[NoBigDeal]

I also got his email yesterday. Didn't really get how it's profitable for a funding company to get on board as it seems like there will just be a ton of free underwriting without any closed deals. Waste of time and resources.
From a brokers perspective, I get why it can be advantageous. Shotgun a deal to as many Funders as possible (through 1 platform- The Funding Floor) and only have the merchant's credit hit once, wait until the funders bid on the merchant. Go with the best offer, and call it a day

Unless I misunderstood...

[MCNetwork]

I also got his email yesterday. Didn't really get how it's profitable for a funding company to get on board as it seems like there will just be a ton of free underwriting without any closed deals. Waste of time and resources.
From a brokers perspective, I get why it can be advantageous. Shotgun a deal to as many Funders as possible (through 1 platform- The Funding Floor) and only have the merchant's credit hit once, wait until the funders bid on the merchant. Go with the best offer, and call it a day

If only it were that easy. Now you have to compete with the other 3 brokers that the merchant is working with. If the merchant only worked with the Funding Floor broker, then the model would make sense. But that's not real life, especially if the merchant was found on a UCC list.

[fundingfloor]

Hey Archie,

Each deal can only be submitted to the platform once in a given time period based on a few factors. If you are the first to upload the deal, the next broker to submit the deal will have it rejected during the exclusivity period. There can never be the same deal on the platform with more than one broker, our software won't process that.

[fundingfloor]

We certainly agree on the benefits for the brokers and the merchants.

As for funders, I'm not sure why you would think this is a waste of time. Since we do not charge brokers nor are they risking getting back doored, they are sending all their deals, not just the last second stuff that they can't fund.

So we are growing your deal flow. We also have filters you can create, so you can only be alerted to deals you like. I.e. credit levels, deposit amounts, location, industry, etc. You can create as many filters as you'd like and only get alerted when a filter hits.

Finally, the offers you are putting in are soft offers. Funders on the platform are usually able to put these offers on in a few minutes. Once you are awarded a deal you can then spend more time underwriting.

No lender can see any other lenders offers.

Our goal is to help the right deals find the right funders as quickly and automated as possible.