[John82]

I'm not going to say his name or the bank he owns because we're hoping he will still do the right thing and wire our commission but this is a warning to you guys or if this has happened to anyone else, maybe you'll know who he is.

My business partner and I signed up with someone who's very well known and been in the industry for 10 years. He's worked for two well respected companies and now has his own thing. We're signed up with alot of banks so we just recently funded our first deal with him over a month ago. I sent him one of my top merchants with 5 locations and everything seemed fine. It was by no means a great offer and I had the offer for 2 weeks but didn't push it on my merchant because the term was too short. I get a phone call and this guy says he will pay us 2 extra points to get the deal funded before Christmas. I get the deal signed and funded. We fund quite a bit so 2 weeks went by until we realized we hadn't been paid. I go to call him and our number is blocked. I call from our office phone and it rings through. We're very suspicious at this point but think it's not a problem because this guy has a great rep in the industry. My partner sends him an email and he immediately responds with "I know what you guys are up to ". Dumbfounded, we go back and forth a bit and basically he thinks we are modifying merchants payments and getting them to do these debt relief scams. We're obviously pissed at this point but the reason he thinks this is because we don't send alot of deals to him. We had one deal in final with him previously that had modified payments. The merchant modified because he was badly affected by the hurricane on TX. No fault of our own. This was declined and rightfully so. When we funded the deal I'm writing about, this merchant also had a modified payment. Now in this case, she was an existing merchant. I had her in 1st and another broker had her in second with another bank. Her second position, the loan we did not give her was modified. At the time of the submission, we weren't aware of that and found out exactly what happened before we funded her last month. I had the merchant payoff my 9k balance left on the first position, leaving the modified loan since the balance was still 75k, keeping her at 2 payments. I had her do this to try and get her a better deal and not stack her with 3 loans.

Basically, this guy finally says with all the modifications in the industry and debt relief stuff, we're going to wait 30 days to make sure the merchant is performing. Fair enough ! It's now been 33 days and the merchant hasn't missed a single payment. I know because I just funded 90k at another business of hers. I send this guy an email today trying to plead our case, which we feel we shouldn't have to and even throw a few threats out like filing a lawsuit and even blasting him on this forum due to the lack of communication and I immediately get a termination letter of our ISO agreement. I told him to call Gibraltar, EBF, E-Capital, BFS, Quaterspot, 1st Merchant, NextWave, etc etc to ask about our performance and default rates. All of these banks love us and don't have a single bad thing to say about us. I emailed him today because he hasn't been responding to our emails for the past week about the merchants performance or when we can expect payment. Not sure what we should do now. Maybe the wire will hit in a day or two but by the way we've been treated with false accusations and a complete cutoff of communication, I'm not holding my breath. To accuse us of crazy things yet you're the only one who's been acting shady. How does he expect me to react at this point????? And again I'm trying not to put this guy out there like that but if this is happening to other brokers, maybe it needs to.

[MidnightAdvance]

edit

[WestCoastFunding]

If they aren’t paying you after 33 days, blast them.

[MCNetwork]

Take them to Judge Judy

[Karen37a]

You have to yell and scream and say,...If you don't give me my money I am coming to your office to take your watch...make sure its a Rolex, Patek Philippe for a large deal ( whale)...Movado for a small deal lol jk

In all seriousness...people need to watch who they do business with because as people become illiquid..harder to get paid.

Default ratios...inability to raise capital = no commission

I do hope it settles amicably

[WestCoastFunding]

I do hope it settles amicably

Burn it down!

[Karen37a]

Burn it down!

lol...we can all dance around the fire...singing ...burn baby burn ..disco inferno

Or west can go on Judge Judy and give his Backdooring example live...ill pay to see that one...create a go fund me page

[Karen37a]

You can use someone else as a prop....I get to choose. I do not see the post. Just to let you know a bunch of girls and myself were slap happy from dialing and read that outloud and laughed so hard our ribs hurt and we were crying

Judge Judy.jpg

[ridextreme]

and now has his own thing. ... I sent him one of my top merchants with 5 locations

So a guy now "has his own thing" (whether that means he's his own funder or a broker still remains to be seen) so right off the bat you send him your best merchant with 5 locations. hmmm.. what can possibly go wrong here?

[Nunya]

Pretty sure you've given enough info to make reasonable guesses as to who this is...

[WestCoastFunding]

So a guy now "has his own thing" (whether that means he's his own funder or a broker still remains to be seen) so right off the bat you send him your best merchant with 5 locations. hmmm.. what can possibly go wrong here?

This

[Karen37a]

This

this too

I have no clue as to who you all are referring too...this is why I stick with a few funders who are loyal to us. It seriously isn't worth all this drama.

Sad thing is ...everyone started from zero. taints the new blood coming in

And this is how debt relief became debt relief...you are turning people into vindictive monsters when you say "tough I am not paying you do something about it"

I had 2 companies tell me that.