The Funding Floor?

**ryan $** · 05-09-2018, 01:48 PM

Funderscloud, Lendersbox, theres been a lot

**WhoisKingsley** · 05-09-2018, 02:35 PM

I got hit up a few times about this yesterday and didn't even see the thread until last night. What did I do? I researched and reached out to the Owner. I am still doing my due diligence here but let's stop before the f*ckary starts.

Funderscloud... what 2014? FC had the right idea. I was on the phone with Schapiro until I wound up being at his office and manning the backend for a bit. It didn't last long as not even a month? later they up and moved to CA. Now, I will say that time I manned the backend - NO MATTER the tech involved - it was a sh*t show. Right before I left they took away the rights for the Broker to pick and chose who to send the file to. It pretty much was like "Thank you for your submission" and I was in the backend seeing it and the Brokers... were PISSED. I see why they did it- it was because the Brokers were circumventing and going directly to the Funder - not wanting to deal with the % taken off of their commission and a lot of the Funders felt they didn't have a chance or it wasn't fair... whatever the case- the system brought deals but it also disrupted the ways things were normally sent to Funders via way of a "one submission" rather than email it out to the world. The funders would then have to go to a different system too to pick up the deal so if they didn't catch it in time... Where is Funderscloud? Fundomate?

Lendersbox now... Where is lendersbox? Checked the site- it's still up. Lendersbox... Kota? Lendersbox wasn't put out there for everyone to use and I really don't know many who have seen the backend. It was tested and used by the Companies own origination? broker? but it did not launch up for ISOs as planned.

There have been MANY. There are super important pieces that are needed and are missing and won't be completed until ________________________________________________. That's all I am going to say. I think Funding Floor has the right idea by not getting in the way of the deal or sales commission... but there are 100 other factors that need to be checked off of the list that cannot be done by ways of attack lol.

**ryan $** · 05-09-2018, 02:40 PM

Originally Posted by WhoisKingsley

I got hit up a few times about this yesterday and didn't even see the thread until last night. What did I do? I researched and reached out to the Owner. I am still doing my due diligence here but let's stop before the f*ckary starts.

Funderscloud... what 2014? FC had the right idea. I was on the phone with Schapiro until I wound up being at his office and manning the backend for a bit. It didn't last long as not even a month? later they up and moved to CA. Now, I will say that time I manned the backend - NO MATTER the tech involved - it was a sh*t show. Right before I left they took away the rights for the Broker to pick and chose who to send the file to. It pretty much was like "Thank you for your submission" and I was in the backend seeing it and the Brokers... were PISSED. I see why they did it- it was because the Brokers were circumventing and going directly to the Funder - not wanting to deal with the % taken off of their commission and a lot of the Funders felt they didn't have a chance or it wasn't fair... whatever the case- the system brought deals but it also disrupted the ways things were normally sent to Funders via way of a "one submission" rather than email it out to the world. The funders would then have to go to a different system too to pick up the deal so if they didn't catch it in time... Where is Funderscloud? Fundomate?

Lendersbox now... Where is lendersbox? Checked the site- it's still up. Lendersbox... Kota? Lendersbox wasn't put out there for everyone to use and I really don't know many who have seen the backend. It was tested and used by the Companies own origination? broker? but it did not launch up for ISOs as planned.

There have been MANY. There are super important pieces that are needed and are missing and won't be completed until ________________________________________________. That's all I am going to say. I think Funding Floor has the right idea by not getting in the way of the deal or sales commission... but there are 100 other factors that need to be checked off of the list that cannot be done by ways of attack lol.

LOL, Everyone knows Sam.

Ive seen the backend and functionality of lendersbox - it was kinda nice....

but....

The numbers just dont work. In order to do it right..... the platform would need to pull credit, run background, do everything and compile for lenders.

Then still take enough money from lender/broker per deal to cover expenses. all that upfront cost for deals that wont close adds up.

If they dont get in way of sales commission then the lenders have to be paying - someone has to offset the cost... and it needs to be beneficial.

its not IMPOSSIBLE. But will require heavy backing and relationships

**WhoisKingsley** · 05-09-2018, 03:04 PM

Can I just come out and say it? Don't take offense Direct Funders and Lenders that are in the "good" pile here.

Funders are soooo thirsty right now. Send me deals - sign up with me - sending out ISO agreements before they even talk to you. BAD. Let's not even get into that.

In a perfect world an application would go through and a funder would review and give an answer fund... but there is more than that.

Now it's -
WHO IS THE ISO ON THE FILE?
What positions have they had before? With who? No we don't take merchants who funded with ......
The credit report shows they shopped in December we're declining the file.

Just a taste of the "little" pieces of BS that the Broker has to deal with when working to get a file done - EVEN if they are representing the business and have all answers to questions. Funders are battered and torn and some people in this space have had some things happened to them that make a HUGE UNFAIR ADVANTAGE to the Merchant - and the ISO. Being very picky about the Direct Funders and Lenders have a lot to do with it- but also the ____________________________________________ and the ___________________________________________.

**MCNetwork** · 05-09-2018, 03:36 PM

There's a lot of trust and cooperation needed to make this type of model work. Just isn't realistic in today's cutthroat environment.

Karen37a · 05-09-2018, 09:18 PM

I used funders cloud a long time ago.

The problems were that the file gets shopped out to multiple funders and you didn't see who they were going to so that could create a huge backdooring problem.And you can lose control of the renewals

on FC side, they didn't want people to sign on to the Funders directly ( to get a few extra points ) so they blocked the names of the funders.( even though a simple search would show you almost all the funders in the nation)

You have to have faith in the software you are using and the company you are going thru because in the end they are the ISO on the file and own the renewal. You have to have a reason to want to stay in the software and it cant just be to shop files out blindly to Funders with no control.

