[fundingfloor]

1. What’s to stop a funder to place high bids for everything, knowing they are only soft offers and will require more DD?

We've got a few algorithms that look for irregularities. I.e. if it's your first day on the site and you throw bids greater than a % medium on a certain number of deals, your account will be suspended and the offers removed. Just one small example of how we fight fraud. We have a zero tolerance policy. We'd love to help Funders fund more deals but we won't allow anyone to manipulate the system or the brokers that use it.

2. What’s the process for resubmitting a file if a funder with a winning bid cuts their offer in half during DD?
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Well, a Funders can always message a Broker saying "Hey we found X, we're going to have to change our offer." A broker can accept or cancel the bid. If a Funder cancels their bid the deal automatically reactivates, the broker sees all the previous bids and messages and can accept any of those, as well as any new deals the deal will now receive.

3. Are the funders shown any proprietary and identifying merchant info before/during placing bid?

Nope. I posted a guest link in an earlier post. This is what a Funder sees. https://www.thefundingfloor.com/guests/deals/bxkv
The functionality is removed unless you have an account. But you can still see the merchant information, bank statements, etc. with no way to identify the merchant.

4. Does an individual ISO agreement need to be established with each funder that places a winning bid?

When Funders sign up, they upload their ISO agreement. Once they win a bid, along with the contracts and stips, the funders ISO agreement is sent. Once it is signed, the system will not ask for the ISO agreement to be signed again between that Funder and broker. If there is already an ISO agreement in place, either side can click off that option and the system will store that none is required.

5. Are funders who place initial winning bids, but are unable to close deals, allowed to contact the merchant after a grace period?

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/demo