[WayUp]

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.

[shieldfunding]

wait to see if he gets funded by mysterious firm within close proximity to bfs

[Chargers]

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.

what does BFS stand for? Is it Big Freakin Scam?

[mcaguru]

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.

[WestCoastFunding]

I stopped submitting to BFS a couple years ago. 100% don’t trust them. Maybe things have changed recently, but not taking the chance.

[FroFunds]

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.

[WayUp]

Sorry but BFS is a mess. They will give huge $200k+ 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.

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.

[DiamondBL]

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

[Jess]

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.

Whatever happened to the former CEO who is suing them for fraud? Was that settled?

[Sean Cash]

Whatever happened to the former CEO who is suing them for fraud? Was that settled?

BFS filed a motion to dismiss 2 weeks ago.

[Mynameisbob]

I did a lot of deals with BFS with the last company i was with before I went on my own. Bfs’s 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’s probaly for a good reason.

[Fundyman]

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.

[fundingsmbs]

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.

you def have a special interest with that company. you have defended them everytime a broker complains. you must either A- get their declines, or B- send them your A paper, or Both- political talk

[StipMeBabyOneMoreTime]

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.

Curious - Did you get it funded elsewhere?

[fundingsmbs]

"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.

[wallerbusiness]

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.

[Davincinc]

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.

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,

[StipMeBabyOneMoreTime]

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,

The scenario you described with Broker A and Broker B is also first to signed contract, no?

[fundingsmbs]

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.

[Sachip24]

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.

[WayUp]

Curious - Did you get it funded elsewhere?

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!

[WestCoastFunding]

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!

BFS is the most disorganized funder I’ve ever dealt with.

[fundingsmbs]

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?

[Jess]

BFS is the most disorganized funder I’ve ever dealt with.

Lol they hired a new CEO who worked at wonga....we know how that ended so maybe they will just throw money out the door like wonga did. I’m sure his mandate is to grow the portfolio.

[fundingsmbs]

Didn't Wonga entertain buying On Deck at one point? So basically, more payday loan culture entering the space