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02-27-2020, 02:13 PM #1
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Question-ISO agreements
Hey DF,
Most of you know we are a bank owned factor and asset based lender. Most of our business is referred to us from current clients, industry professionals, and referral partners (Loan Advisors, Investment Banks, Accountants, Attorneys, Consultants, Banks, and brokers.....). It seems we get a host of calls from brokers more eager to get a referral agreement than actually spend the time to learn what we do in efforts that we can possibly help clients in the future.
So here's the question: Do firms pay people to collect referral agreements from funders, factors, ABL shops, etc....
Best,
Kevin
PS: We hardly ever release a referral agreement to a new broker unless there is an actionable transaction.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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03-12-2020, 01:58 AM #2
- Join Date
- Sep 2019
- Posts
- 402
Nope. Work with hundreds and I've never heard of someone getting paid to sign up with a funder/lender. Generally it's uneducated noobs signing up with whomever to get a file they don't understand funded.
They're not looking to learn your product, just to get the same thing thats been rejected or not gotten the right offer elsewhere, funded by you.
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03-12-2020, 09:53 AM #3
Asking for a referal/iso agreement is just standard operating procedure in the MCA world because people are scared of getting screwed over. They have never worked in any other type of lending where referral agreements are signed when you get your first approval or even after your first deal actually closes. It comes from lack of experience in any type of funding outside the MCA world.. Inside the MCA world I would never send a file to a funder without having an iso agreement in place, outside that space it is much more common practice.
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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03-12-2020, 11:16 AM #4
- Join Date
- Aug 2016
- Posts
- 831
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03-12-2020, 11:21 AM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
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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03-12-2020, 11:27 AM #6
- Join Date
- Aug 2016
- Posts
- 831
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