[BROKER TIME]

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.

[SFC]

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.

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

[sigmundpannu]

Sure did

[tommyC]

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

[MadisonParker]

They said they're still funding our deals. QSpot loves us

[tommyC]

This is worst thing ive heard all day ... idk what im gonna do now ... LIKE THEY'RE THE ONLY LENDER IN THE WORLD... lol

[MadisonParker]

nvm i just got our official email... i was kidding any way but they just formally sent us the email

[TopCapital]

again....

anybody know what happened?

[Cashman1]

again....

anybody know what happened?

Yes when people are lending at 49 percent for 60 days and you lend for 12 months at 25 percent you get fuqed!!!

[ryanh]

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.

[BROKER TIME]

Yes when people are lending at 49 percent for 60 days and you lend for 12 months at 25 percent you get fuqed!!!

i think less people funded with them because the clients sees what you make
why would you wanna fund with them makes our job much harder

will say minimal stips with them

[Michael I]

This is worst thing ive heard all day ... idk what im gonna do now ... LIKE THEY'RE THE ONLY LENDER IN THE WORLD... lol

You obviously dont have a renewal book with them. Who is the funder to move the non retail second positions to?

[Michael I]

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.

beside the hiccup last year when they vanished , Everything was positive

[Hedley Lamarr]

again....

anybody know what happened?

Gravity can be a *****!

[tommyC]

You seem like you've done this for a while , im sure youll be fine pal.

[ryanh]

You obviously dont have a renewal book with them. Who is the funder to move the non retail second positions to?

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.

[tommyC]

You obviously dont have a renewal book with them. Who is the funder to move the non retail second positions to?

You seem like you've done this for a while , im sure youll be fine pal.

[Hedley Lamarr]

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!!!

[ryanh]

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!!!

I just had the chance to read those and was unaware. Sheesshhh

[Michael I]

You seem like you've done this for a while , im sure youll be fine pal.

lol doesnt mean it doesnt hurt. They are under 5% of my business . My point is when mcc,ameri merchant went down every merchant was easily replaced by ondeck fora credibly rapid etc.. With qs it wont be as easy.

[Michael I]

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!!!

if only it was that easy. I do not know one funder that will honestly share all their sources of capital

[budlightboy]

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.

[SFC]

again....

anybody know what happened?

https://www.bloomberg.com/news/artic...lating-returns

[moneygreen]

Did any one see the savage email blast IOU sent right QS news broke?

[JTS-MCA]

Wait ....1.22-1.24s on 12 months paying 6-8 points on 1st and 2nds dont work?! Who would of ever guest that this model wouldnt work?!?! At our office we called them "Crazy Spot", the broker shop funded their deals no problem but we had no idea how they can give those types of offers.