[MCABroker123]

Looking for lenders that offer 2-3 year terms on a first position. Any suggestions are appreciated. Thanks!

[patrickw]

Not sure about 2-3 years, but Got a 18 months offer from Quarterspot this morning. Also headway capital does 24 months weekly and monthly.

[Eagle Funding]

Breakout

[fundingsmbs]

call funding circle, they do 2-4 years. not sure if they are accepting new brokers**

[Richard Gomez]

Funding circle is no longer accepting new ISO's, just find someone reputable that has that agreement. BFS goes out 18 months, at least the longest term I have funded with them, Mulligan Funding goes up to 500k, 20 months. Both great companies to work with in my opinion

[fundingsmbs]

^Was that part of their (FC) shedding of over 300 brokers in 2017? it sounds like they were either unhappy with the one and done broker, and/or, the practices happening with the brokers they cutoff after they funded a deal.

The longer terms carry risk. For example, we see on banks a lot of stacking alongside BFS. Did they want to offer 18 months to only have that customer do a second? It's a tough call going out longer through wholesale models

[Christian]

I'm hearing that Funding Circle is multiple weeks of underwriting. Can anyone confirm?

[Karen37a]

^Was that part of their (FC) shedding of over 300 brokers in 2017? it sounds like they were either unhappy with the one and done broker, and/or, the practices happening with the brokers they cutoff after they funded a deal.

The longer terms carry risk. For example, we see on banks a lot of stacking alongside BFS. Did they want to offer 18 months to only have that customer do a second? It's a tough call going out longer through wholesale models

I get a little nervous when I see someone shedding brokers. I usually start speculating on why this would happen, maybe I am paranoid or maybe its just a habit from my stockbroker days, looking out for a block trade or something negative in hopes of stay one step away from the news and either short or go long.

I saw swift, shed brokers cut of books then sell...and didn't the person from the swift buyout / PayPal move over to them?


https://www.lendacademy.com/industry...ng-circle-usa/


Brokers sure get a bad rap like we are the scourge of society 3/4 of the time it is a play on the book of business or assets of a company


But who knows why people do things, they could have a new inside sales force or referral source or just enough business to renew renew renew or tired of some isos bad paper or have a great SEO plan

[Alpha]

I saw swift, shed brokers cut of books then sell...and didn't the person from the swift buyout / PayPal move over to them?

Daniel Loeb, Third Point Ventures, looked at Swift as a leveraged stepping stone vehicle they could flip to PayPal...after cutting the fat off the bone and gaining access to all their small business data which I'm sure the hedge fund used for quant analysis and an incubator for off balance sheet investments for future acquisition targets...most of the proceeds from transaction were rolled into SoFi and Upstart(founded by ex-googlers) further down the automated Fintech ladder.

[Alpha]

btw, you don't get to number 10 on Forbes' highest earning hedge funds being an advocate for small business...lol

[Karen37a]

btw, you don't get to number 10 on Forbes' highest earning hedge funds being an advocate for small business...lol

lol Ive asked some of my friends who have billions or dollars of assets under management. Why are we not billionaires..we seriously have as much skill and knowledge...he replied

Because you do not want to roll over and crush anyone in your path for money, and neither do I...unless someone seriously starts a fight with you , then you go off the rails to the point of insanity,

[Karen37a]

I saw swift, shed brokers cut of books then sell...and didn't the person from the swift buyout / PayPal move over to them?

Daniel Loeb, Third Point Ventures, looked at Swift as a leveraged stepping stone vehicle they could flip to PayPal...after cutting the fat off the bone and gaining access to all their small business data which I'm sure the hedge fund used for quant analysis and an incubator for off balance sheet investments for future acquisition targets...most of the proceeds from transaction were rolled into SoFi and Upstart(founded by ex-googlers) further down the automated Fintech ladder.

ahhh....,I use basic quant strategies, I use to be better at it ...now i am looking for nsfs lol sigh and Google and Amazon have an obscene amount of money,

[Karen37a]

Some can see buy-outs and catastrophes coming in advance.

