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10-06-2018, 10:58 AM #1
- Join Date
- Sep 2018
- Posts
- 1
Stay Away from 24 Capital & Moshe Chaim-stole my deal within 2 days
Just wanted to let everyone know, that in a tough business, some companies have no ethics. I submitted a deal to 24 Capital LLC (Long Island City, NY) to my rep Moshe Chaim. They approved the deal for 20k and I ordered contracts. Once the contract was signed and returned Moshe called me and said after the interview and review they could only fund him for 10k. The client agreed and signed the new contract which was returned to Moshe and 24 Capital on the 24th of August, which was a Friday. On Monday the 27th I got a call from Moshe that the deal was denied because the client was in default. I explained this to the client who disputed the fact, but what could I do? Come to find out that 24 Capital then funded the loan on the 29th of August for 52k, and I have a copy of the contract and the originals as proof. This is a disgrace, and very poor ethical behavior. When I contacted Moshe about this is explanation was that they had 1 underwriter at the time and a few weeks later they hired a new underwriter who approved the deal. Well I don't know when 2 days became a few weeks. Moshe will not return my emails or my calls.
This company made me look like an idiot with the client and with my sales representative who was working the deal. We all work hard to get business, and to have someone steal your business and destroy a relationship is unacceptable. I have attached copies of the top half of the contracts. My concern is that if they did this to my company, how many other times have they done it to others. I even tried to contact the management with no response, Stay away from 24 Capital LLC and Moshe and help me spread the word. I have given them every chance to rectify this, and even if they would have said we messed up I would have been alright with that, but not a word. protect your income stay away from 24 Capital LLC. 24 Capital owes me the commission on this deal.
ourcontract signed.jpg
pic of the new contract.jpg
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10-06-2018, 11:01 AM #2Karen37aGuest
I am not getting involved in this ...people have mentioned good and bad companies before
I am only going to add that
Someone is going to prance on out here in a second and say the "first to close" speech
Welcome to Merchant cash advance ...the land where they think "apr" is the solution to things
my first 2 days in the business an A paper lawyer ( made 1 million a month that I got off the uccs) I was trying to close, called me and said: "I don't know how to break it to you they are trying to steal my business away from you"... I said " i know'Last edited by Karen37a; 10-06-2018 at 11:47 AM.
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10-06-2018, 12:44 PM #3
- Join Date
- Oct 2016
- Posts
- 4,318
24 Capital is a funder? I thought they were white labelers. Aren’t they the remnants of the ****test white labeler ever: Empire?
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10-06-2018, 01:32 PM #4Karen37aGuest
What does that matter when some A paper companies are running around doing the same thing? Acting like they are in some way the "elite" of society
Like that Senator who is now in trouble for her taxes
I hope you realize its just a bullshiat sales pitch...because you can't sell the dream to me..i invented the bull**** and choose to do right by people in spite of it all
(the Funniest thing has been morons who follow ex-used car dealers saying ..." he can beat you in cold calling and he leaves voicemail messages, it's very effective you must be new and not hip to the new marketing procedures"...i just looked to see how many bull**** books he sold.. I am still waiting for the 50k cold calling lead competition, ill die before he shows up . And I would slaughter him...he would get 2-3-5...you put money on the table ill get 30-50 before lunch)
All of this stems from peoples inability to have a clear concise marketing plan in place, and hold down the operational costs...I guess some of it is greedLast edited by Karen37a; 10-06-2018 at 02:48 PM.
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10-08-2018, 09:45 AM #5
- Join Date
- Apr 2018
- Posts
- 144
Expensive lesson to learn unfortunately. It's amazing how people with an email and a burner phone can get away with so much. Call management? They are the ones that approved it lol
This industry isn't like any other in the sense that you can call and complain and get a refund. Real money is to be made which brings out this behavior. Stick to the basics and build yourself a waterfall of companies to submit to.
1. On Deck
2. SFS/SNAP/Quarterspot/IOU
3. Everest/Pearl/Knight
4. Yellowstone/Cooper Asset/UFS
If none of the above can get you an approval, move on.
