[ridextreme]

There must be more to this story.

There always is, we usually only hear one side.

The main point that doesn't make sense is, a contract was ordered. Then on 4 different occasions, someone physically walked into his bank and withdrew a total of 12K... so why is the "lender" (I assume they're a funder?) assuring the merchant that "Legal" is working on it after cutting the broker off? Are they admitting liability here?

Something seems way off. I've never heard of this happening in 12 years of doing this.

[Akanner]

There always is, we usually only hear one side.

The main point that doesn't make sense is, a contract was ordered. Then on 4 different occasions, someone physically walked into his bank and withdrew a total of 12K... so why is the "lender" (I assume they're a funder?) assuring the merchant that "Legal" is working on it after cutting the broker off? Are they admitting liability here?

Something seems way off. I've never heard of this happening in 12 years of doing this.

Agreed that it is weird that the funder is mentioning something about legal unless:
1. They are just saying that to make the merchant feel good that someone is working on the case for him
2. The funder is telling that to the merchant since there is now a possible issue of ID fraud. (Either to cover themselves, which may be fair or since they are actually guilty - im not one to speculate since I really dont know the whole story at all.)

Another issue which goes along the lines of abfunders detective skills, like an ID, a Credit card also takes some time to make and ship. (unless this con man is that bold)

[MCN]

If the funder is saying legal is working on it, i can only assume they know something. My guess is they have a rotten employee in their ranks.

[Brokerbuddy]

If the funder is saying legal is working on it, i can only assume they know something. My guess is they have a rotten employee in their ranks.

Which was my initial thought as well.

[Brokerbuddy]

There always is, we usually only hear one side.

The main point that doesn't make sense is, a contract was ordered. Then on 4 different occasions, someone physically walked into his bank and withdrew a total of 12K... so why is the "lender" (I assume they're a funder?) assuring the merchant that "Legal" is working on it after cutting the broker off? Are they admitting liability here?

Something seems way off. I've never heard of this happening in 12 years of doing this.

You're hearing 1 side to this story because I cannot speak for the actions of those who might be involved. I can only speak from my experience and from what I'm told regarding the situation. I can only speculate what it is other have experienced. If you haven't seen anything like this in 12 years then this is an odd occurrence. I haven't been around as long as you in this industry so was curious how often something like this comes up and wanted to open the floor to see what others have to say about similar if not identical experiences.

[Michael I]

Something seems way off. I've never heard of this happening in 12 years of doing this.

I have and every time it was a merchant trying to get double funded. That account had fraud/stolen money had to close it and here is the brand new account so you dont see who i got.No funder is committing federal jail time crimes.I will be shocked if merchant will be able to send you the police report he should file or even the official interaction with the bank .
Oh i remember the days i was naive and always believed my merchants

[abfunders]

I have and every time it was a merchant trying to get double funded. That account had fraud/stolen money had to close it and here is the brand new account so you dont see who i got.No funder is committing federal jail time crimes.I will be shocked if merchant will be able to send you the police report he should file or even the official interaction with the bank .
Oh i remember the days i was naive and always believed my merchants

Michael, like the one about how he stopped making the payments, and he has a sick family member abroad and has to go visit her, so he won't answer phone? Yeah, I believed it the first time I heard it also. I think we had a thread of bad merchant excuses.

[Akanner]

Michael, like the one about how he stopped making the payments, and he has a sick family member abroad and has to go visit her, so he won't answer phone? Yeah, I believed it the first time I heard it also. I think we had a thread of bad merchant excuses.

Iv had a merchant tell me he was a family member funeral at least 5 times in the course of one loan