[xpresscap]

I have a client who was approved for $200k with Loanme but instead took $15k in order to get a lower rate the second time on funding. He made one payment and then paid the loan in full in 60 days. I resubmit him for funding and they approve him for 200k again but then at the last minute decline him. They said he was declined indefinitely which doesn't make sense since he has an SBA loan that he is current with as well as 800 FICO score. NO BKS or judgement and has been operating his business for over 13 years. It doesn't make sense to decline someone forever when they are clean and had a previous relationships with them. They wouldn't explain the reason to myself or the client. Has this happened to anyone else?

[Michael I]

Yes with fraud,although in your case doesn't make sense it was fraud

[abfunders]

I had two clients who were perfect for LoanMe, but they messed it up and had the non-owner speak to the LoanMe rep and then when they heard either coaching or some confusion about who the real person was, they declined it and, well, they messed it up.

I say go with UBLOCs for this clent. LoanMe is an expensive option if the client truly qualifies for a LOC.

[DTFdowntofund]

I almost started a thread on this. Loan me is completely off their game. A year ago they were killing it, the easiest process I've ever seen before in the industry. Now? they can't close a door.

In the last 30 days I underwrote 8 deals, perfect for them and completely in their wheelhouse.. and between errors on their end, time wasting (one deal took 9 days of pulling teeth / 3 diff reps), and incompetence, none of them came to fruition. They don't seem to be hungry anymore like they once were, and decline deals for reasons that make no sense, or they don't give explanations at all.

I no longer submit to them.

[Nunya]

It's funny to read about funders that are "killing it" and six months or a year later their underwriting is super tight. Sounds like they're reeling from some defaults back from when they were "killing it".

[omegafund]

I have a client who was approved for $200k with Loanme but instead took $15k in order to get a lower rate the second time on funding. He made one payment and then paid the loan in full in 60 days. I resubmit him for funding and they approve him for 200k again but then at the last minute decline him. They said he was declined indefinitely which doesn't make sense since he has an SBA loan that he is current with as well as 800 FICO score. NO BKS or judgement and has been operating his business for over 13 years. It doesn't make sense to decline someone forever when they are clean and had a previous relationships with them. They wouldn't explain the reason to myself or the client. Has this happened to anyone else?

Lme if their computer says it they will comply. Not real manual UW so they are impossible to work with. I only send deals to them I dont care what happens.
800 fico and current SBA should not be going to loanme for money, we have other term loan options for them

[DTFdowntofund]

It's funny to read about funders that are "killing it" and six months or a year later their underwriting is super tight. Sounds like they're reeling from some defaults back from when they were "killing it".

Agreed, I understand spike in default rates and how you need to tighten up the uw criteria afterward. But when you charge 194% I don't know how picky you can really get.

[Don Dolla]

The merchant outsmarted himself, ouch!!

[ryan $]

LoanMe wants people to go full term. Obviously.

They may have said screw it. 2nd Time around = Less of an Origination Fee. That plus they may have viewed it as an inhouse deal already, whole number of stuff could have come up.

But Paying off in 60 Days..... Minus the Origination Fee, Plus a Broker Commission..... all the math leads up to..... a Decline.

Keep in mind the Origination Fee is Cut Drastically the 2nd time they take Money. That Plus Still Paying broker Commission and predicting it will be paid off in 60 Days?????

DO THE MATH

[Franklin]

LoanMe wants people to go full term. Obviously.

They may have said screw it. 2nd Time around = Less of an Origination Fee. That plus they may have viewed it as an inhouse deal already, whole number of stuff could have come up.

But Paying off in 60 Days..... Minus the Origination Fee, Plus a Broker Commission..... all the math leads up to..... a Decline.

Keep in mind the Origination Fee is Cut Drastically the 2nd time they take Money. That Plus Still Paying broker Commission and predicting it will be paid off in 60 Days?????

DO THE MATH

This is definitely on point.



The other scenario doesn't apply here most likely, but its a technique unscrupulous individuals use to get over on lenders, where they borrow small amounts of money
and pay it back quickly, develop a positive pattern, and then borrow a large amount and disappear.












www.UccRadar.com - All the Time

[xpresscap]

I understand everyone's points but they told the client he could take less in order to receive a lower origination fee the second funding around because the client was rate sensitive. LoanMe used the lower amount as selling technique to close my client. They even told me the plan they had in regards to him taking less to get more next time and have a lower rate.

I also believe they wanted to cut me out as the broker because the sales agent told my client to contact him directly to get his second loan done which would of removed myself out of the deal but instead my client came back to me and I submitted him directly to the portal. They told me I had to resubmit him myself once the loan is paid off in order to receive the commission on the second funding.