[mcaguru]

Marcus, same here. My starting was pretty good with Mantis. After a while start getting declines 95% of files for dumb reasons. Where other companies approved and funded pretty smooth. So I stopped sending files to you guys.

I hear you. I would see to try again. I know we made a few adjustments last few weeks that allow us to take "extreme" risk again. After all we are funding dozens of files a day so someone out there are getting a funded notice email every 10-15 minutes.

[BROKER TIME]

i hear you. I would see to try again. I know we made a few adjustments last few weeks that allow us to take "extreme" risk again. After all we are funding dozens of files a day so someone out there are getting a funded notice email every 10-15 minutes.

unless the changes were from july 1st...........

[BROKER TIME]

may be an anomaly. While i try to refrain from publicly praising marcus (because he praises himself enough) i can honestly say i’ve never had mantis kill a deal after contracts were back. ****, their underwriters have been known help gather stips for me directly from the merchant after the login call. One of the easiest companies to deal with. Now if they could just up their tech game a little.

i can show you 5 within the last 3 weeks

[patrickw]

May be an anomaly. While I try to refrain from publicly praising Marcus (because he praises himself enough) I can honestly say I’ve never had Mantis kill a deal after contracts were back. ****, their underwriters have been known help gather stips for me directly from the merchant after the login call. One of the easiest companies to deal with. Now if they could just up their tech game a little.

Well, I had like 5 deals killed in between March-May

[Michael I]

i can show you 5 within the last 3 weeks

3 within the last week . 1 i am ok with .the other 2 all info was given before signed docs

[mcaguru]

3 within the last week . 1 i am ok with .the other 2 all info was given before signed docs

you guys are really nice to me today LOL ....btw funded a ton today! and still going ...like the energy bunny !

[BROKER TIME]

you guys are really nice to me today LOL ....btw funded a ton today! and still going ...like the energy bunny !

you mean energizer bunny?

[fundingsmbs]

if you see a trend of high declines, especially once contracts are signed, albeit not because of decision logic /bank logins showing a recent funding or negative banks, it may be time to search for a new funder. the stories we used to hear from "x" funder's at the last minute was unbelievable with 90% of them getting funded elsewhere without any of the same issues.

[Michael I]

you guys are really nice to me today LOL ....btw funded a ton today! and still going ...like the energy bunny !

I know your head is thick like a rock but eventually if the water keeps dripping it will get through .No one is denying that you fund a ton , hence why i still submit . just do not come on here stating that you do not kill deals and reprice for things known from the beginning . take the criticism and improve . also invest in technology already

[TheShitzuofMCA]

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

A few of the companies on this list broker files out to other lenders that could be the cause of it. Unless you have a mole in house.

[GoldStandard]

So after what I typed your solution is to sign on to another funder...aj might be a good company havent used them yet.

This is why only 5 % make it.

Something called Next!

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)

[mcaguru]

I know your head is thick like a rock but eventually if the water keeps dripping it will get through .No one is denying that you fund a ton , hence why i still submit . just do not come on here stating that you do not kill deals and reprice for things known from the beginning . take the criticism and improve . also invest in technology already

we are investing a ton and then the lights will come on and you'll be Marcus your too quiet and don't brag early on

[jcoop]

InAdvance... we had to cut them off tooo

[fundingsmbs]

so is this all happening because of the high cost of acquisition of new customers, or, is it simply greed taking over? What has propelled so much backdooring and stealing of files.

[WestCoastFunding]

so is this all happening because of the high cost of acquisition of new customers, or, is it simply greed taking over? What has propelled so much backdooring and stealing of files.

Many factors I think. I think this industry has become saturated with both funders and brokers - many competing over the same pool of UCC generated leads.

[fundingsmbs]

def saturated. when merchants state you are the 10th person calling, it says something.

[Kevin Henry-Seacoast]

def saturated. when merchants state you are the 10th person calling, it says something.

When you see the same deal 10 times from various sources because the first guy either lied and said he was a "direct lender" and e-mail blasted it our or he lied and said he knows the direct lender and e-mail blasted it out to 10 other "direct lenders". I am closing a deal now for a company that I cold called. He said he has been speaking with 3 other "direct lenders" that offer factoring. I asked him for the names of said "direct lenders"....they were all brokers. Spoke to him this morning.....he is getting flooded with calls now from "direct lenders"..... I am getting calls too on the same deal.