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01-16-2020, 03:49 PM #1
- Join Date
- Jun 2018
- Posts
- 462
Quarterspot
ANYONE ELSE GET A TERMINATION FROM QUARTERSPOT
that QuarterSpot is hereby terminating the Agreement, effective February 15, 2020. QuarterSpot is shifting its business focus and will no longer be originating loans, but will continue to service currently outstanding loans.
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01-16-2020, 03:50 PM #2
- Join Date
- Sep 2019
- Posts
- 402
ISO just forwarded this email to me:
QuarterSpot
QuarterSpot, Inc.
NOTICE OF TERMINATION OF PARTNER AGREEMENT
January 16, 2020
By email, return receipt requested, and confirmed by 1st class mail
Notice is hereby given, pursuant to Section 11 of the Partner Agreement you entered into with QuarterSpot, Inc. (the “Agreement”), that QuarterSpot is hereby terminating the Agreement, effective February 15, 2020. QuarterSpot is shifting its business focus and will no longer be originating loans, but will continue to service currently outstanding loans. You are reminded of your continuing obligations under the Agreement, including, without limitation: (i) no disparagement of QuarterSpot, no conduct harmful to the reputation of QuarterSpot, no press release or publicity regarding QuarterSpot (§2(c)); (ii) no further use of QuarterSpot’s name, logo, trademarks, trade names, etc. (§3(d)); (iii) no use or disclosure of any of QuarterSpot’s “Confidential Information” (as defined in §14 of the Agreement); and (iv) indemnification of QuarterSpot for loss, damage, liability, etc. (§§13, 18). QuarterSpot will abide by its ongoing obligations under the Agreement.
We thank you for referring borrowers to QuarterSpot during the term of the Agreement and we appreciate the opportunity to have worked with you. We wish you much success in the future.
Please reply to this email to acknowledge receipt of this Notice of Termination.
Cordially,
QUARTERSPOT, INC.
Christian Rishel,
President & Chief Operating Officer
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01-16-2020, 03:50 PM #3
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
Sure did
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01-16-2020, 03:56 PM #4
- Join Date
- Dec 2018
- Posts
- 28
This is worst thing ive heard all day ... idk what im gonna do now ... LIKE THEY'RE THE ONLY LENDER IN THE WORLD... lol
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01-16-2020, 04:26 PM #5
- Join Date
- Jun 2015
- Posts
- 3,325
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01-16-2020, 04:44 PM #6
- Join Date
- Dec 2018
- Posts
- 28
You seem like you've done this for a while , im sure youll be fine pal.
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01-16-2020, 04:45 PM #7
- Join Date
- Mar 2019
- Posts
- 105
No I never funded a deal with them. Opened my shop in April though. I found them to be incredibly slow to respond, if at all, and a non-responsive rep so I stopped sending to them. Obviously shops that are not high priority are going to get different treatment but if a relationship starts poor I will not continue it.
I took my 2nd's elsewhere and can't name a single time I lost a deal to Quarterspot because of it.
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01-16-2020, 04:49 PM #8
- Join Date
- Dec 2018
- Posts
- 28
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01-16-2020, 05:18 PM #9
- Join Date
- Jun 2015
- Posts
- 3,325
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01-16-2020, 03:52 PM #10
- Join Date
- Dec 2018
- Posts
- 28
QuarterSpot
QuarterSpot, Inc.
NOTICE OF TERMINATION OF PARTNER AGREEMENT
January 16, 2020
By email, return receipt requested, and confirmed by 1st class mail
Notice is hereby given, pursuant to Section 11 of the Partner Agreement you entered into with QuarterSpot, Inc. (the “Agreement”), that QuarterSpot is hereby terminating the Agreement, effective February 15, 2020. QuarterSpot is shifting its business focus and will no longer be originating loans, but will continue to service currently outstanding loans. You are reminded of your continuing obligations under the Agreement, including, without limitation: (i) no disparagement of QuarterSpot, no conduct harmful to the reputation of QuarterSpot, no press release or publicity regarding QuarterSpot (§2(c)); (ii) no further use of QuarterSpot’s name, logo, trademarks, trade names, etc. (§3(d)); (iii) no use or disclosure of any of QuarterSpot’s “Confidential Information” (as defined in §14 of the Agreement); and (iv) indemnification of QuarterSpot for loss, damage, liability, etc. (§§13, 18). QuarterSpot will abide by its ongoing obligations under the Agreement.
We thank you for referring borrowers to QuarterSpot during the term of the Agreement and we appreciate the opportunity to have worked with you. We wish you much success in the future.
Please reply to this email to acknowledge receipt of this Notice of Termination.
Cordially,
QUARTERSPOT, INC.
Christian Rishel,
President & Chief Operating Officer
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01-16-2020, 03:53 PM #11
- Join Date
- Apr 2017
- Posts
- 96
They said they're still funding our deals. QSpot loves us
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01-16-2020, 04:01 PM #12
- Join Date
- Apr 2017
- Posts
- 96
nvm i just got our official email... i was kidding any way but they just formally sent us the email
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01-16-2020, 04:15 PM #13
- Join Date
- Feb 2019
- Posts
- 35
again....
anybody know what happened?
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01-16-2020, 04:18 PM #14
- Join Date
- Jan 2018
- Posts
- 353
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01-16-2020, 04:24 PM #15
- Join Date
- Jun 2018
- Posts
- 462
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01-19-2020, 11:16 PM #16
- Join Date
- Dec 2018
- Posts
- 19
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01-16-2020, 04:37 PM #17
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,490
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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01-16-2020, 09:05 PM #18
- Join Date
- Sep 2019
- Posts
- 402
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01-16-2020, 04:23 PM #19
- Join Date
- Mar 2019
- Posts
- 105
Received the same thing and can not say I am surprised.
Did anyone have a positive experience with Quarterspot? They were by far and away my least favorite to work with.
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01-16-2020, 04:28 PM #20
- Join Date
- Jun 2015
- Posts
- 3,325
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01-16-2020, 04:56 PM #21
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,490
In all seriousness..... based on what happened there earlier this year, why in the world would anyone do business with them after reading the court records???
Know your customer...know your referral sources....know your sources of capital!!!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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01-16-2020, 05:00 PM #22
- Join Date
- Mar 2019
- Posts
- 105
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01-16-2020, 05:19 PM #23
- Join Date
- Jun 2015
- Posts
- 3,325
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01-16-2020, 06:44 PM #24
- Join Date
- Nov 2018
- Posts
- 24
Mulligan, CAN, OnDeck (if score above 700), IOU, etc will all fill the gap.
Closed a 150k 3rd position with OnDeck earlier this month, if the credit score is high enough they're not worried about payoffs.
Closed a 200k 12 mo with IOU that had a 1.18 buy rate... They didn't disclose my points either. I closed a few deals with QS but they won't be missed.
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01-17-2020, 11:02 AM #25
- Join Date
- Aug 2016
- Posts
- 275
Did any one see the savage email blast IOU sent right QS news broke?
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