There are solutions to this but this is what the Super Iso does...they have a reason or reasons isos go thru them instead of going Direct.And there is a target market ( sweet spot) for this type of super iso and iso and potential mechants and dollar amount per deal and volume funded.

I do not know how this new software works and if it conquers any of the problems and if there is real value to it other than being a Crm direct to funders ...I didnt test it.

**Richard Gomez** · 05-10-2018, 08:18 AM

Micah aka Abfunders: How would a funder "submit files" as that is what I wrote? I am trying the "Funding floor" as a broker, geez. Karen you yourself have an extensive background in the financial industry, takes one to know one.

**abfunders** · 05-10-2018, 08:28 AM

Originally Posted by Richard Gomez

Micah aka Abfunders: How would a funder "submit files" as that is what I wrote? I am trying the "Funding floor" as a broker, geez. Karen you yourself have an extensive background in the financial industry, takes one to know one.

Sorry if I was confused, Richard. Here's what you said:
"I received a file from them yesterday & one today"

Karen37a · 05-10-2018, 10:47 AM

Originally Posted by Richard Gomez

Karen you yourself have an extensive background in the financial industry, takes one to know one.

Did you see the slap and hug done wrong ..i almost spit my coffee...talk soon

**Richard Gomez** · 05-10-2018, 09:46 AM

Correct but look what I wrote afterwards, I understand your confusion. To prevent backdooring I am in because this "backdoor bonanza" nonsense is total garbage. Funding floor I wish you nothing but success, keep pushing!

**fundingfloor** · 05-10-2018, 10:00 AM

Originally Posted by Richard Gomez

Correct but look what I wrote afterwards, I understand your confusion. To prevent backdooring I am in because this "backdoor bonanza" nonsense is total garbage. Funding floor I wish you nothing but success, keep pushing!

Thanks Richard. We agree. Glad to have you on board!

**Kevin Henry-Seacoast** · 05-10-2018, 10:04 AM

Funding Floor,

From reading this thread I assume and I can only assume because your website offers little to no information, that you are a technology platform for the alternative funding space focused mainly on cash advances. Based on what has been written thus far, you are vetting out your funding sources and have a variety of funding sources on your platform for which brokers and advisors can submit viable deals in hopes of obtaining the best funding options for their clients/prospects.

Please answer the following:
-Why does your website have very little details about your Company? The people that have e-mailed me in the past two days are ghosts....
-Why would you send unsolicited deal flow to an asset based lender/factor that does not know your firm, has never spoken with anyone at your firm, and does not have a cash advance product. I have received B2C deals from two of your BDOs in the past 2 days unsolicited.
-Why would you share anyone's information about any deal if the deal is NOT appropriate for the receiver?

Gents,

I am a capital markets professional with over 28 years of experience. I work for a very large institution in a regulated environment. Pardon my questioning, but I want to know who I am dealing with before engaging and I just can't connect the dots with you guys thus far.

Putting my investment banking hat on..... No way in hell would I blindly send any of my client's or prospect's deals to anyone I do not know. What exactly are you doing with the information that is submitted by brokers?

Know your customer, know your broker/advisor, and know your capital source...... If you want to play in an institutional environment, you better have your act together.

Best,

Kevin

**fundingfloor** · 05-10-2018, 10:20 AM

Originally Posted by kevinhenry0527

Funding Floor,

From reading this thread I assume and I can only assume because your website offers little to no information, that you are a technology platform for the alternative funding space focused mainly on cash advances. Based on what has been written thus far, you are vetting out your funding sources and have a variety of funding sources on your platform for which brokers and advisors can submit viable deals in hopes of obtaining the best funding options for their clients/prospects.

Nailed it!

Please answer the following:
-Why does your website have very little details about your Company? The people that have e-mailed me in the past two days are ghosts....

They are definitely not ghosts. We'll all be at broker fair on Monday. Happy to meet with anyone there. As for information on the site, I'm not sure what the benefit is. People who are interested sign up and we give them a call. Or they reach out to us. I'm not really looking for anyone in the world outside of MCA to try accessing the platform. All you really need is a place to log in.

-Why would you send unsolicited deal flow to an asset based lender/factor that does not know your firm, has never spoken with anyone at your firm, and does not have a cash advance product. I have received B2C deals from two of your BDOs in the past 2 days unsolicited.

That's a great question. We are doing our best to make sure that the deals that are submitted are getting the highest funding conversion.

I can remove you from the list, but since I can't see your email based on you DF name, please ask them to stop sending you deals via the email they send. Though we are working on ABL/Factoring filters so even though this may not be for you just yet, it's certainly coming.

-Why would you share anyone's information about any deal if the deal is NOT appropriate for the receiver?

We aren't sharing anybody's information. That's the whole point.

Gents,

I am a capital markets professional with over 28 years of experience. I work for a very large institution in a regulated environment. Pardon my questioning, but I want to know who I am dealing with before engaging and I just can't connect the dots with you guys thus far.

Couldn't agree more. Which is why before anyone get's access to the platform we not only vet them but we call to introduce ourselves, explain the product, the rules, give demos etc. There are exactly zero people on the platform who hasn't spoken to us directly first and have our contact information.

Putting my investment banking hat on..... No way in hell would I blindly send any of my client's or prospect's deals to anyone I do not know. What exactly are you doing with the information that is submitted by brokers?

We show all the brokers what we are doing with the information. Anonymizing it and making it available for Funders in that fashion.

Know your customer, know your broker/advisor, and know your capital source...... If you want to play in an institutional environment, you better have your act together.

Best,

Kevin