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  1. #26
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    Quote Originally Posted by Chambo View Post
    I recently heard that Wellen let go of 36 out of 40 employees.

    That pretty much sounds like a wrap to me
    Was their line pulled?

  2. #27
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    as of march 17th, they sent out an email saying they were still funding daily. did an event happen there since tuesday?

  3. #28
    Senior Member Reputation points: 11927 FUND3R1's Avatar
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    Quote Originally Posted by BROKER TIME View Post
    Told everyone that friday will be the last day of operations at my shop

    there is really nothing going on.

    Hopefully will be back in the game in the future

    wish everyone lots of luck

    stay safe
    Broker Time - I appreciate the steps and safety you are taking for your employees and the world. We will all get over this and we will all prevail and come out stronger. I appreciate everyone on this forum. Even this silly fights people get into on a daily basis. Everyone just has to take it day by day right now. Put on some Jadakiss - "We Gon Make It"
    FUND3R1

    "Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each. --Christopher Rice"

  4. #29
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    At Wellen we did make the decision to pause funding for the time being. Underwriting models based on historical performance - even with data enrichment sources - don't don't perform as well when the pace of change is so rapid. And while we aren't able to retain all of our staff as we work to match expenses with an interruption in funding, we aren't by any means closing our doors.
    Like many in the industry, we're evaluating how and when we can resume funding, and best protect the interests of our investors, capital partners, and employees. We'll be in touch with our ISO partners as circumstances change, and we return to accepting submissions.

    Steven O'Connor
    CRO
    Wellen
    soconnor@wellen.com

  5. #30
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    Quote Originally Posted by Wellen View Post
    At Wellen we did make the decision to pause funding for the time being. Underwriting models based on historical performance - even with data enrichment sources - don't don't perform as well when the pace of change is so rapid. And while we aren't able to retain all of our staff as we work to match expenses with an interruption in funding, we aren't by any means closing our doors.
    Like many in the industry, we're evaluating how and when we can resume funding, and best protect the interests of our investors, capital partners, and employees. We'll be in touch with our ISO partners as circumstances change, and we return to accepting submissions.

    Steven O'Connor
    CRO
    Wellen
    soconnor@wellen.com
    wow are your margins that low that you cant survive to pay salaries a month or 2 even with no business.
    I am sure glad i am a broker not a funder

  6. #31
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    Quote Originally Posted by Michael I View Post
    wow are your margins that low that you cant survive to pay salaries a month or 2 even with no business.
    I am sure glad i am a broker not a funder
    you guys dont understand its very hard to just pay employees when 0 is coming in and a future of uncertainty
    as a business owner it hurts to have to suspend operations not only for our own pockets but for also those that have been with us

    why is it fair for a business to pay out when its not making money?

    you think we wanted this virus to happen?

    if it was guaranteed that in a month business would be even 50 percent to where it was i would gladly lay out salaries however its not!

    ps PRINCPIS STOPPED FUNDING

  7. #32
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    it could be credit lines/investors making this call ^ from there, it all trickles down

  8. #33
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    is the SBA Economic Injury Disaster program going to really help? It allows for up to $2m to assist overcome temporary relief of loss of revenue and helps pay fixed costs such as payroll , accounts payable. the interest rate is suppose to be 3.75% and out to 30 years max .

  9. #34
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    Quote Originally Posted by fundingsmbs View Post
    is the SBA Economic Injury Disaster program going to really help? It allows for up to $2m to assist overcome temporary relief of loss of revenue and helps pay fixed costs such as payroll , accounts payable. the interest rate is suppose to be 3.75% and out to 30 years max .
    your county has to have declared a disaster area, and very few have. Once that is done, i believe the process is quick.
    I put my contact info in here, and
    was bombarded with spam from funders
    if you need to reach me PM me

  10. #35
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    good feedback here is the link and areas if that helps anyone -

    https://disasterloan.sba.gov/ela/Declarations/Index

  11. #36
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    Quote Originally Posted by BROKER TIME View Post
    you guys dont understand its very hard to just pay employees when 0 is coming in and a future of uncertainty
    as a business owner it hurts to have to suspend operations not only for our own pockets but for also those that have been with us

    why is it fair for a business to pay out when its not making money?

    you think we wanted this virus to happen?

    if it was guaranteed that in a month business would be even 50 percent to where it was i would gladly lay out salaries however its not!

    ps PRINCPIS STOPPED FUNDING
    listen it will not be easy for me to fork over 20k this month with no business, this happens another month even harder a 3rd month and by month 4 i might join you , but at least you are closing doors so i get it . However a funder that has a large credit faculty should be able to handle a little before giving everyone the boot.We do not know if this will be 2 weeks 2 months or 2 years .If they lost their credit lines already than i might be a little more sympathetic.
    I for one am a pessimist and am always ready for having a couple of bad months.

  12. #37
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    Good luck bud, stay safe.

  13. #38
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    So Marcus really is the last guy funding, huh?

    Although, I get the sense that even mantis will stop tomorrow. That’s the sense I get. What you think Marcus?

  14. #39
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    Quote Originally Posted by fundingsmbs View Post
    is the SBA Economic Injury Disaster program going to really help? It allows for up to $2m to assist overcome temporary relief of loss of revenue and helps pay fixed costs such as payroll , accounts payable. the interest rate is suppose to be 3.75% and out to 30 years max .
    So here's the thing: that program has been traditionally used to deal with economic disasters involving personal property destruction. So the employees weren't really underwriting business loans, so much as visiting properties, snapping pictures and writing checks. Only 10% of the claims were for 'economic injury" related to businesses. On average, the time from application to funding would take 4 weeks. And how often were these SBA "loan officers" working on these things? Every few years? Every 10 years in certain regions? There is a limited staff.

