Results 1 to 25 of 39
-
02-05-2020, 12:31 PM #1
- Join Date
- Dec 2017
- Posts
- 277
LendAbiz
Any feedback?
-
02-05-2020, 12:54 PM #2
- Join Date
- Oct 2016
- Posts
- 4,318
I’m waiting on someone to provide feedback myself.
-
02-05-2020, 01:20 PM #3
- Join Date
- Aug 2016
- Posts
- 831
I am waiting to see how funders categorize it.To risky to fund with them working our a "discount" and than have rapid cut me off and sue me for working with a "debt relief" company.
Pay attention on they will not fund anyone that doesn't have a bunch of balances.I love how so many funders will come on here in 2 seconds when asking where to send a deal,but go silent on how they will react if we broker this product.
mcaguru will mantis cut off an broker who works with lendabiz?
-
02-05-2020, 01:49 PM #4
- Join Date
- Jun 2019
- Posts
- 44
One of my merchants sent me statements and in the thread was lendabiz requesting statements directly from the merchant. When I called them last week to inquire I specifically asked if they had a sales side. Of course they denied having one, so theres that.
-
02-05-2020, 01:52 PM #5
- Join Date
- Feb 2017
- Posts
- 3,455
-
02-05-2020, 03:11 PM #6
- Join Date
- Aug 2016
- Posts
- 831
The head iso rep is (or was)a lead seller
-
02-05-2020, 05:44 PM #7
-
02-06-2020, 09:29 AM #8
- Join Date
- Dec 2017
- Posts
- 277
Below is the message I received from them"
"LendAbiz is the First-Ever True MCA Consolidation Lender in the US!! LendAbiz Capital isn’t a Reverse Consolidation Lender or a WBL concept of a loan this is a True MCA Consolidation Product. LendAbiz is the JV of its own fund.
We underwrite and make the decisions for any approved loan. We are not a broker or super broker we are the funders.
Only way to survive in any industry is to be different and that’s exactly what our investors did in order to revolutionize the industry.
Merchant Benefits:
• Turn merchants daily/weekly payments into 1 monthly payment
• 1 year term loan with monthly payment based on a 2-3 year amortization
• 25% fixed APR
• Save 50-70% on their total monthly payments
ISO Benefits:
• No Broker Commission Claw Backs Ever!
• Full Commission Paid Next Day
• Fund your over-leveraged files in as little as 3-5 business days
• Offers in just 24-48 hours
• Volume Bonus Incentives
Eligibility Requirements:
• Must have Future Receivables
• Must make over $800,000 annually
• No Minimum Credit is Required as long as they have future receivables
• If merchant restructured their payments its ok
• 2 plus years in biz
• No personal Bank Statements
* No Restricted Industries there are none as long as they have receivables. Serious inquiries inbox me."
-
02-06-2020, 09:32 AM #9
- Join Date
- Dec 2017
- Posts
- 277
-
02-06-2020, 09:38 AM #10
- Join Date
- Dec 2017
- Posts
- 277
Yup, it looks like debt relief.
I received the following via email:
"Refinance Merchant Cash Advances to One Monthly Payment
Through our direct capital partners, LendAbiz Capital has developed a business financing consultancy program to help business owners restructure their business debt. We can aid in negotiations for payoffs of judgments and liens filed by Merchant Cash companies and other delinquent accounts your business may have with other creditors and vendors. We can consolidate multiple merchant cash advances to one payment and create a more manageable and stable financing structure for your business. Get your business and your cash flow back!
Merchant Benefits:
Re-amortize / restructure / refinance business obligations
Restructure Bank Loans, Merchant Cash Advances, Lines of Credit, Equipment Leases & Loans, Credit Cards, Vendors, Lawsuits & Judgments
Post Restructuring more traditional financing options available through our Business Loan Program
Turn merchants daily/weekly payments into 1 monthly payment
1 year term loan with monthly payment based on a 2 to 3 year amortization
25% fixed APR
Save merchant 50-70% on their total monthly payments"
-
02-06-2020, 10:41 AM #11
- Join Date
- Oct 2016
- Posts
- 4,318
So, essentially, not only are they are NOT direct lenders (even though the owner claims to be direct funders above) and what they look to offer is a form of debt relief. The whole “we’ll negotiate with funders to bring down the total balance owed” seems like a great way to infuriate a bunch of funders.
-
02-06-2020, 10:57 AM #12
- Join Date
- Oct 2016
- Posts
- 4,318
Has anyone out there completed a consolidation with these guys? Would love some feedback.
-
02-07-2020, 05:51 AM #13
- Join Date
- Jan 2020
- Posts
- 23
@micheal to say we are debt relief is slander. Please stop we sent you a iso agreement, guidelines and etc. You have just 8 endorsements on linkedin so not many people believe in your opinion. Haha!
@westcoast old pal thought we got over the hump we raised our own capital, we talked & you understood how we’re doing it. LendAbiz Capital has funded over 4 million last month to start thanks to the help of your rhetoric and paid a ton of commissions to ISO’s.
@cmarks no reviews on BBB is a good thing we just started they will start to come.
