[fundgorilla]

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!

[@jeannette]

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.

[GRP Funding]

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.

Agreed. Most companies require that the request comes from the merchant.

[J.Celifarco]

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

[omegafund]

have merchant tell lender the attorney can request it. Always comes shortly after

[golf2014]

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

[fundgorilla]

Like that trick, omegafund.