[nationwidefunder]

What about a 50 day deal (CFG does that a lot) is that an honest deal that helps the borrower?

[GoodCustomerService]

99 out of 100 times, probably not.

[Lmonus]

What about a 50 day deal (CFG does that a lot) is that an honest deal that helps the borrower?

If the merchant can turn that money around 3x over in 50 days, yes it helps (Although im not a fan of them). The only reason we are giving that deal in the first place is to help get the crap out of the account and hopefully gain a more proper file out of it in the future. Also, we arent raising the factor rates due to that, the factor rate is the same weather its a 1st or 5th position. We are about retention, not the whole one and done stuff.

Your comparing a 50 day deal to a 10 day deal, these are two different worlds. the 50-60 day is probably as low as the term will ever get, and theres only 1 funder here who gives those out. Believe me, those terms are not common here, but do happen. None the less, its not a Default Merchant we are funding. They shouldn't get priced in the first place.

Whats next, are you going to tell me a 120 day deal is bad because theres an 18 month term a merchant can qualify for too? Come on.

[SmartAdvanced]

So are you suggesting that the turnover of 3x in 50 days is reasonable? So let me ask you this then, on a $10k 50 day deal where the merchant clears 30 payments until he reaches the initial $9000 deposit, do you suggest that within that 30 days the merchant turned over the money and generated $6,000 profits with that initial $9000? So if yes, perhaps what industry generates $6000 on $9000 within 30 days??

[abfunders]

So are you suggesting that the turnover of 3x in 50 days is reasonable? So let me ask you this then, on a $10k 50 day deal where the merchant clears 30 payments until he reaches the initial $9000 deposit, do you suggest that within that 30 days the merchant turned over the money and generated $6,000 profits with that initial $9000? So if yes, perhaps what industry generates $6000 on $9000 within 30 days??

You assume that the only thing he needed was $6000. Maybe he had $150,000 in the deal, and needed $6000 to top it off, and turn $150k into $175k for an emergency deal. Maybe this deal didn't make sense for now, and he lost a little on it, but this client will now be his client for the next 12 months. You make lots of assumptions to say it's "impossible." Imagine it was the flip-side, where you were actually his financial advisor and looking at the ROI vs the factor paid. This is an example of a broker's hubris and repeated cold-calling merchants, selling them the world, then calling them "my (emphasis) client," claiming you are "financial advisors," claiming "I want the best for my client." even though you're a broker trying to make a relationship, and how that can create bad business. You're a BROKER. Let the client decide if it makes sense, or at least help the client understand why it makes sense, and don't lie about it. And if an MCA doesn't make sense, find a product that does.

[Lmonus]

My take on this is that a broker should present the best product for the merchant, after all they are Your client. Dont sell the dream, sell the real. Present realistic expectations and know the product you are selling. Its not always about making the quick commission but rather generating a long lasting relationship with your entire pipeline. A 10 day deal is not the Real, even for a default merchant.

[stackcity_4208]

My take on this is that a broker should present the best product for the merchant, after all they are Your client. Dont sell the dream, sell the real. Present realistic expectations and know the product you are selling. Its not always about making the quick commission but rather generating a long lasting relationship with your entire pipeline. A 10 day deal is not the Real, even for a default merchant.

Agreed.. Too much fluff can kill the deal

[skideeppow]

I couldn't find Nanoflex anywhere on google. Someone has a link?

Atlas funding platform

[SmartAdvanced]

My take on this is that a broker should present the best product for the merchant, after all they are Your client. Dont sell the dream, sell the real. Present realistic expectations and know the product you are selling. Its not always about making the quick commission but rather generating a long lasting relationship with your entire pipeline. A 10 day deal is not the Real, even for a default merchant.

You very nicely avoided and skipped my question about the 50 day deals - that CFG is doing all day long - after you go ahead and rip people who do 30 day deals

[Lmonus]

You very nicely avoided and skipped my question about the 50 day deals - that CFG is doing all day long - after you go ahead and rip people who do 30 day deals

Like i said AGAIN - 50 day deals and 30 day deals are two different types of animals. We DO NOT do them often. Do we do them? Yes we do. 50 day deal = ill give this guy a shot, theres enough room for me to squeeze in and hopefully get a better deal come refi time. A 30 day deal = taking advantage of a merchant who you see will be able to afford to pay you, but crush his business while doing so and not refi it. (In and out)

I answered your question twice now, and im not even sure why your bringing up 30 day deals when the funding in question here is a 10 day funding...

Stats for you = Month of June we funded 789 units, 68 of which were 60 days or less in term. Thats 8.6% of our volume. All day? Please, our average deal term was 101 days dude.

[VeganFunder]

You very nicely avoided and skipped my question about the 50 day deals - that CFG is doing all day long - after you go ahead and rip people who do 30 day deals

Any funder that doesn't fund with an algorithmic "box" is going to look for value in deals and try to put some type of offer on files that are fundable.

A 10 day deal is WAAAAYY different than a 50 day deal.
A 10 day deal is almost always sold by telling the merchant something that simply will not happen. Term loan. Bigger longer refi.

