[michaelh]

Guys I was wondering who you think some of the worst funders are in the Business. I have had the worst experience I have ever had with New Erafunding. We do about 4 million a Year in Loans and this funder claimed to take second and thirds and how to fund clients. I have gotten approvals on 8 deal form this group contracts and stips signed and never gotten a deal funded with these guys. The last straw was a deal where a customer was looking for a third. They sent an offer for 8800 - small but the customer needs to buy more inventory. It took me a day to get the contracts and never got return emails when I sent them back in and I figured that something was up so I sent the deal to 2 other lenders. I got offers from these funders for 18k and 20 k. I sent New Era an email say close and fund the file or i will send it to the other funders. Here is the email I got back from this funder. Need I say More

Michael,

Please call me tomorrow morning as there is something I need to discuss with you regarding this deal.

tyler johnson

[Meo35]

I don't really know who stacks up as the "worst funder" in our space.

I can tell you though, in my opinion, New Era has done everything they say they would do. I get answers within hours, contracts immediately and commissions on time.

My opinion, they are a good partner! If you don't like someone, keep it to yourself. Why do people like to throw stones in glass houses?

[J.Celifarco]

I am all for throwing people under busses IF they deserve it.. Also if you are going to do it, you better be right because if not people hold grudges and have very long memories

[funded]

Worst ISO should be gulf Co leasing telling merchants not to say there getting funded by 4 lenders at the same time Shame on u and don't be upset at new era because u got caught red handed by new era

[Tyler]

This is what actually happened (and not what GulfCo omitted),

GulfCo requested contract at 3:29pm on sept 29 and one was sent to him at 5:10pm on the same day. The next day GulfCo sends us demanding we increase the offer after presenting us another contract from another lender. Our policy is not be shopped around especially after the ISO has requested the contract. GulfCo then sends us a response (via strongman tactic) to match the amount and rate or he would get it funded with the other company. We refused to negotiate with him....and this is why he's here.

The bottom line is GulfCo has developed a consistent pattern of shopping deals even after he received a contract to other lenders (as indicated by credit pull on the merchant) prior to funding, he consistently pits one lender against another (aka mercenary) even after he stated he wanted to establish a good relationship with us, has tried to get us to fund 2 fraudulent deals when it was very obvious the nature of the merchant, and lastly, Michael was not truthful about his claim: We gave him 8 approvals (over the period) which he only requested 3 contracts (2 of them were of fraudulent nature). Not the type of broker who communicates clearly nor values good relationships with their lender.

New Era Lending has a reputation on giving quick solid offers and funding quickly with brokers that value a lender that is flexible and reasonable; we are proud of that reputation. We have other referral partners and brokers that have a completely different experience than him and enjoy working with us. At the end of the day, we know time is a valuable component and it means making or losing money to brokers. We help our brokers make money.

[michaelh]

No response for 5 hours then the contract - Returned the contract the next day and no acknowledgement was every received Tyler emails have time date stamps. After no response for hours submitted the deal to other funder - Anybody who wants all of the no answer or replies emails i will send them

[JayBallentine]

Speaking of "worst funder." I am looking at a default right now on a $69k total PB. They've collected $15k...

If funding someone heading directly into their slow or off season qualifies you as worst funder - they win.

This guy made out... Got $49k transferred most of it out. Left enough in to make a little bit more than one months' worth of payments... Now his site reads; "Closed for the season, see ya'll in April!" Well played Mr. Merchant. Well played.

And we wonder why the rates are so high...

[Franklin]

Speaking of "worst funder." I am looking at a default right now on a $69k total PB. They've collected $15k...

If funding someone heading directly into their slow or off season qualifies you as worst funder - they win.

This guy made out... Got $49k transferred most of it out. Left enough in to make a little bit more than one months' worth of payments... Now his site reads; "Closed for the season, see ya'll in April!" Well played Mr. Merchant. Well played.

And we wonder why the rates are so high...

I thought you were lowering the rates.......

[Sean Cash]

I thought you were lowering the rates.......

