[Michael I]

Michael they clearly sent merchant a pre qual for $50k at 1.12 12 months weekly payment. Most likely no underwriting was done, and they punched in revenue in pre qual calculator to spit out offer. Get the merchant all excited for this 12 month offer and weekly payments, that nobody else is offering because of multiple nsf's each month. Merchant signs psf, than the real underwriting begins and is qualified for $30k 1.45 80 payments. However, the psf is signed and secured first, shame shame shame. If i am not mistaken they may use the colonial platform for funding, correct me if I am wrong. Or they did in the past

i agree with you if that is what they are doing .what i am saying is if i am getting someone a traditional type of loan where i am allowed to get a fee, i get that signed first before the connection .if it does not work out and than i get him an mca , i will never charge him that fee or swing it over him.
not sure what they are doing here.

[abfunders]

What Michael says is true, and I assumed that PMF isn't playing games like that, and they don't have to pay on "approved amount." Until the fee sheet is shown, I'm going to say innocent until proven guilty.

[abfunders]

I don't know why anyone has to stick up for PMF against stackcity. This is a time-waster. Nobody has any idea what the fee agreement said, and we don't know what the agent pushed or said, and the most we have is a cute advertising technique, that the client will decide was a bait and switch, or not. It's just a matter of if you want to cultivate the relationship, or if you want to have a one-time relationship and walk away. I had that with my mortgage broker (years before I started in the industry), and I would never recommend him again, but he got paid 1.5% on the approved amount (not the taken amount!). The way he didn't support me on an issue I had with my bank, and insulted and blamed me, was just obnoxious.

Conjecture isn't productive.

Let's talk about this:

I just saw a situation where the ISO wanted to sweet-talk a PSF to the merchant after the deal was closed and funded already. What does the forum think about that? Apparently they do this all the time (probably thanks to DocuSign contracts).

[pcfunder]

I don't know why anyone has to stick up for PMF against stackcity. This is a time-waster. Nobody has any idea what the fee agreement said, and we don't know what the agent pushed or said, and the most we have is a cute advertising technique, that the client will decide was a bait and switch, or not. It's just a matter of if you want to cultivate the relationship, or if you want to have a one-time relationship and walk away. I had that with my mortgage broker (years before I started in the industry), and I would never recommend him again, but he got paid 1.5% on the approved amount (not the taken amount!). The way he didn't support me on an issue I had with my bank, and insulted and blamed me, was just obnoxious.

Conjecture isn't productive.

Let's talk about this:

I just saw a situation where the ISO wanted to sweet-talk a PSF to the merchant after the deal was closed and funded already. What does the forum think about that? Apparently they do this all the time (probably thanks to DocuSign contracts).

I hate asking for a PSF after the deal is funded. I know people who do that and it makes no sense to me "congratulations on your funding! oh and by the way your going be charged a 5% facilitation fee for the funding"

[stackcity_4208]

I don't know why anyone has to stick up for PMF against stackcity. This is a time-waster. Nobody has any idea what the fee agreement said, and we don't know what the agent pushed or said, and the most we have is a cute advertising technique, that the client will decide was a bait and switch, or not. It's just a matter of if you want to cultivate the relationship, or if you want to have a one-time relationship and walk away. I had that with my mortgage broker (years before I started in the industry), and I would never recommend him again, but he got paid 1.5% on the approved amount (not the taken amount!). The way he didn't support me on an issue I had with my bank, and insulted and blamed me, was just obnoxious.

Conjecture isn't productive.

Let's talk about this:

I just saw a situation where the ISO wanted to sweet-talk a PSF to the merchant after the deal was closed and funded already. What does the forum think about that? Apparently they do this all the time (probably thanks to DocuSign contracts).

Well did PMF come on and explain ? This is a forum to discuss all issues and things happening in our space? Does abfunders have a personal interest to defend PMF?

I am sure they have reps here that can explain? Are you a rep ?

Or would you like things like this to happen to other isos as well? (if the iso is stating the facts of what happening with PMF)

[therosefunder]

Well did PMF come on and explain ? This is a forum to discuss all issues and things happening in our space? Does abfunders have a personal interest to defend PMF?

I am sure they have reps here that can explain? Are you a rep ?

Or would you like things like this to happen to other isos as well? (if the iso is stating the facts of what happening with PMF)

yeah they did sachip

[DirectFunders]

Premium Merchant Funding is a big ISO company out in New York but have brokers working around the world, even in Israel. They have a lot of inbound leads and young and aggressive reps there. Just be on top of your deals as some reps can slip and try to cut "others" out.

[abfunders]

Cute - stackcity sounds like Lewendowsky did at Congress. Blaming lawyers for being too good while they're showing flaws in the argument, and making it personal. Before you came, I've done that on the forum a bunch, I don't like it when unsubstantiated rumors turn into facts. Poke holes in claims that aren't backed up by facts. Keeps honest people honest.

Admittedly, when I stick up for truth, it gives me a good name, so funders (and other brokers I've worked with here) will have good reasons to want to keep working with me.

Speaking of which.... Nick @ IOU is fantastic!! Hope everyone is signed up with them. They got really creative on a file which I really wasn't expecting from a funder who is a bit more institutional in nature and name!

[stackcity_4208]

Cute - stackcity sounds like Lewendowsky did at Congress. Blaming lawyers for being too good while they're showing flaws in the argument, and making it personal. Before you came, I've done that on the forum a bunch, I don't like it when unsubstantiated rumors turn into facts. Poke holes in claims that aren't backed up by facts. Keeps honest people honest.

Admittedly, when I stick up for truth, it gives me a good name, so funders (and other brokers I've worked with here) will have good reasons to want to keep working with me.

Speaking of which.... Nick @ IOU is fantastic!! Hope everyone is signed up with them. They got really creative on a file which I really wasn't expecting from a funder who is a bit more institutional in nature and name!

sorry for the delay, working deals. seems you are trying to convince the wrong person. minus today, 7 days left for the month for funding. i have said my peace, bad tactics, if what the iso states is valid. Hope you get a nice dinner voucher from PMF