[abfunders]

So we had a client last week. Two locations, got her a $25k approval over 7 months from CDG, first position, 1.42 sell rate. Turns out that this was a cross-collateralization.

On the funding call, they asked her if she had accepted funding in the last 30 days, she said no.

They had noticed an inquiry from Fundzio (Bitty) on that Thursday. So it was Friday, they pushed it off. On Monday, they noticed a $5100 incoming credit into the other business account that they were NOT funding, which matches Bitty's box, so they waited until Tuesday to fund to see if it was a deposit or a cash advance, since this was a cross-collateralization. It was Bitty.

I assumed that the merchant made a mistake, I went elsewhere to fund the larger of the 2 LLC's. UFS $13k offer, while I was waiting for another offer, client asked us for contracts, the other funder rejected, contracts out, contracts in, call for bank login, and guess what? $6k from Mantis was sitting there. There was another broker involved.

Client tried double-funding themselves TWICE and failed. Instead of $25k over 7 months at a 1.42, she ended up with $11k over 3 months at a 1.49 (minus fees....)

Thank goodness this did NOT work out for me the broker. It for sure would have been clawed back.

[DannyFoxCap]

What was the industry?

[abfunders]

Cannabis-related

[BROKER TIME]

Cannabis-related

they must have been hi

[A+Paper]

I've seen this 5x in the last 30 days. Mantis and Vader were both bit hard and fell for it.

[Nunya]

I've seen this 5x in the last 30 days. Mantis and Vader were both bit hard and fell for it.

Sounds like DOUBLE DIGIT LOSSES

[Chambo]

Question is,....have the merchants become wiser to the process, or are they getting coached by an ISO?

[TedFundy]

Cannabis-related

Sounds about right!!