It's taken jay 2 years to learn how this market actually works

[JayBallentine]

It's taken jay 2 years to learn how this market actually works

What aspect? It's multi faceted. I learned my first lesson when I started out before the economy broke cold call generating leads for Chambo... So which aspect of this dynamic industry do you posit I've learned in the last 2 years?

[Eric S]

Creating a list like this is a terrible idea. But to put your name on it is even worse. I think it's a shame some people post on here under alias names, but we are also a generation of video gamers so I can look past that.

[admin]

Let's keep all the copy and paste emails that are showing up on here for no other reason than to embarrass other people to a minimum.

[Tyler]

I agree. I felt it was necessary to respond to what was an outright fabrication and lie by that broker. I'd like to close that chapter as well. We don't need people like that especially ones that feel they need to air their dirty laundry in an unprofessional way.

[Eric S]

Let's keep all the copy and paste emails that are showing up on here for no other reason than to embarrass other people to a minimum.

The very first post on here was an attack on New Era (whom I have never heard of but might be interested in talking to). They deserve a chance to defend themselves.

[golf2014]

had some bad dealings with snap, they did a lockbox on merchant account and failed to tell them during funding call they are witholding thousands of dollars for processing fees. So, customer paid a 1.45 for some money that was hers/but wasn't as it sat in lockbox..then took there time to have it removed and returned when she processed thru a company that does a split. then some people at snap insisted they tld her during funding call, and they didn't..they have not returned her calls and have been kinda rude to her. I will never use them again ever.

[golf2014]

Forgot to add, when she did change the processor they wanted to hit her with breach of contract cause i forgot to tell them she is changing, even though someone there told me what companies to go thru and to tell them after it was switched. So heavens sake, snap lost one day of a deduction..idiotic bs

[funded]

Any how I guess when funders also doing tens of millions a month in funding like new era issue happen but must say a lot of other ISO are giving us a bad name funding with 5 different
Lenders at the same time

[SnapAdvances]

@golf2014 I don't know who you are or what deal you are referring to however it is an industry standard to maintain/hold a minimum balance in the lockbox for the processing fees to be deducted from as apposed to it coming directly out of their Bank account. All of our underwriters mention this during the merchant interview but I wouldn't be surprised if merchants are not paying attention when we tell them this as the only thing on their mind at the time is money they will be receiving!

In regards to changing their processing, a little heads up that you were switching their processing wouldn't have hurt.

[golf2014]

Snap, you held 5k of her cash adv for processing fees..five grand...and this merchant doesn't miss anything...i heard about this 20 times from this customer after and the customer was livid. Someone in your company gave me the list of all the processors and didnt tell me about a notification and u were notified right after she did it. instead of being nice and such and explaining it to me, i was told by some underwriter how because of a one day lapse this merchant can be hit with or should be hit with breach of contract/on top of that snap told this merchant not to listen to me as i was clueless...nice thing to say as i brought you the deal. Not to worry, i won't be bringing you any deals any further. By the way Snap, merchant is having difficulties with payments and called your company, the return call was never given to them. So kinda like the communication isn't best on my end the favor was returned. Who I am doesn't matter as I didn't ask for your opinion or anything.

[Eric S]

Every single company out there has at least one company that would gladly put them on this thread. This is just stupid.

[MCNetwork]

Every single company out there has at least one company that would gladly put them on this thread. This is just stupid.

True. There are always 3 sides to these stories: the ISOs side, the lender's side and the truth.

[JayBallentine]

True. There are always 3 sides to these stories: the ISOs side, the lender's side and the truth.

4 sides... Business owner.

[skideeppow]

Golf2014., sounds like you need to learn the industry a little better. You complain about not knowing these basic facts of lockboxs and other Mca/ach particulars. These are all very simple and basic tenants of this industry. You send one deal somewhere and make a judgement about the company on that deal? Not a good litmus test. I use snap and they are great if you send the appropriate deal there. Figure it out before posting your nonsense on this forum.

[golf2014]

My customer just got off the phone with the owner of Snap, the saga continues...she went off on him for some time..breach of contract and he offered nothing..we shall see if she huts the doors....

[golf2014]

Actually, there are 2 other complaints about snap from fellow lenders...so either me and they are wrong or....