Get a visual of me working for someone and sitting there listening to " you don't understand algorithms or the esoteric scoring models" I use to bite down on my lip to not smirk and laugh, then my eyes would go bug-eyed so they thought i was a bit insane.Also some telling me I was a rookie for a few years on the df was fun as well...

Reminds me of when I worked on wall st and I would park all the way by the water, where the prostitutes were; and late at night after dialing calif I would be walking to my car and guys would drive by saying $10 thinking I was a prostitute and I would yell " I am a fking Stockbroker not a prostitute pervert"

Then id stay ...I take that back...we just get a rip, not $10 more like 100k

[RDeStefano]

Looking for lenders that offer 2-3 year terms on a first position. Any suggestions are appreciated. Thanks!

WBL. 212-220-0175. Thanks, RD

[FCS Capital]

Looking for lenders that offer 2-3 year terms on a first position. Any suggestions are appreciated. Thanks!

Rapid Advance, we just did a 18 month with them, they have three tiers of pricing as well so you can get full points on a 18 month deal

[fundingsmbs]

it's nothing personal, just business, for these companies to build direct sales, sell to a larger co, or, decide to move in a different direction. the broker got a bad rap because there was a lot of bad PR that went viral about the shady backgrounds of those brokers and the financial harm they caused funders and merchant's. that is also a symptom of low barrier to entry that has been mentioned on here before. the direct funders can control the down line of resellers by doing background checks (this doesn't always work because some brokers use a front man to sign on), requiring experience in the industry or the agent/broker will have to sign on with an ISO, however, does the ISO want to co-broker and take on the claw back risk and reputational risk with it's funders if something goes wrong. Also, reference checks. If you noticed, some funders ask for other funder's you work with and should call them to get references, just like a job application, to make sure you adhered to ethical work practices. What we have seen is, most of the shops enroll with funder's without a lot of these stop check balances and than we get the mayhem we hear about on here all the time. You can't substitute quality for quantity in who you work with, it usually never ends well. As a brand, you would expect funder's who care, to take these measures more seriously. why would an x felon in ANY financial service background be able to sign on with any A funder today? perhaps all owners of the corp will need to be reviewed, not just who signs up on paper.

[Karen37a]

fundingsmbs


I can appreciate what you are saying but the cost of the acquisition of the client is taken on by the iso. The isos are also responsible for the clawback, and when paid down to the broker and they quickly take on that cost personally if the brokers quit. They are also not participating in the % made on the money nor the double dip ...they are making a commission. Also, the Isos have something vested in their funders ...its renewals. And the ones who do not renew to a certain % and have a certain % of defaults or low approval ratios /closing ratios should be terminated. And most of the mayhem you are hearing about is from the low-level funders vs the iso.

Think about the cost of running an iso/sales office.w/2 model or1099
rent? CRM system?email system?Phone system?Websites?Marketing?Raw Leads or data?Processing?Pre Underwriting?Training?
Sweat Equity?Aggravation? Salaries or hourly wage?
Draw? Commission passed down? Minimal compliance requirements and overseeing them?

Most cant make it and are single-member isos. so when people put down the isos who have 1099 brokers ...vs the w/2. Its technically the same system but you stopped the brokers from creating a website and going whole- hog making mistakes to fund 1 deal after 6 months and 10k of savings spent on leads and their new "iso" and "staff"

Not to mention the drama of the brokers getting too big for the britches and creating their own Iso after they fund a few deals..(. the reccomendation from certain people), to take on certain expenses and not meet quotas nor have the skill necessary to fight off the back door bandits. Its like they walked into a trap.

** and these so called unethical people enrolling with the funders or ISO is no better or worse than merchants wandering onto the net to fill out applications with no live pre approval screening on the front from trained sales people. Actually I bet some of the experienced isos have lower default ratios and higher renewals.