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06-27-2018, 03:40 PM #1
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- Jun 2018
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Keep getting back doored please help!!!!
Good afternoon all,
We have been in the MCA industry for a couple of years now and we are strictly brokers with the occasional syndication
My company receives paper work from a-z and of course we don’t just submit the files to every lender in our arsenal we send A-A B-B ETC….
We do it the right way by cold calling
We do not purchase “special leads” that have bank statements as we are in it for the long haul and look to do right by our clients and our lenders so when we lose a file to these practices it stings a lot harder
Lately I have seen my files have been backdoored at an all-time high
I have tried everything changing phone numbers email addresses etc.. on my applications it doesn’t change a thing
I know most of you will say build a better relationship with your client which is what we emphasize to all of our reps but when they get a call from someone saying MR john doe I have your bank statements in front of me I don’t care how much you think you have built a relationship that client will entertain the new person on the phone
It’s a shame that that’s what we are going up against, but it is reality
I know that a lot of you have a lot more experience on the back end of things and have some good advice, so your input would be appreciated
Below is a list of lenders we are currently working with
On deck
Strategic
Can capital
Quarterspot
Principis
Iou
1st global
BFS
Expansion capital
Uplift capital
In advance
Lendini
Mantis
Yellow stone
Of course, we don’t submit every file we have to all the lenders on the list these are just the people we are signed up with
If you want to post or private message me of who you truly believe the submissions should be going to and who not to send to
I would really appreciate it
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06-27-2018, 03:55 PM #2
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- Feb 2018
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- 1,349
you do realize some of the list names broker deals as well to other funders?
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06-27-2018, 03:59 PM #3
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- Jun 2018
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- 462
i dont =/
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06-27-2018, 04:15 PM #4Karen37aGuest
On top of this.
I've always suggested to people to not spread yourself out so thin...people give the exact opposite advice.
( this is an example or an analogy)
If a Funder was Funding 5 million a month and you and your team were responsible for 4 million of it...would they backdoor you? maybe...it wouldn't be smart.
Depending on your volume monthly..you do or do not matter to most people this is why the concept of "Super Iso" exists...a bunch of brokers who could have all been an individual Iso( or one with 2-5 people) got talked into following one lone broker into the wilderness and make a team.
If there is a quota on production to be met, there will come a time where you get cut off. I have to admit It was semi-funny to watch the brokers who were bashing the super iso concept get their book of business taken from them.
Solutions...Narrow down your list or go to a smaller funder who might care about you or produce more business or raise capital to syndicate and participate in the deals
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06-28-2018, 01:19 AM #5QFS Group
Info@quickfundingsolutionsgroup.com
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06-28-2018, 01:51 PM #6
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- May 2018
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- 70
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06-28-2018, 02:06 PM #7Karen37aGuest
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06-28-2018, 02:08 PM #8
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06-28-2018, 02:12 PM #9
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- Jun 2018
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what really throws me off is the leaks everyone speak about i see it but then the companies i have my doubts about makes the best offer and funds its like they pick and choose what to take
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06-27-2018, 04:04 PM #10
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- Jan 2017
- Posts
- 389
We would like the opportunity to fund your deals and show you the stellar customer service we provide to our ISO's. Looking forward to hearing from you soon and funding your deals.
Paul Boxer
Merchant Marketplace
Chief Operating Officer
Chief Revenue Officer
Cell: (516) 805-9209
paul@merchantmarketplace.com
www.merchantmarketplace.com
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06-27-2018, 04:10 PM #11John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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06-27-2018, 04:51 PM #12
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06-27-2018, 04:57 PM #13
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- May 2018
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06-27-2018, 07:06 PM #14
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- Dec 2013
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Cresthill will broker ONLY if ISO agrees. Those wishing to only work with MANTIS than it ONLY gets priced by mantis and never gets brokered out. I have the ability to give references of shops that we paid 100's of K's (some 1M+) who will vouch for why they work high risk (only) with MANTIS ...
Last edited by mcaguru; 06-27-2018 at 07:09 PM.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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06-28-2018, 04:36 AM #15
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06-28-2018, 03:42 AM #16
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06-27-2018, 05:08 PM #17
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please private message me new to the site
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06-27-2018, 05:11 PM #18Karen37aGuest
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06-27-2018, 05:12 PM #19
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- May 2018
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06-27-2018, 05:14 PM #20Karen37aGuest
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07-09-2018, 06:37 PM #21
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- Apr 2017
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- 1301 NJ-36, Bldg#2, Ste#5, Hazlet, Nj, 07730
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Value your Referral relationships : Great Read
Very true Karen, Great info. The Industry is coming to an inflection point or critical mass and these problems that are being expressed are from so many new Funders popping up faster then they can go out of business organically because of investor $$$. Wait until we Find out which Funders are ponzi's, frauds, or cooking books and How will that affect liquidity? It happens in every industry eventually, But enough Doom and gloom. instead lets ride this bubble to new heights and invest your time in Funding with Residual income and Larger higher credit clients and better or different financing Products and ones that are complimentary to banks. It is not alwys about a 10% Commission or 35% return on your money, what if a great depression happened ? almost everyone would lose except banks. High risk is good but more risk = More reward or More losses. Future Receivables purchases is Speculation by another name, we are betting on the future which is never guaranteed.
Someone Brought up Strategic, They are a great company and have a good platform. They actually send you an email that states that the following:
"A personal credit report may have been obtained from Experian as part of the application process. In the event the applicant does not receive financing, Federal Regulations require that we notify the applicant in writing of our decision. Unless we are notified in writing (email is acceptable) within the next fifteen (15) business days that this applicant has received comparable financing elsewhere, we will be sending the written notification of our decision to the merchant by email."
Whether Approved or declined their emails authorize them to reach out and there direct sales do reach out to unsold approvals that were not specifically replied to because your silence is consent...We always say the merchant has received Funding elsewhere. They normally do not call right away to pitch it is usually over 1 month, only had 1 issue where they gave us $100k and we brought it back to them and got $136k but they had offered the merchant direct $250k... Only happened once and they did not Fund it died and the merchant came back to us for $250k over 12 months.
Be honest with merchants and let the merchants know what may happen, I train all of my people to walk them through everything that is about to happen.
Everyone should read all emails Thoroughly. Most Iso agreements and or emails or disclaimers say that the deals are the lenders property once submitted and after a certain amount of time they can market and/or contact.
(P.s. Multifamily is always a good investment to)
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06-27-2018, 04:49 PM #22
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- May 2018
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- 23
I highly doubt that these big MCA companies train their employees to steal the deals from ISO. But rather, some bad sales reps or underwriters make relationships w/ another funders in the behind and secretly sell the leads for X amount of $.
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06-27-2018, 04:57 PM #23Karen37aGuest
I am not going to comment on things. This is where I clam up.
# 1 thing ...make profit for the Funder ...they are "investing" to not only get their money back but a profit...and not a small one. No one takes all these risks for 10%...if they do I have a bridge to sell them
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06-27-2018, 07:13 PM #24
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06-27-2018, 07:51 PM #25
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