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10-23-2019, 02:19 PM #1
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Opinions Needed. Funder declined then funded. Unethical or standard practice?
I had a deal that was declined for low revenue in MTD and lender funded it under a month later. I'm pissed and feel almost as if I was backdoored. Is this normal?
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10-23-2019, 02:33 PM #2
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No! Put the lender on blast!!!
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10-23-2019, 02:34 PM #3
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Its a tough situation. You have to see what that company's policy is. Some have it locked at 30 days after declining of signed docs others have it at 2 weeks. I would investigate because way too many people like to jump to accusations of backdooring without knowing the story. For all you know MTD looked better after a few weeks and another ISO had still been pursing it, or maybe heavy syndication was required. Not saying the situation doesn't suck but it definitely happens.
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10-24-2019, 01:30 PM #4
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10-24-2019, 01:42 PM #5
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Here’s the thing, what if a merchant that normally does $100,000 a month only is showing $5,000 in deposits in the MTD on Oct 15 leading to a decline, but a week later the file is submitted using another broker showing $75,000 in deposits in the MTD on Oct 22 after a bunch of deposits the previous week?
If something like that happens I’m not sure if the funder is at fault.
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10-24-2019, 02:03 PM #6
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10-24-2019, 02:26 PM #7
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Yea. I would BLAME YOU, the Broker. You should of followed up, Gotten that MTD and resubmitted it yourself.
Your throwing around the term Backdoor, THIS IS NOT A BACKDOOR.
This is ****ing REHASH - shame on you
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10-24-2019, 02:43 PM #8
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definitely ****ing backdoored, it was me. thanks for the free money. rule number one: never let a sucker keep his money....rule number 2: a fool and his money are soon parted
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10-24-2019, 03:02 PM #9
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I actually personally Backdoored this specific deal as well. I love backdooring deals, it keeps my fat feet fed and my stomach satisfied.
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10-24-2019, 03:20 PM #10
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10-24-2019, 03:26 PM #11
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Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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10-24-2019, 05:02 PM #12
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LOl all jokes aside, if you get backdoored you need a better locksmith
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10-24-2019, 05:47 PM #13
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10-25-2019, 11:40 AM #14
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