    Now, these same loan officers have to fully-underwrite business loans for the bulk of the businesses in the country. There is no way they have the staff to handle this. They are going to be completely overrun and overwhelmed. And while there has supposedly been $50B put towards the program, only about $9B has actually been allocated.

    In theory they could offer up to $2M, you will only get $25K at closing, and then you are reevaluated thereafter (taking up more underwriting time). How soon will they blow through $50B? That will go like nothing although theres talk they will increase the budget to $250B. Sure, the terms could go as long as 30 years but you'd be lucky to get terms longer than 5 (if that). You also have to prove that your business has taken economic injury, which shouldn't be too hard. But then you also have to prove that credit isn't available for you elsewhere.

    I have multiple clients working with this program now. One has had decent numbers over past few years, so they are making him match with 7(a) lenders on their "lenders match". Only if he is declined for the 7(a) will he be eligible for the Disaster loan program. This could drag on for him for at least 2 months, but he's got a strong company. A company that is struggling day-to-day to make it can't wait 4, 5, 6, 7, 10 weeks.

  15. #40
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    Quote Originally Posted by fundingsmbs View Post
    is the SBA Economic Injury Disaster program going to really help? It allows for up to $2m to assist overcome temporary relief of loss of revenue and helps pay fixed costs such as payroll , accounts payable. the interest rate is suppose to be 3.75% and out to 30 years max .
    My shop does mainly SBA, and unless they change the credit requirements it’ll flop. All business owners will try to maintain by charging up personal credit cards , or miss payments because of this. So unless they will accept low Ficos or even missed payments (unless there is a moratorium placed on credit reports reporting during this time) few will qualify IMO

  16. #41
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    Quote Originally Posted by BROKER TIME View Post
    if karma does come to me

    it will be only good karma

    my employees can vouch how well i treat them

    but you keep sending fake contracts charge large psfs and fcuk merchants im sure the karma you see will be really bad you piker
    You must have me mixed up with those you choose to "invest" with.

  17. #42
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    Quote Originally Posted by MCN View Post
    such stupidity. You clearly never ran a business before
    Many. Most of which were successful, including my current ones.

    We've moved most processing and UW staff into collections roles, middle management agreed to a 25% temporary cut in salary, and myself and my fellow principals have agreed to take zero for the next 45 days.

    Solutions are there if you're willing to forgo your bi weekly trip to Reserve Cut and bi daily weed purchase.

  18. #43
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    God ?? Biggest bs ever ..

  19. #44

  20. #45
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    Bill Nye is a Professional moron.

    He uses the classically fallible argument of focusing on what’s not there, rather than looking at the evidence that actually is.

    They found pieces of wood on the mountain of Ararat in the Middle East, that was thousands of years, that matched the wood described for the ark, yet no tree that produces that wood grows on that mountain or within a hundred miles.

    He also ignores that in the recount of the flood, it wasn’t just water from the sky, but there was water from springs that shot out from the ocean floor.

    When you have projection from multiple directions, you cannot just say something should be there, like fossils, but it’s not. You have to do a more thorough examination of all the patterns that would have occurred, like land breaking, tsunamis, waves, violent displacement of surface water, items floating and moving, etc.


    By the way it’s evolutionists who brought up the idea of land bridges to justify some of their “theories”. Now when it doesn’t work for him, he's putting down the concept. If you can change your beliefs on a whim, then you never really believed it.


    He’s trying to do a full thesis on a book that he read five sentences from.... which is what most people who run their mouth with nonsense do by the way.

  21. #46
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    Quote Originally Posted by golf2014 View Post
    Biggest bs ever ..
    Golf, you've been brainwashed by "academia":
    Watch Expelled: No Intelligence Allowed by Ben Stein
    https://www.youtube.com/watch?v=cEvq...3CFCC89AD8D5F9

  22. #47
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    Quote Originally Posted by Franklin View Post
    Bill Nye is a Professional moron.

    He uses the classically fallible argument of focusing on what’s not there, rather than looking at the evidence that actually is.

    They found pieces of wood on the mountain of Ararat in the Middle East, that was thousands of years, that matched the wood described for the ark, yet no tree that produces that wood grows on that mountain or within a hundred miles.

    He also ignores that in the recount of the flood, it wasn’t just water from the sky, but there was water from springs that shot out from the ocean floor.

    When you have projection from multiple directions, you cannot just say something should be there, like fossils, but it’s not. You have to do a more thorough examination of all the patterns that would have occurred, like land breaking, tsunamis, waves, violent displacement of surface water, items floating and moving, etc.


    By the way it’s evolutionists who brought up the idea of land bridges to justify some of their “theories”. Now when it doesn’t work for him, he's putting down the concept. If you can change your beliefs on a whim, then you never really believed it.


    He’s trying to do a full thesis on a book that he read five sentences from.... which is what most people who run their mouth with nonsense do by the way.


    I think you got lost on your way to another forum.

  23. #48
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    Quote Originally Posted by FHFunding View Post
    I think you got lost on your way to another forum.

    I think I responded to Golf’s youtube link post, if you can read.

  24. #49
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    Quote Originally Posted by Franklin View Post
    I think I responded to Golf’s youtube link post, if you can read.
    Why would I need to know how to read to be able to watch YouTube?

  25. #50
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    Quote Originally Posted by FHFunding View Post
    Why would I need to know how to read to be able to watch YouTube?

    Lol, my response was in direct correlation to what the poster before me wrote, which was pretty clear if you watched the video and then read my post...or even skimmed the first sentence.

    Fundamental reading skills help because the comments below the video are usually the best part, so you’re missing out!

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