Results 1 to 19 of 19
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10-03-2014, 03:30 PM #1
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- Jan 2014
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- Denver, CO
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- 90
Lendio and CAN, co-funded a deal they declined for us
We bought the lead from Lendio. CAN declined the deal. The merchant informed us that CAN funded the deal. I brought this up with our rep at CAN who came back and informed us it was a participation deal with Lendio.
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10-03-2014, 03:56 PM #2
did they first offer you syndication opportunity?
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10-03-2014, 04:14 PM #3
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- Jan 2014
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- Denver, CO
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- 90
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10-03-2014, 04:51 PM #4
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- Apr 2013
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- NY
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- 203
We previously had similar problems with advance me/can years ago. which is why we still do not work with them. once we sent them a deal, big deal doing over 1mill a month, they declined it to us, another iso submitted and they approved for them. How did we know? Because can issued us the decline, and the next day the merchant sent us copy of the contracts from CAN . Luckily we funded the file with another lender, but lesson learned. Never sent them another file.
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10-03-2014, 05:28 PM #5
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10-03-2014, 06:23 PM #6
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10-03-2014, 06:49 PM #7
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- Jan 2013
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- New York City
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- 409
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10-03-2014, 07:07 PM #8
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- Jul 2014
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- 17
Eric,
Can you please DM or email me? Super interested to learn about this deal (merchant's name, circumstances, how it happened, etc). I appreciate the comment backing up Lendio, but I'm very sensitive to this and want to make sure that there is transparency and it is prevented in the future. Thanks!
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10-03-2014, 07:45 PM #9
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10-03-2014, 09:37 PM #10
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- Jan 2014
- Location
- Denver, CO
- Posts
- 90
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10-03-2014, 09:38 PM #11
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- Jan 2014
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- Denver, CO
- Posts
- 90
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10-03-2014, 09:41 PM #12
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- Jan 2014
- Location
- Denver, CO
- Posts
- 90
One more thing. You folks might like to know it was funded at factor rate that's below the buy rate and we get tier 2.
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10-06-2014, 01:35 PM #13
- Join Date
- Jul 2014
- Posts
- 17
Quick update on this thread after we have looked into it. This deal was a lead that came through Lendio. As you know, our lead may be matched up to 4 lenders. It appears that this lead was matched to both Eric's Co and CAN Capital (at the same time). This was not funded through any special 'co-funded' program -- it was a normal lead just like any other lead that comes through our platform.
Last edited by LendioCEO; 10-06-2014 at 01:39 PM.
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10-06-2014, 01:47 PM #14
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- Jan 2014
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- Denver, CO
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- 90
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10-06-2014, 02:33 PM #15
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
Eric, I would ask Lendio not to sell you leads that also go to CAN Capital, otherwise that puts you at a big disadvantage. You can't compete with the inside team's pricing. Just submit these deals to other funders instead.
Last edited by MCNetwork; 10-06-2014 at 02:40 PM.
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10-06-2014, 03:36 PM #16
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- Jan 2014
- Location
- Denver, CO
- Posts
- 90
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10-07-2014, 09:05 AM #17
If lendio is selling leads or referring leads for revenue to can, on deck or other popular funding companies brokers already work with and the leads aren't exclusive, what's the point of buying the leads? The internal sales of these funders can take those leads and undercut your buy rates all day long-
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10-07-2014, 01:16 PM #18
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- Jan 2014
- Location
- Denver, CO
- Posts
- 90
I THINK it was a referral for revenue. The leads were fine until this last spring which is when I suspect CAN and/or ODC started doing business with Lendio or really cranked it up. I don't mind competition at all, but they are selling 1.15 - 1.18 8-12 month deals. They are literally forcing the brokers out as much as possible. CAN even had the nuts to lie to me by saying it was submitted by a broker who received the approval because it was through the auto system and that they reviewed it and changed it to a decline. They literally funded the deal next day. And there was no broker involved, it was a CAN sales rep and my customer proved it. I bet the rep thinks she is so good at sales, crushing it with their 1.18 8 month terms. LOL.
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10-10-2014, 12:46 AM #19
- Join Date
- Jan 2014
- Location
- Denver, CO
- Posts
- 90
Well, you have to figure out a way to avoid them. We did. And it's important to know where these lenders stand as far as ISO relationship and how much they value the revenue streaming from them. Most manufacturers of a product who sell direct and via distribution channels ensure the end customer doesn't see a difference or the distributor will find another source. This is no different. If they are willing to do this here they are clearly willing to lose the revenue.
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