[fromano590]

Quarterspot, no longer funding. This was expected but yeh..

[mcaguru]

Stock up on the popcorn ....

[BROKER TIME]

Stock up on the popcorn ....

will mantis be next?

o wait they dont fund directly they kill every deal and shop **** out

[Showmethemoney]

will mantis be next?

o wait they dont fund directly they kill every deal and shop **** out

true #facts

[mcaguru]

Mantis keeps growing however to be honest its hard to know if its the markets appetite fueling the growth or other funders pulling back ?

[ADiamond]

LINK TO STORY

NEW YORK, April 04, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of investors that subscribed to limited partnership interests in Direct Lending Income Fund, L.P. (the “Partnership”) or Direct Lending Income Feeder Fund, Ltd. (the “Offshore Fund,” and collectively with the Partnership, the “Funds”) (for which Direct Lending Investments, LLC (“DLI” or “the Company”) acted as an investment adviser), from January 18, 2015 through March 19, 2019. Our investigation concerns whether DLI has violated the federal securities laws and/or engaged in other unlawful business practices.

On March 22, 2019, the Securities and Exchange Commission (“SEC”) charged DLI with falsifying payment information for QuarterSpot, Inc. (“QuarterSpot”), resulting in the company’s overstatement of the valuation of its position in QuarterSpot by an approximate cumulative amount of $53 million, overstatement of the Fund’s returns between 2014 and 2015, and making $11 million in over-charges of management and performance fees to the Funds.

Specifically, the SEC alleged that Brendan Ross (“Ross”), DLI’s owner and then-chief executive officer, arranged with QuarterSpot to falsify borrower payment information for QuarterSpot’s loans and to falsely report to DLI that borrowers made hundreds of monthly payments when, in fact, they had not. The SEC alleges that many of these loans should have been valued at zero, but instead were improperly valued at their full value.

On March 19, 2019 DLI announced to Fund investors that its position in QuarterSpot may have been materially overstated for a period of years, and that, following the request of DLI’s management committee that he take a leave of absence, Ross had formally resigned all positions at DLI on March 18, 2019 and had ceded control to its management committee.

[matt.estes]

I called Quarterspot because I was curious about all the back and forth on Dailyfunder.

I spoke with the Quarterspot team yesterday around Noon ET. I was told directly that they're still funding, but are about 24-48 hours slower between approval to cash wired.

Would love to hear a source for "no longer funding".

[mcaguru]

Interesting indeed. I wonder than why the delay? Do they need to get approval and a buyer of the note ? ..not speculating i'm simply asking >?!

[Kevin Henry-Seacoast]

I called Quarterspot because I was curious about all the back and forth on Dailyfunder.

I spoke with the Quarterspot team yesterday around Noon ET. I was told directly that they're still funding, but are about 24-48 hours slower between approval to cash wired.

Would love to hear a source for "no longer funding".

Matt,

Did you ask if they obtained a new credit facility from someone? It seems their current credit facility lender is in receivership.

[newunderwriter007]

Interesting indeed. I wonder than why the delay? Do they need to get approval and a buyer of the note ? ..not speculating i'm simply asking >?!

Maybe they are low on funds and need to make sure they have enough in the bank?

[matt.estes]

Matt,

Did you ask if they obtained a new credit facility from someone? It seems their current credit facility lender is in receivership.

They were not willing to share this information with me. I understand all of the context around the rumors.

And Quarterspot isn't necessarily incentivized to tell me the truth. That's why I'd like to understand real sources, i.e. was an ISO told directly by their rep at Quarterspot that they're no longer funding?

[Kevin Henry-Seacoast]

They were not willing to share this information with me. I understand all of the context around the rumors.

And Quarterspot isn't necessarily incentivized to tell me the truth. That's why I'd like to understand real sources, i.e. was an ISO told directly by their rep at Quarterspot that they're no longer funding?

