[RichardGerard]

We were handed a file for a growing Logistics entity doing 300-500k per month with horrible balances and negative days. Being that the receivables were not leveraged we sent it out to a few Sub Prime shops and told them that if you get the client some short term capital, we have had conversations with competitive AR groups that would take out their high risk position shortly.

Spoke to the CEO's/Owners of the group(s), and produced documentation showing that the client was not in contract with another factor/ABL shop. Received a soft offer, then had contracts sent. Before the client could send back contracts, the client received contracts (WE HAVE THE EMAIL TRAIL THAT LEADS BACK TO SOLOMON at MIDNIGHT) for a higher amount from another funder- who gave Midnight the permission to White Label on their paper the day before.

Question is: is saving the $5000 in commission worth everyone knowing that you're not worth dealing with? If we were to look at the APR on this deal, the Funders return on Investment would be over 100%. Is that not enough?

We were charging our ISO only for our time- and he was to make the Lion's share of the commission- our play was the AR deal on the back end.

Since this happens all the time I wonder how many times people on this Blog have been messed with..

[TMR]

So, I don't do a million a month with Yellowstone or other sub-prime lenders, does that mean that a once in awhile file should be treated differently? It's a shame when I bust my hump to aquire 1 deal the RIGHT way and all of a sudden a merchants receiving emails from 4 different people with contracts. Money isn't money unless it's earned correctly. I don't care how much money you make, if your business model is built on the backs of others your just not right.

This was my deal, Richard is talking about. I needed more money and decided to go to a higher risk lender seeking that approval. Instead of getting an offer, other ISO's got it. After the merchant informed me he was getting emails with contracts from random ppl ( Palm Funding) I tried to move swiftly and get someone involved that could help me secure it. We got the ball rolling but they got greedy and also started emailing the merchant directly with offers and contracts, as a white lable source to yellowstone.

I'm not here to contest, argue or debate I have all the proof I need. This is a cautionary tale for all those that don't want to play games like children but do business like adults. Please beware.

[nrh1lp]

So just to be clear you are saying Midnight advance, the person that posts under Midnight on this forum, backdoor-ed you? Or the ISO that originally sent you the deal?

[nrh1lp]

Just read your comment on the other thread towards midnight, got it.

[RichardGerard]

YES.. And we have the email trail of how they did it..

Having sent it to them we have some culpability.. What's the old expression: 'when you lie down with dogs, you wake up with fleas'

[MidnightAdvance]

We were handed a file for a growing Logistics entity doing 300-500k per month with horrible balances and negative days. Being that the receivables were not leveraged we sent it out to a few Sub Prime shops and told them that if you get the client some short term capital, we have had conversations with competitive AR groups that would take out their high risk position shortly.

Spoke to the CEO's/Owners of the group(s), and produced documentation showing that the client was not in contract with another factor/ABL shop. Received a soft offer, then had contracts sent. Before the client could send back contracts, the client received contracts (WE HAVE THE EMAIL TRAIL THAT LEADS BACK TO SOLOMON at MIDNIGHT) for a higher amount from another funder- who gave Midnight the permission to White Label on their paper the day before.

Question is: is saving the $5000 in commission worth everyone knowing that you're not worth dealing with? If we were to look at the APR on this deal, the Funders return on Investment would be over 100%. Is that not enough?

We were charging our ISO only for our time- and he was to make the Lion's share of the commission- our play was the AR deal on the back end.

Since this happens all the time I wonder how many times people on this Blog have been messed with..

please call me 718 448 3466

[WestCoastFunding]

This is just dirty. Midnight has some explaining to do (publicly). If not, time to change LLCs and rebrand.

Additionally, beyond being dumb, how damn thirsty and broke do you have to be to backdoor an active member on this forum? And not some noob, either. Did you think you wouldn’t get blasted?

Lastly, should have seen it coming when Midnight literally encouraged a funder to backdoor an ISO on here a couple weeks ago.

[MidnightAdvance]

This is just dirty. Midnight has some explaining to do (publicly). If not, time to change LLCs and rebrand.

Additionally, beyond being dumb, how damn thirsty and broke do you have to be to backdoor an active member on this forum? And not some noob, either. Did you think you wouldn’t get blasted?

Lastly, should have seen it coming when Midnight literally encouraged a funder to backdoor an ISO on here a couple weeks ago.

First of all this Broker said he got a contract from Midnight, which was not true. It was a Yellowstone contract. Second the email thread is BS. Basically the ISO called us yesterday blasting us for backdooring, we said that there was no $75k approval from our end and that we will not fund the deal for anything more than $50k, through that particular ISO.
I can say one thing here: Iv'e done many deals with this ISO and paid them on every deal including renewals, the full 12 points. Many ISOs on this forum can attest to this.
Bottom line; if you want to find out the details of what really happened, feel free to call us: 718 448 3466

[EBLM]

Here's another gem. Contract showed up a client's inbox out of the blue. mal.jpg

1.20 over 100 days from these chaps.

This broker shop below is getting apps with the submitting ISO's letterhead cut off.
Screen Shot 2017-12-14 at 9.56.12 AM.png

Above is not my contact info.

[MCAVeteran]

how many deals is YSC getting through other companies or white labeling?

[nrh1lp]

First of all this Broker said he got a contract from Midnight, which was not true. It was a Yellowstone contract. Second the email thread is BS. Basically the ISO called us yesterday blasting us for backdooring, we said that there was no $75k approval from our end and that we will not fund the deal for anything more than $50k, through that particular ISO.
I can say one thing here: Iv'e done many deals with this ISO and paid them on every deal including renewals, the full 12 points. Many ISOs on this forum can attest to this.
Bottom line; if you want to find out the details of what really happened, feel free to call us: 718 448 3466

If it was someone other that Richard calling you out, you might get the benefit of the doubt. Considering who is blasting you though you're going to have to post hard evidence showing you're clean. "Call me" is not going to cut it on this one.

