[Richard Gomez]

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

[WestCoastFunding]

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

Answered my questions. So essentially this is like a Boefly for the MCA space?

[WestCoastFunding]

Gotta give fundingfloor props for answering any and all questions like a pro.

Douchebags like “Dan Coleman” should take note.

[abfunders]

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

So Richard, did you actually just make an offer as a lender, when you're just a broker?

[ryan $]

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

[Michael I]

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

multiple times

[MCNetwork]

Thomas Edison failed 1,000 times. Look how he ended up!

[WestCoastFunding]

Thomas Edison failed 1,000 times. Look how he ended up!

He ended up dead!

[WestCoastFunding]

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?

[MCNetwork]

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?

Pretty much nothing. A broker can pose as a funder and throw lowball factor rates to win deals. Then try to pull a bait and switch.

[Winning]

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?

Based on my limited understanding...
I would think that "it would come out in the wash"..
Can a broker that white labels compete with a true funder?
The offers received would separate the Men from the Boys so to speak..?

[Karen37a]

So Richard, did you actually just make an offer as a lender, when you're just a broker?

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)

[Winning]

Pretty much nothing. A broker can pose as a funder and throw lowball factor rates to win deals. Then try to pull a bait and switch.

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)???

[Michael I]

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 .

[Kevin Henry-Seacoast]

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?

[BB_Cooper]

How is this different from FUNDERS CLOUD? Anyone heard from FUNDERS CLOUD lately?

[MCNetwork]

Lendersbox.com also has a similar model

[ryan $]

Funderscloud, Lendersbox, theres been a lot

[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.

[ryan $]

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

[WestCoastFunding]

Based on my limited understanding...
I would think that "it would come out in the wash"..
Can a broker that white labels compete with a true funder?
The offers received would separate the Men from the Boys so to speak..?

I picture the white labelers (and even some shady funders) to give great offers to win a bid, get access to the docs, then contact merchant directly offering a deal cutting out the brokers upsell.

[WestCoastFunding]

Pretty much nothing. A broker can pose as a funder and throw lowball factor rates to win deals. Then try to pull a bait and switch.

Better yet, This!

[WhoisKingsley]

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]

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.

[Kevin Henry-Seacoast]

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.....