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  1. #1
    Senior Member Reputation points: 16117 capaxess's Avatar
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    Yarrow financial ?

    Anyone on the board know these folks?

    N.

  2. #2
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    never heard of them

  3. #3
    Senior Member Reputation points: 39157
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    Brokers using some kind of matching platform for ISO's. Owner has experience in the industry. I get a lot of spam from them in my personal email under different names including "FinServ".

  4. #4
    Senior Member Reputation points: 16117 capaxess's Avatar
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    Quote Originally Posted by Steven_O View Post
    Brokers using some kind of matching platform for ISO's. Owner has experience in the industry. I get a lot of spam from them in my personal email under different names including "FinServ".
    Thanks Steven, I got an email that makes them sound like a one-stop-shop for ISO's.

    I need a lender who can submit for SBA 7a loans - any recommendations?

  5. #5
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    I like Smartbiz for 7a deals. 2 point payout for them doing all the work isnt bad at all.

  6. #6
    Senior Member Reputation points: 16117 capaxess's Avatar
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    Quote Originally Posted by Oxforddan View Post
    I like Smartbiz for 7a deals. 2 point payout for them doing all the work isnt bad at all.
    Thanks, I'll reach out to them. Do you have a rep there you're happy with?

  7. #7
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    Quote Originally Posted by capaxess View Post
    Thanks Steven, I got an email that makes them sound like a one-stop-shop for ISO's.

    I need a lender who can submit for SBA 7a loans - any recommendations?
    Not a fan of SmartBiz because of the slow roll. You can get business done with Ray from ReadyCap.

    Ray Drew
    Vice President, Senior Business Development Officer
    Ready Capital
    (D) 561-336-2867 | (M) 561-251-8489
    Ray.Drew@ReadyCapital.com

  8. #8
    Senior Member Reputation points: 51397 DTFdowntofund's Avatar
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    Broker who serves as a liason to funders that folks can't get signed on with from what I've seen.

  9. #9
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    I get bombarded by spam from them. Supposedly doing 1st position at 1.15 over 12 months and 2nd position at 1.05 over 6 months pre-covid. Seemed too good to be true, but I've always been direct and never bothered digging into it.

  10. #10
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    Quote Originally Posted by Oxforddan View Post
    I like Smartbiz for 7a deals. 2 point payout for them doing all the work isnt bad at all.
    SBA 7(a) don't pay 2 points, so how can Smartbiz pay that?
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  11. #11
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    Quote Originally Posted by Yankeeman07 View Post
    SBA 7(a) don't pay 2 points, so how can Smartbiz pay that?
    Honestly I have no idea. I just know that they do SBA terms up to 350k without commercial real estate, and every time they pay me 2 points on the loan amount.

  12. #12
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    Quote Originally Posted by Yankeeman07 View Post
    SBA 7(a) don't pay 2 points, so how can Smartbiz pay that?
    Express SBA pay out 2 points. I know of 2 banks that do this. Most banks will give you a volume bonus if we pretty efficient at processing applications as well

  13. #13
    Quote Originally Posted by Yankeeman07 View Post
    SBA 7(a) don't pay 2 points, so how can Smartbiz pay that?
    What do you mean by this? Banks make 7(a) loans and dictate rates and referral fees. There are plenty of banks that pay more than 2 points (generally dependent on the rate they charge the borrower).

  14. #14
    Senior Member Reputation points: 16117 capaxess's Avatar
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    Quote Originally Posted by Quick Funding Solutions View Post
    What do you mean by this? Banks make 7(a) loans and dictate rates and referral fees. There are plenty of banks that pay more than 2 points (generally dependent on the rate they charge the borrower).
    Good stuff from the board, thanks for the info everyone!

    I'm getting a lot of SBA requests from my marketing lately so it's helpful to get actionable information from folks here on DF!

    MCA prospects are much fewer and further between - the stimulus took a lot of potential borrowers out of the equation and the lock downs made the rest un-lendable.

  15. #15
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    Here we are almost 2 years later... since I gave an honest opinion then, I'll give another one today.

    I've been in the industry since 2014, everyone here knows I'm a straight shooter, hard worker and overall nice guy.

    I started working with this shop on January 15th... Made great money in the first 2 weeks. KILLED IT. I got commissions paid on the 1st in Feb. I got commissions paid on the 1st in March (for February). On March 15th I was presented with a revised "employment agreement" which I chose not to sign (for being too over reaching). Rather than just leave/quit that same day, and because I'm a professional, I worked until the last day of the month (the 31st), closed my last deals of the month and midday had a meeting where I told them that I was not going to sign the agreement. I had already been told by one of the principles that if I didn't sign their agreement by end of month they couldn't continue to employ me in April. So, I resigned, immediately shut down operations and within 2 days (it was the weekend) I mailed their equipment back (on my own dime).

