Need a Funder or Vendor? START HERE

Page 1 of 2 12 LastLast
Results 1 to 25 of 26
  1. #1
    Senior Member Reputation points: 34662
    Join Date
    Oct 2021
    Posts
    206

    Brokers are Funny

    Had a funny situation. Offer sent at a 1.30 buy and sell of a 1.45 for 11 months. Broker reaches out and asks if I can drop the buy rate to a 1.27 since they want to sell the deal at a 1.39. I responded and asked what is wrong with selling a 1.39 making 9 points?

    Deal has not came back yet. Assuming the deal backed out, funded elsewhere or another broker funded it. But i love Brokers, yall rather make 10-15% on $0 funded than 4-9% on $100,000

    Mery Christmas!

  2. #2
    Quote Originally Posted by TheUnderwriter View Post
    Had a funny situation. Offer sent at a 1.30 buy and sell of a 1.45 for 11 months. Broker reaches out and asks if I can drop the buy rate to a 1.27 since they want to sell the deal at a 1.39. I responded and asked what is wrong with selling a 1.39 making 9 points?

    Deal has not came back yet. Assuming the deal backed out, funded elsewhere or another broker funded it. But i love Brokers, yall rather make 10-15% on $0 funded than 4-9% on $100,000

    Mery Christmas!
    There's a big difference between 4% and 9%, but most operations are underwater at the lower end of your range after marketing and payroll (or even the higher end of it). The broker could make the same argument right back to you... isn't a 1.27 on 100k better than a 1.30 on $0? Maybe on any one given deal, but you know there's a minimum avg return you need to see to make it all work.

  3. #3
    Senior Member Reputation points: 25752
    Join Date
    Apr 2015
    Posts
    300

    brokers have and always will be the joke of this industry

  4. #4
    Quote Originally Posted by harvey View Post
    brokers have and always will be the joke of this industry
    Not just this industry... sales people are frequently despised but usually essential to success

  5. #5
    Senior Member Reputation points: 301165
    Join Date
    Jun 2015
    Posts
    3,313

    did you think that maybe another funder gave him the buy rate he needed ?

  6. #6
    Quote Originally Posted by harvey View Post
    brokers have and always will be the joke of this industry
    facts!!!

  7. #7
    Senior Member Reputation points: 34662
    Join Date
    Oct 2021
    Posts
    206

    Quote Originally Posted by Michael I View Post
    did you think that maybe another funder gave him the buy rate he needed ?
    I did but usually the ISO would give you the old 'Hey Funder X gave me this at this buy rate, can you match or beat it?"

    But in this case its, 'hey we dont feel like making 9 points, can you lower your buy rate since we dropping our points?'

    Someone needs to tell me the point of a buy rate then. Might as well have all deals like Burger King and 'Have it your way'

    Now if the broker is selling the deal with very few points or no points to get the deal done and its a broker that closes deals and doesnt waste a funders time then I have no problem lowering the buy rate a point or two since they sold the deal at the bone but saying 'we dont want to make 9 points so lower your buy more' , again broker are funny.

  8. #8
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
    Join Date
    Nov 2018
    Location
    South Florida
    Posts
    724

    Quote Originally Posted by TheUnderwriter View Post
    I did but usually the ISO would give you the old 'Hey Funder X gave me this at this buy rate, can you match or beat it?"

    But in this case its, 'hey we dont feel like making 9 points, can you lower your buy rate since we dropping our points?'

    Someone needs to tell me the point of a buy rate then. Might as well have all deals like Burger King and 'Have it your way'

    Now if the broker is selling the deal with very few points or no points to get the deal done and its a broker that closes deals and doesnt waste a funders time then I have no problem lowering the buy rate a point or two since they sold the deal at the bone but saying 'we dont want to make 9 points so lower your buy more' , again broker are funny.
    I love the bump request on term and funding amount, 1 time exceptions for the most obvious no's, and creative stories to justify negative days, nsf's, low or no deposits, ect.

    I laugh at the bump requests more when they are begging for 10k bump on a 500 credit 4th position that was *****d out in a 30 day span. (chances are that broker pitched the low interest LOC or SBA add on to it)
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  9. #9
    Senior Member Reputation points: 86751
    Join Date
    Feb 2018
    Posts
    1,346

    I have seen buy rates as low as 1.19 12 months so depending on the credit and deal itself, 1.30 may have been priced too high to achieve the points broker wanted and ultimately what merchant should pay. The offers co to co on the same deal are way off. No wonder brokers have to shotgun deals

  10. #10
    Lol

  11. #11
    Senior Member Reputation points: 18328
    Join Date
    Oct 2013
    Location
    Designer
    Posts
    569

    Quote Originally Posted by OC Funder View Post
    Not just this industry... sales people are frequently despised but usually essential to success


    "Great" salespeople are essential to success, not salespeople. Average to below average salespeople (in every industry) are like recycled cans outside a supermarket. Everywhere.








    www.UccRadar.com

  12. #12
    What happened no brokers are commenting now ? LOL
    Usually they will go on this forum and blast every funder out there.
    Bunch of clowns!

  13. #13
    Senior Member Reputation points: 86751
    Join Date
    Feb 2018
    Posts
    1,346

    Brokers built this industry. You may be done w/history but history ain't done with you ^

  14. #14
    Senior Member Reputation points: 301165
    Join Date
    Jun 2015
    Posts
    3,313

    Quote Originally Posted by Davidcapital View Post
    What happened no brokers are commenting now ? LOL
    Usually they will go on this forum and blast every funder out there.
    Bunch of clowns!
    put on your glasses bro , half the people who commented are brokers lol

  15. #15
    Quote Originally Posted by Franklin View Post
    "Great" salespeople are essential to success, not salespeople. Average to below average salespeople (in every industry) are like recycled cans outside a supermarket. Everywhere.








    www.UccRadar.com

    If your point is that talented people are good for a business and untalented people aren't, I guess I agree with you? The point is that even though a career in sales has a low barrier to entry, in most organizations it's one of the highest paying positions. Why is that? Because it's hard to do well and it's incredibly important.