@abfunder “Micah” your a signed ISO not anymore... We challenge any non believer to call us and like @westcoast knows we’re funding deals we even called Brendan@ debanked to give the story. Sean knows and etc. It’s not a reverse or debt Relief it’s a true MCA buyout into 1 Monthly payment. Working with funders as well they dump stacked files and hope to get paid on a risky file. Not just dealing with ISO’s
Anyone wants to jump on a call with our underwriting team and Ask questions we invite you too!! Just no negative people we don’t want to waste time. Up too 100 ISO’s and counting...Bad publicity is good publicity!Last edited by MCAConsolidationLender; 02-07-2020 at 05:56 AM.
-
02-07-2020, 07:27 AM #14
- Join Date
- Feb 2017
- Posts
- 3,455
@MCAConsolidationLender Huh? What did I say? I was actually defending you.
-
02-07-2020, 07:32 AM #15
- Join Date
- Jan 2020
- Posts
- 23
My apologies. Haha!!! So many people hitting at us allot of repeat people and it was up super early. Should of read yours all the way through just saw “brokers”. That was a honest mistake. Please disregard and thank you!!! You are 100% correct in your analogy just we’re not brokers. Let’s talk later!
-
02-07-2020, 12:42 PM #16
- Join Date
- Aug 2016
- Posts
- 831
-
02-07-2020, 12:49 PM #17
- Join Date
- Aug 2016
- Posts
- 831
Answer this question.Why will you not fund a merchant with no balances?Hell we all do a ton of business with loan me for the guy that is hooked on monthly at double the rate you are offering.Bottom line you are working out a "discount" which is a form of debt relief.
I have sent out emails to a couple of my big funders and not one will confirm by email that they will be ok with me brokering this product.I really wish at least one f...g funder on here will comment how they will react.
-
02-07-2020, 01:33 PM #18
- Join Date
- Oct 2016
- Posts
- 4,318
Lol. Micah is has been the only one defending Lendabiz. And quite honestly, I think he understands the industry as good if not better than anyone in the industry, so because of that I was willing to be open-minded.
Here’s my question to Lendabiz: you say you negotiate with the lenders for a lower payment. Is merchant ever made aware of that lowered balance? If not, why not?
-
02-09-2020, 10:31 PM #19
- Join Date
- Jan 2020
- Posts
- 23
Merchant declined for a SBA Loan or Merchant Cash Advance?
We can refinance all MCA and business debt positions to one monthly payment and pay commission on the total amount refinanced. Now accepting ISO’s!!
Business Development
LendAbiz.com
partners@lendabiz.com
* Schedule a call click the link below:
calendly.com/iso-consolidation-program
-
02-10-2020, 10:19 AM #20
- Join Date
- Oct 2016
- Posts
- 4,318
Let’s try this again: you said that you only charge 25% interest, but also say that you negotiate with the existing MCA companies to reduce the total payback the merchant owes.
Do you inform the merchant how much you negotiate the MCAs down to? If you don’t inform the merchant, why not?
-
02-10-2020, 11:14 AM #21
- Join Date
- Dec 2018
- Posts
- 28
-
02-10-2020, 12:01 PM #22
- Join Date
- Oct 2016
- Posts
- 4,318
I mean, this program could be really good. Some of the ideas used are creative. I just have concerns about how the funders will view these referrals. Will they be like “this is great, I get a guaranteed 90% of the money now rather than get it slowly over the next 2-12 months and risk default”? Or will they be like, “I’m cutting off the ISO that referred this merchant to lawyers looking to restructure their MCAs”?
Any funders have feedback on how you view this?
-
02-10-2020, 11:02 PM #23
- Join Date
- Jan 2020
- Posts
- 23
Yes! @westcoast We are a Funder of our own fund. You been making comments since day 1. But been helping us out tremendously! Thank you. Brokers and lenders are doing really well. Lawyers and Debt Relief to this industry are pieces of ****. Excuse the French. But...
@westcoast Focus on being a block buster and we’ll be Netflix you have to learn to stay in your lane. We have not once said any criticism about you once and heard about your back door alliance through a few sources. Stay in your lane.
Ratios to fund a Refi deal with LendAbiz Capital:
Want to see at least 1.5 to 1 AR to total MCA refi
So example $100k AR to $50k-$75-
K of MCA total refi
And
Have to have loan principal covered by assets 2:1
New ISO’s inbox us today if you are dead end with the back door pros! Or lenders that need to get out of a risky file well pay out all positions including yours upfront “wire” minus a small discount.Last edited by MCAConsolidationLender; 02-10-2020 at 11:25 PM.
-
02-10-2020, 11:39 PM #24
- Join Date
- Oct 2016
- Posts
- 4,318
Stop getting butthurt over people asking legit questions. For the life of me, you’d think you’d just answer the question rather than playing this passive aggressive ****. Do you inform the merchant of the negotiated “discount”?
Then again, I don’t even give a ****. Knock yourself out.
-
02-10-2020, 11:50 PM #25
- Join Date
- Jan 2020
- Posts
- 23
Similar Threads
-
Lendabiz
By FIRST US in forum Merchant Cash AdvanceReplies: 4Last Post: 01-28-2020, 07:18 PM