[LJH365]

Anybody ever heard of this?

Apparently its a portal where brokers can post deals they need homes for and lenders can compete on those deals?

Spoke to a guy earlier today who (I think) runs it or uses it. He was surprised I never heard of it.

Sounded a little sketchy to my ears, so I was wondering if anyone else had any experience with it.

Thanks

[Irving]

went after my company yesterday as well

[J.Celifarco]

I have been receiving emails from them but have no idea what they are about.. If someone else can figure it out let me know

[MidnightAdvance]

So it's actually an amazing idea to prevent backdooring, the founder has a successful history as far as building tech startups.
The problem is you can't really underwrite the deals properly, and a lot of funders I spoke to, don't like to use it.

It's a great piece of software though.

[abfunders]

I spoke with them last year, I guess it's finally starting to move.
It was in beta when I spoke with them in July. I guess they've launched full-force.
They were marketing it to me, as a broker, to put deals up there. Sounded like a solid platform, they do their own soft pull for the lenders, as well, to give them a FICO range.
I never tried it, would love to hear an experience.

[MCNetwork]

Received emails from them as well. I have no idea what they're about.

[ryan $]

I had this idea a while ago.

It only works if you actually do a credit pull, check for defaults, do everything.

Which is going to be too costly.

Then you run into lenders who use different systems, so then what, you have to pull the same thing on multiple platforms?

If you dont do EVERYTHING to the lenders satisfaction - you will run into a lot of declines at closing...

Which will piss brokers off and kill deal flow

In theory its a great idea, and I hope you can work out the kinks....

[fundingfloor]

Hey Sean,

Great speaking to you earlier. For everyone else on the thread; The Funding Floor is a marketplace for alternative financing, specifically MCA.

For IOS's it allows them to submit their deals to multiple lenders without the risk of getting backdoored and without destroying their merchants credit.

For Funders it allows them to source more deal flow and filter the deal flow based on things like business type, revenue, location, etc.

We have a ton of great features that allow you to bid/counter bid, message each other, upload/exchange files, and close deals. 1 deal will have one page. No matter how many bids or messages you place or receive. You will see it all in one pace. Forget overloaded inboxes.

If you have any questions feel free to reach out to hello@thefundingfloor.com and I'll be happy to answer any questions.

[Hedley Lamarr]

Hey Sean,

Great speaking to you earlier. For everyone else on the thread; The Funding Floor is a marketplace for alternative financing, specifically MCA.

For IOS's it allows them to submit their deals to multiple lenders without the risk of getting backdoored and without destroying their merchants credit.

For Funders it allows them to source more deal flow and filter the deal flow based on things like business type, revenue, location, etc.

We have a ton of great features that allow you to bid/counter bid, message each other, upload/exchange files, and close deals. 1 deal will have one page. No matter how many bids or messages you place or receive. You will see it all in one pace. Forget overloaded inboxes.

If you have any questions feel free to reach out to hello@thefundingfloor.com and I'll be happy to answer any questions.

Hi FundingFloor,

Can you kindly ask your "Business Development Person" who e-mailed me late yesterday to kindly answer my questions in the response sent?

[Hedley Lamarr]

Hi FundingFloor,

Can you kindly ask your "Business Development Person" who e-mailed me late yesterday to kindly answer my questions in the response sent?

Still no answer.....

[fundingfloor]

Hi FundingFloor,

Can you kindly ask your "Business Development Person" who e-mailed me late yesterday to kindly answer my questions in the response sent?

Did they follow up? I was told they did. If not email us hello@thefundingfloor.com and put your DF name in the subject so I can find it.

[Hedley Lamarr]

Did they follow up? I was told they did. If not email us hello@thefundingfloor.com and put your DF name in the subject so I can find it.

Not really-called my cell late yesterday afternoon so obviously read my e-mail as I never post my cell here. I asked to respond to my e-mail so we could schedule a call. Did not do ask asked, but I had another BDO from your organization reach out to me by e-mail late last evening.

[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.

[fundingsmbs]

didn't a company try this model and ended up funding deals themselves eventually and sent out all the low credit deals to other funders? I am not a fan of this model at all. an ISO should have his/her rolodex list of funders they have relationships with to submit deals to (some do soft pulls) and get the deals done direct without going through a portal like this.

https://www.lendio.com/


For IOS's it allows them to submit their deals to multiple lenders without the risk of getting backdoored and without destroying their merchants credit. - what data do the funders see to ensure deals won't get backdoored? Will your co PG that in writing?

For Funders it allows them to source more deal flow and filter the deal flow based on things like business type, revenue, location, etc. - funders are sending deals through you to mask their direct submissions to funders?

[fundingfloor]

didn't a company try this model and ended up funding deals themselves eventually and sent out all the low credit deals to other funders? I am not a fan of this model at all. an ISO should have his/her rolodex list of funders they have relationships with to submit deals to (some do soft pulls) and get the deals done direct without going through a portal like this.

https://www.lendio.com/


For IOS's it allows them to submit their deals to multiple lenders without the risk of getting backdoored and without destroying their merchants credit. - what data do the funders see to ensure deals won't get backdoored? Will your co PG that in writing?

Funders see everything they'd normally see except any information that would identify the identity of a merchant. You can take a look at a live deal here and see for yourself: [url]https://www.thefundingfloor.com/guests/deals/bxkv

For Funders it allows them to source more deal flow and filter the deal flow based on things like business type, revenue, location, etc. - funders are sending deals through you to mask their direct submissions to funders?

Funders cannot submit deals to the platform, only brokers can.

[MCNetwork]

Yes but I was referring to the other brokers who are NOT on the Funding Floor platform.

[Anthony@torro]

They reached out to me and I signed up as a funder on there, We'll see how it goes. From my understanding ISO's submit their deals into the portal and I am able to view each sub and make soft approvals on them based off the docs submitted.

[fundingfloor]

Yup, 100% correct.

[fundingsmbs]

fundera does this model as well and pays the broker 1/2 of their commission which comes out to 1% of the loan amount. this lending tree model is in play with several online platform companies already. it's a better fit for direct marketing and you can earn a referral fee for funders who sell the deals themselves and pay your co a small fee.

[MCNetwork]

Most funders have very similar underwriting criteria and buy rate matrices. Wouldn't you end up with a logjam of funders who are offering identical numbers? For example, YSC and Mantis offer the same types of terms for C/D paper.

It's really up to the broker to set the right commission to sell the deal.

[Michael I]

what will the commission be and how many credit pulls will merchant have ?

[fundingfloor]

The Funder submits the initial offer. They can create as many variations of offers per deal as they'd like. As part of that they can set any commission they'd like.

Brokers have the opportunity to accept or counter any of the deals as well.

Brokers decide what deal they want so it's up to them to get the best deal possible for themselves and their merchants.

As for credit pulls.. it's one pull per deal. We're trying to help merchants as much as possible here.