  16. #16
    Senior Member Reputation points: 60165
    Join Date
    Jun 2018
    Posts
    462

    half the people on this post claiming that ”brokers are a joke”

    are the same people that blow up our phones 800x a day saying that they fund a-z paper and are better than everyone else and try to onboard us

  17. #17
    Quote Originally Posted by BROKER TIME View Post
    half the people on this post claiming that ”brokers are a joke”

    are the same people that blow up our phones 800x a day saying that they fund a-z paper and are better than everyone else and try to onboard us
    100%

  18. #18
    Senior Member Reputation points: 34662
    Join Date
    Oct 2021
    Posts
    206

    Quote Originally Posted by fundingsmbs View Post
    I have seen buy rates as low as 1.19 12 months so depending on the credit and deal itself, 1.30 may have been priced too high to achieve the points broker wanted and ultimately what merchant should pay. The offers co to co on the same deal are way off. No wonder brokers have to shotgun deals
    Cant say i agree with this. If the broker says they are selling the deal at a 1.39 or any rate above the buy rate it still looks exactly the same on the contract since the sell rate is the sell rate no matter if the broker is making 1%, 2% or 15% so if the broker says the merchant agrees to a 1.39, its 'sold' and now the broker just asking for more points. Now if they want to look for a better deal and they get it, good for them but we all know time kills deals - merchant is either going to fund with another broker or they just lose interest/go dark. I would just think its better to make something on a deal then make Full Boat on $0 funded

    As regards to the 'funders' that are blowing up brokers phones on here, cant say i would ever do that here since the few people i know and trust here are good people but i would never want the rando brokers from here submitting to me but those 'We fund A-Z paper and fund 15%' post are pretty funny. Desperate funders out here.

  19. #19
    Senior Member Reputation points: 3829
    Join Date
    Sep 2021
    Posts
    172

    "Brokers are the worst" but you have nothing without brokers. Remember they do most of the leg work.

  20. #20
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    Or do what Fintap (RDM) does and have two options. One for lower buy rates but lower max upsell, and a higher buy rate with higher max upsell.

  21. #21
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
    Join Date
    Nov 2018
    Location
    South Florida
    Posts
    724

    Quote Originally Posted by FunderFunding View Post
    "Brokers are the worst" but you have nothing without brokers. Remember they do most of the leg work.
    This depends, some work with underwriters the whole step of the way, some send the ID, and voided check, email the number to the merchant, then disappear. I will say it has its benefits sometimes, but then when the file is a mess, it sucks they may not be of help.

    Point blank, some people submit whatever they can to see what they can get (Even Azi Rei, Vectorless Films, ect), then some put in the time and effort to take a submission to the finish line.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  22. #22
    Senior Member Reputation points: 3829
    Join Date
    Sep 2021
    Posts
    172

    Quote Originally Posted by Joseph_Alexander View Post
    This depends, some work with underwriters the whole step of the way, some send the ID, and voided check, email the number to the merchant, then disappear. I will say it has its benefits sometimes, but then when the file is a mess, it sucks they may not be of help.

    Point blank, some people submit whatever they can to see what they can get (Even Azi Rei, Vectorless Films, ect), then some put in the time and effort to take a submission to the finish line.
    Very true... Vectorless films lmfaoooo thats a throwback

  23. #23
    Quote Originally Posted by Joseph_Alexander View Post
    Point blank, some people submit whatever they can to see what they can get (Even Azi Rei, Vectorless Films, ect), then some put in the time and effort to take a submission to the finish line.
    Gary Marsh is still on the prowl

  24. #24
    Senior Member Reputation points: 42992 SendDocsPlox's Avatar
    Join Date
    Nov 2021
    Location
    in this thread, vigorously mashing the refresh key
    Posts
    242

    Most brokers are peanut brained, dogs chasing cars so to speak

    The same could be said about underwriters at most funders though
    I promise your underwriter isn't as good as you think they are

  25. #25
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
    Join Date
    Nov 2018
    Location
    South Florida
    Posts
    724

    Quote Originally Posted by SendDocsPlox View Post

    The same could be said about underwriters at most funders though
    I promise your underwriter isn't as good as you think they are
    Sure, I agree with that however as you can see here brokers have far worse behaviors and practices than underwriters.

    This statement is in regards to all posts on this referring to brokers using unethical and immoral tactics on Merchants. This is not to classify all brokers in this industry
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

Similar Threads

  1. Funny Story - merchant loses
    By abfunders in forum Merchant Cash Advance
    Replies: 7
    Last Post: 11-08-2019, 03:45 PM
  2. Funny
    By Regium in forum Merchant Cash Advance
    Replies: 4
    Last Post: 04-05-2019, 12:04 PM
  3. Allot of you on this forum are funny !!!!
    By kingcash555 in forum Merchant Cash Advance
    Replies: 10
    Last Post: 12-13-2018, 09:52 PM
  4. Funny Crap We See
    By Funder Mark in forum Everything else
    Replies: 48
    Last Post: 02-08-2018, 09:02 PM
  5. Funny loan request.
    By tamerica in forum Everything else
    Replies: 3
    Last Post: 11-19-2015, 03:03 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY