Who can beat OnDeck!!

**patrickw** · 06-26-2018, 06:17 PM

Hi Guys,

Looking for a lower rate, not sure if that's possible but that's what the merchant wants. Tried pushing no luck.

I have a 200K Approval from OnDeck - 1.15 Factor 9 months, 1.24 factor 12 months. Is there any Lender who can beat this?

PLEASE DON"T CALL ME (BROKER, WANNA BE LENDER) - Don't PM for the deal. I will only respond if you show a screenshot that you guys exist on bank statements.

**SCFunding** · 06-26-2018, 09:03 PM

I think that is a pretty damn good deal that you should be able to sell. Also, no one here is a lender, there are funders. Using that word can get your ISO shop in serious trouble if not careful

**HDF** · 06-26-2018, 10:13 PM

Originally Posted by SCFunding

no one here is a lender, there are funders. Using that word can get your ISO shop in serious trouble if not careful

Untrue. But you surely mean well. I'd bet that you've sold a loan and didn't know it.

**Sean Cash** · 06-26-2018, 10:40 PM

Originally Posted by SCFunding

Also, no one here is a lender, there are funders.

There are actually a good number of lenders on here. Not everyone does MCA. Not every daily payment product is an MCA. Not every split deal is an MCA. People should make sure to read the contract of the company they're brokering their clients to. Several companies also offer multiple products (loans AND MCAs).

If anyone needs help figuring out which is which or what company does what, I'm happy to review.

**Sean Cash** · 06-26-2018, 10:45 PM

Also, OnDeck is a lender (kind of) in that for many states Celtic Bank (a real FDIC-insured bank) makes loans to the merchants OnDeck sources and then they sell the loans to OnDeck to service. This is a very common business model, even more common than MCAs. OnDeck does not do MCAs and it would be just fine on here to refer to them as a lender.

**Cashman1** · 06-27-2018, 10:24 AM

[QUOTE=patrickw;97061]Hi Guys,

Looking for a lower rate, not sure if that's possible but that's what the merchant wants. Tried pushing no luck.

I have a 200K Approval from OnDeck - 1.15 Factor 9 months, 1.24 factor 12 months. Is there any Lender who can beat this?

PLEASE DON"T CALL ME (BROKER, WANNA BE LENDER) - Don't PM for the deal. I will only respond if you show a screenshot that you guys exist on bank statements.[/Q

I feel like you might need a good broker to get this deal done...........

Karen37a · 06-27-2018, 10:53 AM

Originally Posted by sean bash

There are actually a good number of lenders on here. Not everyone does MCA. Not every daily payment product is an MCA. Not every split deal is an MCA. People should make sure to read the contract of the company they're brokering their clients to. Several companies also offer multiple products (loans AND MCAs).

If anyone needs help figuring out which is which or what company does what, I'm happy to review.

Sean. Then you wondered why the fed "advisors" singled out ondeck and kabbage for admonishment...because they are taking you at your word

its a Loan

Some are "advances"

**kevin85k** · 06-27-2018, 11:01 AM

Karen what happened with Kabbage and ondeck with the Feds??

**RevivingDeadPresidents** · 06-27-2018, 11:02 AM

your numbers dont make sense.

Even at gold pricing at ondeck they dont give you 1.15 for 9 months

Karen37a · 06-27-2018, 11:03 AM

Originally Posted by kevin85k

Karen what happened with Kabbage and ondeck with the Feds??

Nothing

There was a report from a group of advisors( they thought it was the fed)...someone posted it.

They mentioned ondeck.....some said...why are they singling them out

It was just a report...

**RevivingDeadPresidents** · 06-27-2018, 11:06 AM

GOLD

Term Buy Rate Max Upsell Max Sell Rate
6 $1.13 8% $1.21
7 $1.14 8% $1.22
9 $1.17 8% $1.25
12 $1.22 8% $1.30
15 $1.26 8% $1.34
18 $1.31 8% $1.39

Standard

Term Buy Rate Max Upsell Max Sell Rate
6 $1.14 10% $1.24
7 $1.16 12% $1.28
9 $1.22 12% $1.34
12 $1.27 12% $1.39
15 $1.31 12% $1.43
18 $1.36 12% $1.48

Karen37a · 06-27-2018, 11:09 AM

http://dailyfunder.com/showthread.ph...ederal+reserve

This was it

**patrickw** · 06-27-2018, 11:20 AM

[QUOTE=Cashman1;97075]

Originally Posted by patrickw

Hi Guys,

Looking for a lower rate, not sure if that's possible but that's what the merchant wants. Tried pushing no luck.

