Results 1 to 19 of 19
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09-24-2019, 08:20 AM #1
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
Is this okay?
I won't name the lender just yet (let's call them Lender A). I funded a renewal with Lender A. It was a very smooth funding, and this has been a repeat client several times. It was a smooth process until it comes time to get paid. I get an email two days after funding being told that this lender is no longer able to release commission without a California Lender/Broker license. Now, every lender is different. Some are known to require it and decline the submission upfront unless the license is on file (Rapid, QuarterSpot, Kapitus, etc.) and others don't require it. Lender A decided to make no mention of this requirement at all during the renewal and funding process until AFTER the deal was already done. Now I'm out several thousands of dollars and I can barely get anyone to communicate with me at the company (this is a very well known lender as well).
Am I out of place to think this is wrong on their part?
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09-24-2019, 09:06 AM #2
- Join Date
- Jun 2017
- Posts
- 2,049
I know LoanMe does this. They will Fund the deal like everything is fine, then BAM, No Commission.
I do find it odd being a renewal though, like they paid you on the initial funding? Correct?
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09-24-2019, 09:21 AM #3
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
Yep. That's fine that they changed their policies, but my beef is that they didn't want to say anything until the deal is funded and locked in with them again. Then they decided to address the license. I would have placed the file elsewhere if they weren't going to pay me.
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09-24-2019, 09:27 AM #4
- Join Date
- Jun 2019
- Posts
- 78
Sounds like QS, Ive been hearing of ISO in similar situation with them. I did also ask was there any email notification to the CA Lic and they said yes, timing was off for some and others they were notified ahead of time. Are you sure you didnt get an email notification regarding this in spam etc?
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09-24-2019, 09:28 AM #5
- Join Date
- Jun 2015
- Posts
- 3,321
find someone with a license and have them send it to him and than him to you. pay him a couple of hundred for the help
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09-24-2019, 09:31 AM #6
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
I'll double check but I find it strange that two days after funding I would then get a mass email from their BizDev VP to the ISOs. I addressed this to them directly and they made no mention of any other wide email announcement sent. If they did then I wouldn't have a case. I'm not unreasonable.
Last edited by rdgllc; 09-24-2019 at 11:52 AM.
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09-24-2019, 09:34 AM #7
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
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09-24-2019, 11:33 AM #8
- Join Date
- Apr 2018
- Posts
- 178
At this point I think you should feel obligated to say who the Lender is, so that we can avoid using them in the future. It just seems like another example of some Lenders being predatory.
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09-24-2019, 11:49 AM #9
Not ok. Funders need to be transparent.
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09-24-2019, 12:05 PM #10
- Join Date
- Aug 2017
- Location
- NYC/Miami
- Posts
- 112
Eli S.
FOx Business Funding
Iso manager
347. 562. 8796
elis@foxbusinessfunding.com
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09-24-2019, 12:22 PM #11
- Join Date
- Jun 2019
- Posts
- 287
Who's the lender!?
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09-24-2019, 12:25 PM #12
- Join Date
- May 2018
- Posts
- 199
Charles Frazier
President
Sapphire Capital Group
p: 917-781-2232
m: 917-783-5634
w: www.Sapphirecapgroup.com
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09-24-2019, 02:31 PM #13
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
It's Quicksilver.
I'm not trying to cause problems. Just wanted to get the industry's opinion on the matter.
I went back in my emails to see if there was any notice sent out previously that I missed, and I didn't find anything. The only thing I found was the BizDev VP at the time asking me if I was licensed when I renewed this same merchant several months ago (again it was brought up AFTER the funding). I stated I was in process with the license and provided proof of that and they paid me.
I guess this is my fault now that I think of it. I should have asked them first before proceeding with the renewal, but they conveniently didn't say anything either until it was funded. That's my issue that I have right now.
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09-24-2019, 02:53 PM #14
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
They literally just sent this message out Weds 9.18 from Quicksilver... I've bumped into a couple of issues with that company. They've negotiated their own renewal deals (at their own discretion without letting me know), they like to speak to you like you're a schmuck, and maybe at one point they were doing big things... but it seems to me that something smells fishy with this company. Just my humble opinion. Cut them out of your roster, you'll do better.
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09-24-2019, 03:25 PM #15
- Join Date
- Jun 2019
- Posts
- 78
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09-24-2019, 03:39 PM #16
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
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09-24-2019, 03:57 PM #17
- Join Date
- Oct 2016
- Posts
- 4,318
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09-24-2019, 04:11 PM #18
- Join Date
- Mar 2014
- Posts
- 12
My info is below
Feel free to reach outMichael Puderbeutel- CEO
o- 866-629-4464 x 207
f- 917-368-6943
[email]michael@quicksilvercap.com.com/email]
www.quicksilvercap.com
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09-24-2019, 04:37 PM #19
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180