client to apply for credit in their name.
    Lending Club is only company I see with no Broker...

    Unless you count Kabbage too, but what do u get 200 Bucks or something?

  10. #10
    Karen37a
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    He wants a second.

    if it was so easy to say ...hey I got this guy he makes 100k a month owes 130k term loan
    He wants a second and a thrid any takers? min 5 years 9 %

    We would all be billionaires

    That application is going to go into a dump file to call it in 6-12 months

  11. #11
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    Quote Originally Posted by Karen37a View Post
    He wants a second.

    if it was so easy to say ...hey I got this guy he makes 100k a month owes 130k term loan
    He wants a second and a thrid any takers? min 5 years 9 %

    We would all be billionaires

    That application is going to go into a dump file to call it in 6-12 months
    Ive seen a guy with 3 term loans. Its possible.

  12. #12
    Karen37a
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    Quote Originally Posted by ryan $ View Post
    Ive seen a guy with 3 term loans. Its possible.

    And I've seen people post that someone stacked or double funded 6-9 advances and loans in a 2 day period. Anything is possible.

    I've also seen some A paper companies fold.

    The hardest part of this business is to manage the client's expectations and the brokers on your team. I do not even want those files....I have the yellow pages

  13. #13
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    Quote Originally Posted by Karen37a View Post
    And I've seen people post that someone stacked or double funded 6-9 advances and loans in a 2 day period. Anything is possible.

    I've also seen some A paper companies fold.

    The hardest part of this business is to manage the client's expectations and the brokers on your team. I do not even want those files....I have the yellow pages
    I dont see why. Last month I funded 3 Positions on one deal. In 2 Days.

    If the Merchant Can Afford it, and there is No Anti Stacking anywhere. I dont see why you wouldn't want those files.

    1st Position Lenders will go out longer terms but wont give the dollar amount needed, hence 2nd and third.

    I dont want businesses that will take multiple advances..... you dont like money? All the lenders knew what was happening, no shady business. It is the business we are in.

    I understand you came from a crazy 1st position lender that prob clouded your view. but still....

  14. #14
    Karen37a
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    Quote Originally Posted by ryan $ View Post
    I dont see why. Last month I funded 3 Positions on one deal. In 2 Days.

    If the Merchant Can Afford it, and there is No Anti Stacking anywhere. I dont see why you wouldn't want those files.

    1st Position Lenders will go out longer terms but wont give the dollar amount needed, hence 2nd and third.

    I dont want businesses that will take multiple advances..... you dont like money? All the lenders knew what was happening, no shady business. It is the business we are in.

    I understand you came from a crazy 1st position lender that prob clouded your view. but still....

    No I do not need money that bad.

    I pull people into the first position and then renew or do add ons. To each their own


    ps the original crazy finance guys were boiler rooms...there was a reason I walked out

  15. #15
    Karen37a
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    I can see people putting a healthy second on someone but I do not do it...i only put a second on them when they are not my original client.

    I made a promise to the Funders that I would not stack them, and they made a promise to me to not snatch my renewals.

    Watch them snatch my renewals and then watch me turn on a dime.

    anyway gl

  16. #16
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    Quote Originally Posted by ADiamond View Post
    LoanMe, One Main (personal only), Fundera, On Deck, Kabbage, Lending Club (only if credit is good), NewtekOne.com has 7-25-year term products for those who qualify

    if anything else try breakout capital for a lengthy weekly/monthly payment mca-type product
    fundera is a broker ( should i say THE biggest because they probably broker 80 times more than most funder's volume )

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