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12-06-2018, 11:50 AM #1
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- Jul 2015
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- 23
Bfs always kills deals after funding call
Has this happened to anyone else with BFS? They have killed 3 of our deals after funding call was already completed. They called the client at 2pm and told them funds will be wired. Then they called us and said the deal is funded. Then they go missing for the rest of the day with no response until the next day they make up a reason why they cant fund the deal.
Is this common with BFS? I have never had a deal killed after the funding call was done but seems to happen with BFS alot.
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12-06-2018, 12:10 PM #2
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- Oct 2012
- Posts
- 360
wait to see if he gets funded by mysterious firm within close proximity to bfs
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12-06-2018, 12:15 PM #3
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- Nov 2018
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- Phoenix AZ
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- 90
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12-06-2018, 12:26 PM #4
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- Dec 2013
- Posts
- 4,713
As you may know i speak to (perhaps) more ISO than anyone in MCA (I've been doing this since 2004) I hear bad about many funders over the years..... BFS is never one of them. they seem to be the cream of the crop and canrt see any reason ever for them to make a few dimes the wrong way. I am not sure what happened in your specific case.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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12-07-2018, 11:37 AM #5
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- Feb 2018
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- 1,349
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12-08-2018, 12:08 PM #6
Marcus Im going to have to respectfully disagree with your statement. I stop sending deals to BFS last year over several clients. All A to B paper. They were good in the beginning but after they started sending deals out the back door to their inside staff I cut them off. These are facts. My reps cold call face to face and get 1st position deals. After a decline I have had my clients call me back and said BFS called them to offer them a deal. In less than 30 days. Come on Marcus. I respect your opinion but my company will no longer do business with them. Caution to any rep.
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12-08-2018, 12:56 PM #7
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
usually if an offer is out over 15 days bfs internal team will call the merchant and close, each lender may give a exclusivity period but BFS does not, they will. example
Broker A submits app 3 months bank - offer sent to broker
Broker b sends SAME App and 3 months bank dl and voided check get same offer and contract.
Broker A will also have the ability to get contracts a piggy back off of broker B's work. Thusly making the brokers fight for the deal to lower commissions and closed the merchants.
I listed a post about this a while ago, but they claim to sense discontinue this practice, but I have learn to sanitize contracts and make sure I have control of client while getting offers.
Unlike YS which uses the first to sign contract rule.
also 7 days if no return contract YS will call you client or affiliate lender house will contact client,
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12-10-2018, 09:39 AM #8
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- Apr 2018
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- 104
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12-06-2018, 12:26 PM #9
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- Oct 2016
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- 4,318
I stopped submitting to BFS a couple years ago. 100% don’t trust them. Maybe things have changed recently, but not taking the chance.
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12-06-2018, 02:17 PM #10
- Join Date
- Nov 2018
- Location
- San Diego, CA
- Posts
- 75
Sorry but BFS is a mess. They will give huge offers upfront with quality term lengths.. and then kill the deal at the worst possible time after docs are in. They have always been ethical so I wouldn't worry there. But their process is just a complete waste of time.
Last edited by FroFunds; 12-06-2018 at 06:11 PM.
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12-06-2018, 06:20 PM #11
- Join Date
- Jul 2015
- Posts
- 23
Exactly! Every single time they kill the deal right before funding for something that should have been noticed much earlier in the process. They make you get 50 different stips in and then right before funding they will say "sorry we just realized he's a home based business" even though it showed they were home based on the application & they were given mortgage statement for the home 24 hours prior. The underwriters must have no clue what they're doing.
Also, funding call was completed, they told client funds will be wired today. They also told us it was done and funded. Then as usual they disappear and won't answer emails or phone calls for the rest of the day. The client was extremely upset so she called them and asked for a reason for the decline in writing. The manager at BFS told them we don't have to tell you anything in writing and hung up.
The way they run their business is horrible! Beware sending files to them because it will ruin the relationship with your client.
