[Jess]

yes exactly.... And why investors get so worried about the 80/20 rule -- is the merchant portfolio the client of the rep or the business?

Syndication is where the top reps really made it big in my banking days. But even from a commission standpoint, 7 figures was norm for top handful at large, high risk shops (again, those days YSC was only balance sheeting 100mm)

The rep, the rep, the rep. This is why Ondeck was making the huge push to minimize reps. I think they got it below 50%-but now back up to 71%. Can is prob higher. BFS as well (note that the new $175 line is just a refi of 2016 line of $165 so not showing the growth the press release is trying to infer). Ever see a term sheet from Ares?

Enterprise value is ALWAYS a huge question without propriety deal flow.