[McoupeBobby]

I was about to submit a deal to National Business Capital but I heard they require merchants to fill out their own application.
None of the lenders we work with require this.
Is this normal for National, or does this have backdoor written all over it?

[Lmonus]

The National? As in the big 1st position National? Thats National Business Funding, not "Business Capital" Am i right? if not someone correct me.

Think your getting scammed man.

[McoupeBobby]

The National? As in the big 1st position National? Thats National Business Funding, not "Business Capital" Am i right? if not someone correct me.

Think your getting scammed man.

https://www.national.biz/ <---
That's what I assumed...

[Lmonus]

Ill be honest man, i havent submitted a deal to any funder in years so i could be wrong. But for any funder to request their own app be filled out in this day and age seems weird.

[WestCoastFunding]

If they require that their own application be filled-out it’s because they’re brokers. They can’t submit to most places if they don’t have their name on it, so they require their own app filled out. It’s really just that simple.

[Kevin Henry-Seacoast]

We require business owners to fill out our application. We cannot use someone else's for underwriting.

We are a little bit different in that we are owned by a bank.

KH

[abfunders]

At least Kapitus requires their own app before submitting to their "marketplace" and they're up-front about it.

While we're on the topic, I'll hijack it, why do almost all factoring companies always require their own app?

[Kevin Henry-Seacoast]

At least Kapitus requires their own app before submitting to their "marketplace" and they're up-front about it.

While we're on the topic, I'll hijack it, why do almost all factoring companies always require their own app?

Micah,

We require it as we are a division of a bank. We are also requesting information on our application that most brokers or advisors never ask.

We do not pull credit unless a proposal is signed.

[abfunders]

Kevin, I get it, all 3 that bank-owned factors I work with require it. I can understand that excuse. It's that even the privately non bank-owned factors require it.

[WestCoastFunding]

https://www.national.biz/ <---
That's what I assumed...

They’re website says they’re a marketplace of 75 funders. That should answer your question.

[Kevin Henry-Seacoast]

Kevin, I get it, all 3 that bank-owned factors I work with require it. I can understand that excuse. It's that even the privately non bank-owned factors require it.

Micah,

Again....most are asking for information that is neither asked by brokers or found on their applications.
-Amount of customers and who are they.
-How many monthly invoices?
-Average Days Outstanding on Invoices.
-Any outstanding liens or lawsuits?

Also-Most of the non-bank factoring companies have lines of credit from banks. Their covenants on the line may require what they can and cannot do up to and including using someone else's application.

Now put your legal hat on...... If you went after someone that defrauded you, a judge would likely laugh you at of a court room for not using your own application.

[Zonefund]

I was about to submit a deal to National Business Capital but I heard they require merchants to fill out their own application.
None of the lenders we work with require this.
Is this normal for National, or does this have backdoor written all over it?

Dont send a deal.

Sent one, 45-50 days later the rep backdoored it, funded him 135k.

They're not honest. This was when i was a young small stupid broker. Do not make the same mistake.

Stay away from weadvancenow.com too...