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09-22-2014, 11:32 AM #1
- Join Date
- Aug 2014
- Posts
- 187
Payoff letters.....
Hi guys! Hope everyone is slaving away with a sweaty handset pressed to their face, CLOSING!
I have question - is a funder obligated to deliver a payoff letter? I've been having trouble getting a couple of them to do so, and prior to shaming them in public here I thought I'd try to get some color.
Thanks!
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09-22-2014, 11:50 AM #2
I know that some funders will not provide a payoff letter unless the merchant requests the payoff themselves, but I would be sure to be on a 3-way call with them when they do call in.
Jeannette Nearing | Business Development Officer| AmeriFactors
| M (770) 362-2307
jnearing@amerifactors.com |
http://www.amerifactors.com
https://www.linkedin.com/in/jeannettenearing
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09-22-2014, 04:23 PM #3
- Join Date
- Jan 2013
- Location
- Berlin, CT
- Posts
- 191
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09-22-2014, 04:31 PM #4
it really depends on the bank and the deal. If you ask for a payoff letter from a bank on a deal that has not performed well you will be amazed how fast they get it for you. The same time the opposite is also true, if you ask for a payoff letter on a good deal that has performed well. In that case they are going to take their time and give the in house renewal department a chance to try and get the deal done so they can keep the deal in house
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09-22-2014, 05:06 PM #5
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
have merchant tell lender the attorney can request it. Always comes shortly after
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09-23-2014, 04:24 PM #6
- Join Date
- Apr 2014
- Posts
- 781
viking played a game with this...customer aske for a letter was told thursday and i called friday and was given a hard time..my customer was pissed and works on the road and asked me to help him. Then Monday, john dilorenzo gave my customer a song and dance and high sales pitch..really?? The customer just wants to pay it off with his mothers inheritance
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09-24-2014, 01:28 PM #7
- Join Date
- Aug 2014
- Posts
- 187
Like that trick, omegafund.
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