Matt,

I don't know anyone there that would be able to confirm if they are funding or not, but from the court documents filed....this is not a pretty case in receivership. It seems management helped their lender by inflating returns. The fund that was lending to them is now in receivership. Considering the receivership happened sometime in April, I highly doubt they found a new line that quickly. Considering they were mentioned in the court documents inflating returns, they might have a difficult time finding a new lender. Perhaps they have partnered with another funder on deals, but they may need the receiver's permission to do so.

[mcaguru]

Kevin may be onto something ..Lets put it like this if a funder was implicated in fudging the numbers and they were a publicaly traded company the stock would be doing a cat bounce by now. (i am in no way saying QS was involved in fudging numbers)

[Advance Smart]

My rep says they are funding, we have a renewal in the works with them right now that we just started today. I can update once I see how they process this one.

[mcaguru]

Advanced Smart has been in the space for a very long time his update will be on the money!

[Kevin Henry-Seacoast]

Kevin may be onto something ..Lets put it like this if a funder was implicated in fudging the numbers and they were a publicaly traded company the stock would be doing a cat bounce by now. (i am in no way saying QS was involved in fudging numbers)

READ THE COURT DOCUMENT!

Specifically, the SEC alleged that Brendan Ross (“Ross”), DLI’s owner and then-chief executive officer, arranged with QuarterSpot to falsify borrower payment information for QuarterSpot’s loans and to falsely report to DLI that borrowers made hundreds of monthly payments when, in fact, they had not. The SEC alleges that many of these loans should have been valued at zero, but instead were improperly valued at their full value.

[mcaguru]

yep based on that its does not seem like it can end well.

[CapitalF]

Quarterspot funded my deal today after merchant completed online agreements last Friday 4/26/19. They lowered my commission for no given reason and took 1.5% for themselves (from the already low 6% max upsell) delete this.png

[omegafund]

Quarterspot was one of those honest funders right?

[CapitalF]

Upate

CapitalF: Nice job on getting this done, but you guys should be paying me 6% on this one.

QS: We should but we couldn’t. We will pay you an extra 2 points on your net two deals to make up for this.

IMO If a funder can not give a specfic time of when the deal will move forward after all requested stips are in, or the ISO rep doesn't know why a deal is delayed 3 days, that funder will not be able to sustain ISO business.

[matt.estes]

My rep says they are funding, we have a renewal in the works with them right now that we just started today. I can update once I see how they process this one.

Thanks - very curious.

[Advance Smart]

Thank you Marcus, anytime Matt. It looks like CapitalF had a deal fund with them today. Ill update asap.

[KINGCASH]

I called Quarterspot because I was curious about all the back and forth on Dailyfunder.

I spoke with the Quarterspot team yesterday around Noon ET. I was told directly that they're still funding, but are about 24-48 hours slower between approval to cash wired.

Would love to hear a source for "no longer funding".

It's been 6 days on 100+ signed thus far with no funding..

[Winning]

Quarterspot funded my deal today after merchant completed online agreements last Friday 4/26/19. They lowered my commission for no given reason and took 1.5% for themselves (from the already low 6% max upsell) delete this.png

Damn, seeing what you all make on deals makes it look so enticing to get into this business.

But like with most things... The success looks really really good, when I don't know the process!!

But dang lets say you could do this a week, 3622.50 x 52 = $188,377.

I am sure some of you all of doing this 3 or 4 time a week..


Jesus Christ... I maybe working to hard, and have to much overhead, compared to how you guys are crushing it.

[mrmrg]

Damn, seeing what you all make on deals makes it look so enticing to get into this business.

But like with most things... The success looks really really good, when I don't know the process!!

But dang lets say you could do this a week, 3622.50 x 52 = $188,377.

I am sure some of you all of doing this 3 or 4 time a week..


Jesus Christ... I maybe working to hard, and have to much overhead, compared to how you guys are crushing it.

For a person claiming to be a "merchant" you sure seem very curious about getting into the industry. ****ing piker.