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12-06-2018, 09:55 PM #12
- Join Date
- May 2017
- Posts
- 170
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12-06-2018, 11:00 PM #13
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12-06-2018, 06:53 PM #14
The best is when your client will get a call from them in 2-3 weeks asking if they can help with a loan. And it is ok because it is in the signed agreement they provide. #truestory
Jonathan Kohanoff
B.R.E. #01962090
Diamond Business Loans
Beverly Hills, CA 90211
jon@diamondbl.com
www.DiamondBL.com
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12-07-2018, 12:57 AM #15
- Join Date
- Aug 2017
- Posts
- 405
I did a lot of deals with BFS with the last company i was with before I went on my own. Bfs痴 office is literally 15 min down the street from my office. I went to sign up with them and they questioned the office lease I had It was absolutely ridiculous and there BDO was very rude and unprofessional. Imagine that a company right in your backyard treating you like a foreigner and I have great credentials by the way. I never ended up signing up with them and it痴 probaly for a good reason.
Last edited by Mynameisbob; 12-07-2018 at 01:07 AM.
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12-07-2018, 09:45 AM #16
Unfortunately, BFS has become what I must refer to as a "f-ckfunder" (typical translation for a f-ckboi, but in MCA terms) nowadays.
They went from being the 1st company I ever signed up with as an ISO, having had nothing but a great experience with them in the beginning, to just flat out BUGGING! I think management changed on a lot of levels, and the company is doomed now.
I once had BFS tell me that the merchant had to submit bank statements in ENGLISH because that was their policy. I'm telling them that bank statements are EASY to translate because all they need to understand are three freakin terms: deposits, withdrawals, and balance! Meanwhile to prove their f-ckfundery, I verified with the power broker I had also submitted the file to whether or not they had an offer.
They did, in fact, have an offer, as long as they so-called "syndicated" on it, and of course, once I pressed them to tell me whom the offer came from, lo & behold... it was BFS. The original folks I did business with back then, the Lyn Glovers, the Derek Carrillos, the Chris Barbers are long gone nostalgic memories of what it was like to deal with a REAL funding company; what I refer to as the "real BFS."
I know they weren't even at the top of the company, but it's who I dealt with over there. They were all straight shooters. Ask me about BFS today, and all I can tell you is stay your ass the f'ck away.
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12-07-2018, 11:50 AM #17
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- Apr 2018
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- 104
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12-10-2018, 01:02 PM #18
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- Jul 2015
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- 23
Yes, we finally funded it elsewhere this morning! I guess BFS reported it as funded with NAAMA, so when the other lender went to fund they saw that BFS had already funded it. I told them about what happened so they called BFS to confirm and BFS told them yes we funded it. They have no idea what they are doing over there obviously. Because of this we had to wait until today to finally fund. I will NEVER be working with BFS again thats for sure!
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12-10-2018, 01:15 PM #19
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- Oct 2016
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12-10-2018, 08:47 PM #20
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- May 2017
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12-07-2018, 11:54 AM #21
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- Feb 2018
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"They called the client at 2pm and told them funds will be wired. Then they called us and said the deal is funded. Then they go missing for the rest of the day with no response until the next day they make up a reason why they cant fund the deal." that's not a good business practice at all if this is factual.
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12-10-2018, 11:47 AM #22
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- Feb 2018
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- 1,349
does the ISO agreement state 15 days or 3 days. Have heard different versions of when they will solicit merchant after submission. And, the broker who tries to upsell 10-12 points will never beat out pricing against an internal sales arm of a funder who doesn't need to upsell that.
Last edited by fundingsmbs; 12-10-2018 at 11:50 AM.
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12-10-2018, 12:19 PM #23
- Join Date
- Jan 2014
- Posts
- 1,378
few years back i used to work for an ISO that was bought out by BFS. I know for fact BFS would sell them declines as leads to call..be very careful sending them deals. Granted they do close the deal if its a vanilla file but still...be careful that's all I am saying.
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12-10-2018, 02:28 PM #24
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- Feb 2018
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- 1,349
wow! what about their affiliates that send deals to them without going to BFS direct? don't they own a few companies, brands, that send their apps to them as an alternate to going direct?
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12-11-2018, 12:49 PM #25
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- Feb 2018
- Posts
- 1,349
Didn't Wonga entertain buying On Deck at one point? So basically, more payday loan culture entering the space
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