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12-15-2017, 01:17 PM #1
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Midnight Advance
Hi ALL.
After I got blasted here about a deal that we supposedly tried backdooring, I went out of my way and funded the deal for $75,000.
Today I was informed that the deal was indeed double funded (by TVT), despite the ISO and merchant confirming VIA text email and over the phone that we are taking a first position lien and that there will be no stacking whatsoever.
Not sure what happened, you guys should judge.High risk paper
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12-15-2017, 01:23 PM #2
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Didn't read the bashing backdoor post yet, but If they double funded on you and you have a clause that stipulates its prohibited (stacking) , can't you call in the loan with the interest next day?
Also wouldn't you drop the broker who double funded and consider the merchant nama ready.
Really wish their was a Nama for brokers who screw lenders like that visa Versa.
Just saying
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12-15-2017, 01:26 PM #3
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So after you tried backdooring, you ended up getting screwed? Isn’t that called karma?
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12-15-2017, 02:12 PM #4
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12-15-2017, 02:16 PM #5John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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12-15-2017, 02:47 PM #6Disclaimer
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12-15-2017, 02:49 PM #7
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Not quite? What does that mean? How is that not quite what happened. It’s really a simple question: did a broker send a deal to your company to fund, and your company backdoored it to YSC? You haven’t denied it. You’ve just thrown out distractions. Richard claims you did. Once and for all, is it true or not?
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12-15-2017, 02:54 PM #8
Last edited by CraaaCraaa Radio; 12-15-2017 at 02:56 PM.
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12-15-2017, 02:58 PM #9
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From my understanding, they had contracts with Midnight, but Solomon at midnight sent contracts white labeled from another funder directly to the merchant, cutting out the broker.
If that’s not correct, and it may not, Midnight should feel free to correct. His response has been to act guilty as ****, refuse to comment, and challenge Richard to send him $1M in deals this month.
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12-15-2017, 02:56 PM #10
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So Because your a Funder and put out the money it gives you the right to be shady? And because brokers don't put out money they are "less than" and deserve to be screwed? Or have no right to do the screwing?
Funders should treat Brokers the way they deserve to be treated. Without brokers where would funders be? Brokers literally put food on the table.
There are shady people on both sides.
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12-15-2017, 02:59 PM #11
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Midnight did not send it to YSC. We never send deals to other funders. We don't white label with anyone. All our deals are done inhouse and inhouse only.
There was however a YSC contract that was flying around, which a few brokers tried to close. Midnight was communicating with one of those brokers, who sent us the deal as well, to find out what's going on and whether this deal is being slammed up with 4 funds in one day (which it was).
The ISO tried blaming us for doing our due diligence, while we tried making right and funded the deal for $75,000. TVT came in with $60,000 today.High risk paper
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12-15-2017, 03:03 PM #12
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12-15-2017, 03:08 PM #13Disclaimer
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12-15-2017, 03:11 PM #14
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12-15-2017, 03:07 PM #15
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Solomon,
You did go out of your way to right something that was wrong. It is my understanding from my ISO- who was on that same thread yesterday (and has spoken with you several times), that he wasn't sure TVT was funding the merchant- so he moved forward with your offer. I have also been told that the wire has not been accepted by the client from TVT, as the client does NOT wish to buy more debt.
What I find most interesting is your concern for what people think about you on this Blog. If you are genuinely concerned about that perception I honestly believe you should refrain from any future back door endeavors in future. It's not good business.
I appreciate you doing the right thing and taking care of my ISO.
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12-15-2017, 03:15 PM #16
[QUOTE=RichardGerard;84949]Solomon,
You did go out of your way to right something that was wrong. It is my understanding from my ISO- who was on that same thread yesterday (and has spoken with you several times), that he wasn't sure TVT was funding the merchant- so he moved forward with your offer. I have also been told that the wire has not been accepted by the client from TVT, as the client does NOT wish to buy more debt.
What I find most interesting is your concern for what people think about you on this Blog. If you are genuinely concerned about that perception I honestly believe you should refrain from any future back door endeavors in future. It's not good business.
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12-15-2017, 03:13 PM #17
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Furthermore.... Companies that do 2-8th Positions really shouldnt complain about double funding. I could understand a Principis, a BFS - or some other Tier 1 Lender who is just anti stacking all around... but when you are a company the lives off stacking - YOU REALLY CANT COMPLAIN WHEN YOU GET STACKED
Charge it to the Game. Back Dooring is the issue here - not stacking
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12-15-2017, 03:18 PM #18
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12-15-2017, 03:21 PM #19
I laugh at all these bull**** claws of not stacking. And these penalties and adding more on the balance for stacking. No way to stop stacking in this industry.For all that think they can stop the stacking when your stacking already on top of the 1st position, you are lying to your self!!!
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12-15-2017, 04:16 PM #20
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12-15-2017, 03:18 PM #21
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can forward text thread.. 516 510 3855.. I will text back
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12-15-2017, 03:23 PM #22Disclaimer
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12-15-2017, 03:28 PM #23
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Disclosing a private text or email without permission on a public forum is against the law. thanks.
High risk paper
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12-15-2017, 03:30 PM #24
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12-15-2017, 03:40 PM #25Disclaimer
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