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05-08-2018, 06:47 PM #1
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1. What’s to stop a funder to place high bids for everything, knowing they are only soft offers and will require more DD?
2. What’s the process for resubmitting a file if a funder with a winning bid cuts their offer in half during DD?
3. Are the funders shown any proprietary and indentifying merchant info before/during placing bid?
4. Does an individual ISO agreement need to be established with each funder that places a winning bid?
5. Are funders who place initial winning bids, but are unable to close deals, allowed to contact the merchant after a grace period?
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05-08-2018, 09:30 PM #2
We do have language around that to protect brokers but we do tend to defer to the individual ISO agreements that brokers and funders have with each other.
Again any questions feel free to email us anytime hello@thefundingfloor.com or DM me and I'd be happy to set up a call/demoLast edited by fundingfloor; 05-08-2018 at 09:36 PM. Reason: Color Change
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05-08-2018, 10:25 PM #3
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05-08-2018, 06:55 PM #4
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@fundingfloor
Can a merchant use it for them self?
Sort of how other consumer based lending data aggregators worK? IE Credit Karma, but geared more towards business owners?
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05-08-2018, 09:21 PM #5
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05-08-2018, 09:34 PM #6
I received a file from them yesterday & one today: I must admit it is a very clever/original way to safely get offers/files in front of you. I am submitting a couple files tomorrow to see how it goes
Gómez Capital Funding
Richard Gómez~Director of Funding
12555 Biscayne Blvd
North Miami, FL 33181
917.600.5647 Mobile
305.320.7125 Office
305.513.5735 Fax
Richard@gomezcapitalfunding.com
www.gomezcapitalfunding.com
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05-09-2018, 09:12 AM #7
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05-09-2018, 09:52 AM #8Karen37aGuest
you do not know what Richard does or does not do ( yet you are always sticking up for fraudsters)
he has an extensive background in financial services/investments, so again...he may or may not have his money in deals ( I am not sure what he is currently doing either. I know he has the ability to do it)
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05-08-2018, 10:31 PM #9
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Gotta give fundingfloor props for answering any and all questions like a pro.
Douchebags like “Dan Coleman” should take note.
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05-09-2018, 09:18 AM #10
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This has been tried before..... just so everyone knows
Didnt last long.
Hopefully they figured out the secret
Making it worth it to broker and funder....and remaining profitable
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05-09-2018, 09:39 AM #11
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05-09-2018, 11:39 PM #12
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05-09-2018, 09:42 AM #13
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Thomas Edison failed 1,000 times. Look how he ended up!
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05-09-2018, 09:44 AM #14
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05-09-2018, 09:45 AM #15
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How do you determine who is a legit funder or not? What’s to stop a broker that white labels to list as a funder?
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05-09-2018, 09:48 AM #16
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05-09-2018, 09:58 AM #17
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What good does that do? Wouldn't that just waist everyone's time?
Or is there a method to that madness?
Bait the merchant in, hook them on the line, pull & fight to tire them out, then reel them in easy.. (offer them another product, higher rates, but they just accept it because they have been beaten & are tired of fighting)???Last edited by Winning; 05-09-2018 at 10:01 AM.
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05-09-2018, 02:49 PM #18
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05-09-2018, 09:51 AM #19
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05-09-2018, 02:49 PM #20
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05-09-2018, 11:45 PM #21
If you head to the site, you can see that there is no automated sign up. When you sign up you go into a queue that alerts us. We verify some basic data (real business email and phone number, etc.) and pull some more complex data (BBB and other ratings, domain registration date, etc.) to determine if a funder is real and if they are a funder. We also get at least 2 industry references that we know, either brokers/funders already using our platform, or we request it from the Funder.
We do a couple of other things as well but if I post it all I'm sure people will use it to sneak on. Then there's always DailyFunder of course, which is how I discovered this forum in the first place.
If someone did manage to somehow trick their way through the entire system, I'm sure our community of brokers would let us know and we'd ban there account instantly.
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05-10-2018, 09:34 AM #22
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None of those things will determine if they’re real or not. None. Determining if someone is a funder, a syndicater, or just some guy participating at 10% is hard. And while a broker pretending to be a funder may be outed eventually on DF, relying on DF at all is a mistake. All it takes is one complaint on here that a broker on your platform is pretending to be a funder to, essentially, ruin your company’s reputation. You have to make sure the funder vetting is air-tight.
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05-09-2018, 09:59 AM #23
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The issues i see more than how you see who is a legit funder is how do you control the flip . brokers that were cut off from lenders will send deals thru them . take the money and run . lenders claws back let say 100k commission and than you try getting it from xx company and they are gone leaving you losing 100k .(i was told thru a grapevine that is what happened to one of the companies that did it )
Other issue was the timing were you send it in and than someone needs to processes it and put all info for lender to than processes and give approval . it puts a delay on the deal or gives you fake approvals .
Next your whole renewal book is in someone else control like you are a rep .
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05-09-2018, 12:41 PM #24
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- Jun 2014
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How is this different from FUNDERS CLOUD? Anyone heard from FUNDERS CLOUD lately?
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05-09-2018, 01:30 PM #25
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Lendersbox.com also has a similar model
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