[RichardGerard]

First of all this Broker said he got a contract from Midnight, which was not true. It was a Yellowstone contract. Second the email thread is BS. Basically the ISO called us yesterday blasting us for backdooring, we said that there was no $75k approval from our end and that we will not fund the deal for anything more than $50k, through that particular ISO.
I can say one thing here: Iv'e done many deals with this ISO and paid them on every deal including renewals, the full 12 points. Many ISOs on this forum can attest to this.
Bottom line; if you want to find out the details of what really happened, feel free to call us: 718 448 3466

BOTTOM LINE IF YOU WANT US TO PUBLISH THE EMAIL TRAIL- THE FAKE EMAIL ADDRESS AND NAME USED FROM YOUR EMPLOYEE TO CIRCUMVENT US- WE CAN...

This is now what's called damage control. I would suggest spinning some type of scenario where you say that it was a misunderstanding, and pay the people that brought you the deal. That's the only way this goes away.

It's never wrong to do the right thing

[MidnightAdvance]

I am not going to disclose on a public forum what exactly is going on, but Richard you can ask the ISO that you worked us on the deal, how many deals and renewals we've done. Always paid full commission.
You know what- bring that $50k contract back signed and I'll fund it today. Deal? (despite it being negative 10 days of the month)

[MCAVeteran]

[QUOTE=RichardGerard;84808]BOTTOM LINE IF YOU WANT US TO PUBLISH THE EMAIL TRAIL- THE FAKE EMAIL ADDRESS AND NAME USED FROM YOUR EMPLOYEE TO CIRCUMVENT US- WE CAN...

although paying you would give you restitution, if the allegations are true, how could you ever do business again with said co. once trust is broken, its over.

[WestCoastFunding]

This is why I run away from white labelers.

[nrh1lp]

I am not going to disclose on a public forum what exactly is going on, but Richard you can ask the ISO that you worked us on the deal, how many deals and renewals we've done. Always paid full commission.
You know what- bring that $50k contract back signed and I'll fund it today. Deal? (despite it being negative 10 days of the month)

Well you and Richard have both given some amount of insight as to what transpired so " I won't post details on a public forum" is obviously false.

[WestCoastFunding]

If it was someone other that Richard calling you out, you might get the benefit of the doubt. Considering who is blasting you though you're going to have to post hard evidence showing you're clean. "Call me" is not going to cut it on this one.

This is exactly right. Richard’s reputation around here is as good as it gets.

[RichardGerard]

I am not going to disclose on a public forum what exactly is going on, but Richard you can ask the ISO that you worked us on the deal, how many deals and renewals we've done. Always paid full commission.
You know what- bring that $50k contract back signed and I'll fund it today. Deal? (despite it being negative 10 days of the month)

Our partner on this is livid. He's embarrassed frankly as we give him our advance deals, and handle their larger ABL/Bank products. If we did not have the documentation (and the corroboration from another funder regarding the white labeling) I wouldn't be wasting work time writing this.

Once you take the sausage out of the casing- it's hard to put it back. We are both busy people. I know what happened. So do you. I suggest making sure it doesn't happen again.

You shouldn't bite the hand that feeds you... My ISO NEEDS this commission. It's the Holiday Season. Do the right thing.

[Kevin Henry-Seacoast]

Richard is one of the most professional people on this forum. His work is honest and thorough. The last thing any source of capital, lender, advancer, debt, equity, etc...wants to do is treat a referral source poorly and/or embarrass them in front of their clients and partners.

The second mouse always gets the cheese!

[MidnightAdvance]

Our partner on this is livid. He's embarrassed frankly as we give him our advance deals, and handle their larger ABL/Bank products. If we did not have the documentation (and the corroboration from another funder regarding the white labeling) I wouldn't be wasting work time writing this.

Once you take the sausage out of the casing- it's hard to put it back. We are both busy people. I know what happened. So do you. I suggest making sure it doesn't happen again.

You shouldn't bite the hand that feeds you... My ISO NEEDS this commission. It's the Holiday Season. Do the right thing.

I agree. Richard is does good business and I would love to work with him (give us a few days and we'll have another "Midnight is the truth post"..)
The story has some misquoted facts, me and Richard will handle this out privately. I'm challenging you to fund $1 million with us before the year is over Richard!

[WestCoastFunding]

I am not going to disclose on a public forum what exactly is going on, but Richard you can ask the ISO that you worked us on the deal, how many deals and renewals we've done. Always paid full commission.
You know what- bring that $50k contract back signed and I'll fund it today. Deal? (despite it being negative 10 days of the month)

This is all distraction.

[WestCoastFunding]

The story has some misquoted facts, me and Richard will handle this out privately. I'm challenging you to fund $1 million with us before the year is over Richard!

One sentence: Lets handle this in private...
Next sentence: LET ME BROADCAST A $1 MILLION CHALLENGE!!!!!

[NoBigDeal]

This is why I run away from white labelers.

Curious to know how you vent those out. They usually don't advertise as such

[MidnightAdvance]

One sentence: Lets handle this in private...
Next sentence: LET ME BROADCAST A $1 MILLION CHALLENGE!!!!!

$1 million bounty..

[J.Celifarco]

this is why I work with a small group of banks. The 1 or 2 one off deals you get funded are not worth what you get when you work with some of these companies.. Sorry midnight but I am not buying any of this. Like someone said earlier there are plenty of people who come on here spewing nonsense, Richard isn't one of them. This industry just keeps getting worse and worse with some of the bull**** pulled by companies