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10-08-2018, 10:12 AM #6Karen37aGuest
I disagree with one or 2 on the list I won't say which ones.Everyone has different experiences for different reasonsAnd there is no shot in hell new people should set up Isos and think they can make it ( without experience)
You can't just walk off the street and open a Real Estate company or mortgage /loan or stock brokerage firm or insurance
( and experience is based off of production and sales, not time served.. that is really how you get to where you get to in Financial Services ).
.There are no licences needed in our industry( except Calif) but that doesn't mean they have the skill necessary to stay open. And they are never going to listen because they want all the commission to themselves. They do not even want some of the Funders reps or underwriters/money men getting a point
** The reason this will never be fixed is people are trying to place apr on contracts and not address this issue. And they will never address it because these newbies are a free sourse of applications for some.The online applications will have to go thru the same scrutiny. The FTC is already looking at consumer transactions b2b is next.Last edited by Karen37a; 10-08-2018 at 10:23 AM.
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10-08-2018, 11:35 AM #7
- Join Date
- Dec 2013
- Posts
- 4,713
Not sure what you mean Move On...
Over 1000 plus ISO Vendors are signed up and working with Mantis Funding/Cresthill Capital ...Including "most" the largest and most savvy/sophisticated funding and brokerage houses in the country !!!(many of them submitting daily for almost half a decade!) they are sharp and shrewd yet know we have a solid record of protecting the Renewal-Business.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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10-08-2018, 12:13 PM #8
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10-17-2018, 01:03 AM #9
- Join Date
- Aug 2018
- Posts
- 746
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11-07-2018, 08:21 AM #10
- Join Date
- Apr 2018
- Location
- 31-10 37th Ave., Suite 202 Long Island
- Posts
- 39
Good Morning Credability, Moshe has left the company quite a bit of time ago and I'm a rep. I wanted to address this in his place. (PLEASE SEE REFERENCE IMAGES BELOW)
Good Afternoon,
My name is Elaine Jacobs and i am the managing director of 24 Capital. This post was just put to my attention and i do apologize for the late response. Social media plays a big role today in any business, so i strongly believe that what people post about other companies should be based on facts and not hearsay. With that mentioned i would like to address the situation at hand and hope i can bring more clarity on the matter.
We are direct lenders. We recently opened a reverse consolidation department and hired an additional underwriter for that to keep up with the volume (also, both underwriters have different styles so we like the diversity).
- Our rep Moshe received the deal from Firm Services Inc. on 8/20/2018. He submitted it to our underwriter ND (her initials) for a reverse or position. She came back with a 20k 4th position offer saying that she'd rather do position than a reverse..
- The bank login was not strong at all so instead of killing the deal right away our uw ND decided to lower the funding amount to 10k.
- After receiving signed contracts for 10k - our uw proceeded to do final underwriting and discovered a judgment filed on this merchant by Cash Cow. She killed the deal (08/27/2018).
- Same day 08/27/2018 a totally different ISO David S. submits this deal (ON HIS OWN APP) to our rep Leo for a reverse consolidation. We do not use a crm for subs so reps don't know if they get the same deal.
- Our rep Leo submits this deal to our in-house underwriter DD (her initials) and gets his ISO an offer 8/28/2018. Leo's ISO disclosed right away the merchants judgment with Cash Cow. So our uw DD looked into it and gave an offer with a higher rate and higher bank fee.
- The deal funded on 9/04/2018. Our rep Leo and his ISO David S. got paid on the deal.
I hope that the timeline and screenshots will bring some clarity. I understand how this might have looked to you since Moshe didn't clarify anything - he was pretty upset himself that he lost the deal. I strongly believe that if you called our main line at least once or came over to our office this could have been clarified earlier. Unfortunately i have not received any calls or emails from you - only this upsetting post with unfounded allegations.
My direct line is 347-2654594 - you are welcome to call me or stop by any time if you have any further questions. We value our integrity and professionalism
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That was the entirety of the explination by Elaine, if anyone has further questions or concerns regarding this file feel free to send me an email and I can provide even further clarification on any matter , thread, question, etc.
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