I have a 200K Approval from OnDeck - 1.15 Factor 9 months, 1.24 factor 12 months. Is there any Lender who can beat this?

PLEASE DON"T CALL ME (BROKER, WANNA BE LENDER) - Don't PM for the deal. I will only respond if you show a screenshot that you guys exist on bank statements.[/Q

I feel like you might need a good broker to get this deal done...........

I know this is a pretty good deal, but the problem is my sales rep convinced the merchant to send paperwork with some unrealistic number. So it made tougher to close.

**abfunders** · 06-27-2018, 11:21 AM

[QUOTE=patrickw;97083]

Originally Posted by Cashman1

I know this is a pretty good deal, but the problem is my sales rep convinced the merchant to send paperwork with some unrealistic number. So it made tougher to close.

What's the guy's credit like?

**patrickw** · 06-27-2018, 11:23 AM

Originally Posted by RevivingDeadPresidents

your numbers dont make sense.

Even at gold pricing at ondeck they dont give you 1.15 for 9 months

Well the merchant got excellent credit. I'm funding atleast 8-10 deals a month with Ondeck.

**patrickw** · 06-27-2018, 11:28 AM

[QUOTE=abfunders;97084]

Originally Posted by patrickw

What's the guy's credit like?

719

Karen37a · 06-27-2018, 11:33 AM

[QUOTE=patrickw;97083]

Originally Posted by Cashman1

I know this is a pretty good deal, but the problem is my sales rep convinced the merchant to send paperwork with some unrealistic number. So it made tougher to close.

New brokers always do this.

Tell the merchant its unsecured...someone is wiring you money and if you dont like it go to the bank ( who already denied you) lol

What happens if you get one more point? $1.99 a day savings?

I am just making light of it because all these merchants say this

**Jason Sterling** · 06-27-2018, 11:34 AM

If there is no hair on the deal with good credit we might be able to get them 1.10-1.12. We are a direct lender that funds credit card split deals only, we have been in business since 2005.

**RevivingDeadPresidents** · 06-27-2018, 11:36 AM

Originally Posted by patrickw

Well the merchant got excellent credit. I'm funding atleast 8-10 deals a month with Ondeck.

we are doing 16-20. but ill take your word on it

Karen37a · 06-27-2018, 11:36 AM

I am going to make one last point on this thread.

Do you want to have to deal with a merchant for 6-18 months for 1/2 %?...no shot in hell for me

**WestCoastFunding** · 06-27-2018, 11:45 AM

Originally Posted by Karen37a

I am going to make one last point on this thread.

mmhmm

**Cashman1** · 06-27-2018, 02:02 PM

[QUOTE=patrickw;97083]

Originally Posted by Cashman1

I know this is a pretty good deal, but the problem is my sales rep convinced the merchant to send paperwork with some unrealistic number. So it made tougher to close.

Like every sales rep in this business.........

**DiamondBL** · 06-27-2018, 02:13 PM

IOU does a solid job if it fits for them-

**Sean Cash** · 06-27-2018, 02:22 PM

Originally Posted by kevin85k

Karen what happened with Kabbage and ondeck with the Feds??

The Federal Reserve referred to Kabbage and OnDeck as merchant cash advance companies.......... but neither of them do merchant cash advances. They do loans. The Fed also needs help understanding that there are many different products in the market.

**SBF** · 06-28-2018, 01:21 AM

Originally Posted by Jason Sterling

If there is no hair on the deal with good credit we might be able to get them 1.10-1.12. We are a direct lender that funds credit card split deals only, we have been in business since 2005.

I win so many deals with QuickStone (f/k/a Sterling)!

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