I don't know Nanoflex well, only that they'll swing on deals with aged defaults-- which is suuuper risky but isn't idiotic (Credit One does the same thing, but with credit cards)
I'd even be willing to bet that the ISO on this file kept pushing for an offer on a deal and the underwriter went "fine-- you want this deal so bad, here's an offer, take it or leave it"

Now a 50 day deal

You've never had a merchant that was waiting on a check from a vendor, but had awful credit and MAYBE even had some intense funders in there with you?
You're giving the guy a shot on something you're comfortable with and he's always welcome to say no



And while we're at it-- why is 4 months an acceptable term, but 3 is nuts?
Where's the logic there

"I only charge 1.45's, but anyone who charges a 1.46 is just greedy. By the way, I won't take less than 10 points on the funded --but I will never charge more than 5% as a fee because I'm one of the good guys"

Pot calling the kettle black

[Cashman1]

Like i said AGAIN - 50 day deals and 30 day deals are two different types of animals. We DO NOT do them often. Do we do them? Yes we do. 50 day deal = ill give this guy a shot, theres enough room for me to squeeze in and hopefully get a better deal come refi time. A 30 day deal = taking advantage of a merchant who you see will be able to afford to pay you, but crush his business while doing so and not refi it. (In and out)

I answered your question twice now, and im not even sure why your bringing up 30 day deals when the funding in question here is a 10 day funding...

Stats for you = Month of June we funded 789 units, 68 of which were 60 days or less in term. Thats 8.6% of our volume. All day? Please, our average deal term was 101 days dude.

U deserve credit saw you do a 125 day deal, when no one would of done more then 90 days at max! This was last month.

[Don Dolla]

CFG will do 130 day deals and also 20, 30 and 40 days for defaults or super high risk... there’s more than one funder at CFG, you can see their initials on the pulls...

[Lmonus]

CFG will do 130 day deals and also 20, 30 and 40 days for defaults or super high risk... there’s more than one funder at CFG, you can see their initials on the pulls...

130-150 yes, 20,30,40 False all the way around. Defaults, never unless it slipped through the cracks that got over looked. There's 12 funders here. Again, we dont fund defaults and we sure as hell don't do 20-40 day deals.

You are mistaken - i don't get those offer from any my Funders, and even if i did i wouldn't present them to my ISO's.

[ryan $]

Predatory lending/funding is any practice that imposes unfair or abusive loan/advance terms on a borrower/merchant. It is also any practice that convinces a borrower/merchant to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan/advance that a borrower/merchant doesn't need, doesn't want or can't afford.

If He doesnt want doesnt need are cant afford - DONT TAKE IT!!!!!!!!!!

Nanoflex is lending to the undesireables, the ones completely overlooked by everyone else. Tagged In dataMerch, Judgements.
Merchants who cannot be funded ANYWHERE ELSE.

Merchants with a HIGHER Default rate.... that Justifies the Short term High Cost.

If Nanoflex was charging 1.22's to these merchants they would die. And should be pelted with rocks.

Is Nanoflex an OnDeck? No. Is it easy to sit on your high horse and call them predatory? SURE - GO WRITE FOR BLOOMBERG - Dick

Unless your just a shady shady shady outfit - which the few deals ive done with Nanoflex have went well....and done okay....

[abfunders]

Smar Business Funder, 1.499k $7k, renewing (refy'ing) a $3k position that was netting the merchant $3k, with 10% fees. $225 daily. That's 46 payments.
I presented it to the merchant to tell her "this is what exists, you should stop stacking yourself," on the interview, the UW said, "Bigger fee because you stacked us" (with a renewal from OnDeck that was already in there), and she TOOK IT ANYWAY!

[Don Dolla]

130-150 yes, 20,30,40 False all the way around. Defaults, never unless it slipped through the cracks that got over looked. There's 12 funders here. Again, we dont fund defaults and we sure as hell don't do 20-40 day deals.

You are mistaken - i don't get those offer from any my Funders, and even if i did i wouldn't present them to my ISO's.

maybe they just don't give you the default offers

[Lmonus]

maybe they just don't give you the default offers

Not possible, too many black listed deals in our CRM that's integrated with datamerch, something would catch it. The only way CFG is in a default deal is if it slipped through the cracks. We know how to find them prior to submitting, hence our "Pulls no Advances" Declines. Im sure plenty have seen us reject deals for that reason.

Ill say it again, since i don't want you comments to cause any confusions. WE DO NOT FUND DEFAULTS. There are plenty of companies that market and cater to that box, and we want nothing to do with it. End of story man.

[Don Dolla]

there are funders inside cfg that are willing to listen to default stories if it's been paid and make a 20,40 or 60 day offer.. this is a fact jack ... whoever your working for just doesn't have the capacity or desire to process default files and i don't blame him/her.. maybe it's not profitable at the end of the day, maybe you're bringing in too much good biz as it is, so keep up the great work. leave the defaults for the rest of us

[Lmonus]

there are funders inside cfg that are willing to listen to default stories if it's been paid and make a 20,40 or 60 day offer.. this is a fact jack ... whoever your working for just doesn't have the capacity or desire to process default files and i don't blame him/her.. maybe it's not profitable at the end of the day, maybe you're bringing in too much good biz as it is, so keep up the great work. leave the defaults for the rest of us

Lol ok - whatever you say man. Its possible, i doubt it though. After all, i don't work with all 12 funders here, bud.

[VeganFunder]

Mantis may not fund 20-30 day deals BUT they fund over 20-30 deals a day... on a BAD DAY!

They fund trucking, auto-sales and (from what I just read on another thread) will even fund a merchant with no revenue!

[VeganFunder]

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