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  1. #1
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    Funding Circle underwriting/funding time expectation

    I'm hearing that Funding Circle is very very very slow in underwriting right now. Can someone please confirm how their service has been recently? Are they funding deals within a reasonable time frame? Thanks!

  2. #2
    Member Reputation points: 723 CHAMP3's Avatar
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    right now they are always slow

  3. #3
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    slower than mca, but, given they do 2-4 year terms and monthly's, you would expect a slower process.

  4. #4
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    Quote Originally Posted by fundingsmbs View Post
    slower than mca, but, given they do 2-4 year terms and monthly's, you would expect a slower process.
    Are we talking 1 week from submission to funding (like Fundation) or 3-4 weeks?

  5. #5
    Senior Member Reputation points: 4929 DiamondBL's Avatar
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    Which broker/partner shops still have access to them?

    Or are you talking about retail channel?
    Jonathan Kohanoff
    B.R.E. #01962090

    Diamond Business Loans
    Beverly Hills, CA 90211
    jon@diamondbl.com
    www.DiamondBL.com

  6. #6
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    Quote Originally Posted by DiamondBL View Post
    Which broker/partner shops still have access to them?

    Or are you talking about retail channel?
    They cut all the brokers???

  7. #7
    Senior Member Reputation points: 4929 DiamondBL's Avatar
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    I think only a handful are still on board... but haven't seen or heard who they are -
    Jonathan Kohanoff
    B.R.E. #01962090

    Diamond Business Loans
    Beverly Hills, CA 90211
    jon@diamondbl.com
    www.DiamondBL.com

  8. #8
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    they don't need brokers. just like kabbage doesn't need, square, amex, etc. they have the investors, product, direct sales team, why bother with inflated costs of acquisition if they don't need it or the risk of higher defaults with stacking behind those loans.

  9. #9
    Senior Member Reputation points: 17900 patrickw's Avatar
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    Do they accept broker?
    Patrick Wilson
    Managing Partner
    www.PremierCapitalNetwork.com

    (NO MORE LENDER CALL PLZ)

  10. #10
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    No

  11. #11
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    they brought in the former paypal executive who led the acquisition of swift capital to run the ship. they have big plans to open a Denver office and add a lot of staff in the coming months/years.

  12. #12
    Quote Originally Posted by fundingsmbs View Post
    slower than mca, but, given they do 2-4 year terms and monthly's, you would expect a slower process.
    Doesn't always have to be the case. LoanMe funds 2-10 year terms with Monthly payments and we can fund a file from start to finish within 4 hours.
    LoanMe, Inc
    949-535-7798
    Email: Business.Loans@LoanMe.com

    1900 S State College Blvd. Suite 300
    Anaheim, CA 92806 www.loanme.com
    www.loanme.com/SBL-partner

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