    We are now 21 days since I left and after weeks of emails, this shop, Yarrow Financial, has refused to pay out the remaining commissions to my company for March deals funded in the time frame they have contractually agreed to...a total of $7,120 remaining for 3 deals.

    Their excuse is that they need to wait for the claw back period to expire. A rule they never had, not in our commissions agreement and one I never agreed to. Their signed employment contract says they are to payout commissions (post termination) by the 15th of the following month (already past the due date in our case).

    The owner wants me to wait it out until June 1st to be paid in full.

    Beware of working with a shop who creates their own rules and disregards signed contracts.

    PROCEED WITH CAUTION

  16. #16
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    how are you both an employee or former and an ISO for same co? What role did you play there. If your were an employee, there are labor laws in each state that state when a final pay has to be paid. In california, its the day you or your employer terminate you, as an example. call your local labor dept and file a complaint and move on. If its 1099 commissions, you will have to read the agreement you signed. In any case, good to know ^

  17. #17
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    Quote Originally Posted by Steven_O View Post
    Here we are almost 2 years later... since I gave an honest opinion then, I'll give another one today.

    I've been in the industry since 2014, everyone here knows I'm a straight shooter, hard worker and overall nice guy.

    I started working with this shop on January 15th... Made great money in the first 2 weeks. KILLED IT. I got commissions paid on the 1st in Feb. I got commissions paid on the 1st in March (for February). On March 15th I was presented with a revised "employment agreement" which I chose not to sign (for being too over reaching). Rather than just leave/quit that same day, and because I'm a professional, I worked until the last day of the month (the 31st), closed my last deals of the month and midday had a meeting where I told them that I was not going to sign the agreement. I had already been told by one of the principles that if I didn't sign their agreement by end of month they couldn't continue to employ me in April. So, I resigned, immediately shut down operations and within 2 days (it was the weekend) I mailed their equipment back (on my own dime).

    We are now 21 days since I left and after weeks of emails, this shop, Yarrow Financial, has refused to pay out the remaining commissions to my company for March deals funded in the time frame they have contractually agreed to...a total of $7,120 remaining for 3 deals.

    Their excuse is that they need to wait for the claw back period to expire. A rule they never had, not in our commissions agreement and one I never agreed to. Their signed employment contract says they are to payout commissions (post termination) by the 15th of the following month (already past the due date in our case).

    The owner wants me to wait it out until June 1st to be paid in full.

    Beware of working with a shop who creates their own rules and disregards signed contracts.

    PROCEED WITH CAUTION
    You talking about Vas Nunes?

  18. #18
    Senior Member Reputation points: 39157
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    Quote Originally Posted by TheUnderwriter View Post
    You talking about Vas Nunes?
    I am.

  19. #19
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    Quote Originally Posted by fundingsmbs View Post
    how are you both an employee or former and an ISO for same co? What role did you play there. If your were an employee, there are labor laws in each state that state when a final pay has to be paid. In california, its the day you or your employer terminate you, as an example. call your local labor dept and file a complaint and move on. If its 1099 commissions, you will have to read the agreement you signed. In any case, good to know ^
    Oh yeah, California has a ton of laws. I was hired as a remote IC with intent to go full employee by June/July (if it worked out between us both)... it didn't work out. I expected everyone to remain professional but here we are posting on the internet in hopes that other professionals know this could happen to them as well (if ever they deem fit - or not).

  20. #20
    My name is Steve, my company is BizConnect and I’ll keep this quick. I see you are not doing any social media marketing to drive business to Morty.

    We are running scalable Lead Generation platforms for over 70 of your competitors that are performing VERY well.

    I can explain the process in 10 minutes or less and have leads flowing to you and your team within a few days if you like it. We have several mortgage bankers and brokers on our platform.

    It works for all financial service businesses including Merchant Cash Advance, Invoice Factoring, Equipment Financing, Hard Money Lending, Residential Mortgage and more…. Basically, for any business that needs Exclusive, Real Time Leads, Clients, Customers, Patients, etc.

    If you could find some time this week or next, let’s meet and talk for a few minutes to see if it fits your business – I think you’ll love what we do….
    Here is a link to my Calendar, let me know when you are available:

    https://calendly.com/steve-0412/free...&month=2022-02

    Thanks,
    Steve


    Steve Rosenblum
    Senior Vice President of Sales
    516.383.8407
    steve@bizconnectads.com

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