[ectorro]

We won't be funding at 1.499 - too much . . .

You better have some clean paper if you think funding anything in the 1.4's is too much...

[Bcooper]

You better have some clean paper if you think funding anything in the 1.4's is too much...

id rather fund a 1.49 over a 1.35 any day of the week the 1.49 doesn't fight near as much the lower the rate gets the harder it is to get it done

[cruisinman]

unless you have experience in this space this might as well be rocket science trying to convince someone they need to pay back a 1.499 on 30 days or some other crap offer is not easy it takes skill and understanding of how this industry and the merchants work. this is not an industry you can waltz into the average wash out rate is well over 95% ive been in this idustry for a few years and seen many people like you open up and close down within the span of a few months

We are wanting to be different and not offer anything over 1.39 with 1.30 being the average MCA deal. Target 4 to 6 month deals - maybe up to 12 months for those that qualify.

This isn't cheap money - but, peeps need it for various reasons. We just have to find those peeps.

Like I told my Reps at a few Funders - for our Network, this will either be a Hero or a Zero. We'll just have to see. But - this industry can make the right people a Million $$ with a few years of hard work and Team building.

Micah has been helpful by suggesting other products / services need to be in our quiver to make sure our Brokers are in a good position to close various deals.

[Bcooper]

We are wanting to be different and not offer anything over 1.39 with 1.30 being the average MCA deal. Target 4 to 6 month deals - maybe up to 12 months for those that qualify.

This isn't cheap money - but, peeps need it for various reasons. We just have to find those peeps.

Like I told my Reps at a few Funders - for our Network, this will either be a Hero or a Zero. We'll just have to see. But - this industry can make the right people a Million $$ with a few years of hard work and Team building.

Micah has been helpful by suggesting other products / services need to be in our quiver to make sure our Brokers are in a good position to close various deals.

those select few people are the ones offering 1.49s you need to have enough room in a deal that if it goes to legal you still have room to make money the only people more expensive than us are lawyers and if you don't have room to pay them you are SOL

[Franklin]

We are wanting to be different and not offer anything over 1.39 with 1.30 being the average MCA deal. Target 4 to 6 month deals - maybe up to 12 months for those that qualify.

This isn't cheap money - but, peeps need it for various reasons. We just have to find those peeps.

Like I told my Reps at a few Funders - for our Network, this will either be a Hero or a Zero. We'll just have to see. But - this industry can make the right people a Million $$ with a few years of hard work and Team building.

Micah has been helpful by suggesting other products / services need to be in our quiver to make sure our Brokers are in a good position to close various deals.

The average deal in this space is 1.38. If you're targeting 1.30s, that means you're basically targeting the 1.26-28s, which is better paper in general, and as BB mentioned, they're harder to close AND harder to find. The better the credit of the merchant, the more in denial they are about why their only option is expensive short term money, because their credit is just good enough to not be good enough for traditional retail lending options that they all would prefer.

It's smart to offer funding on the side of your main offerings, it takes the pressure away of prospecting solely for mca. The question would be how big is this alternative product network and is it growing, because if it isn't the mca part will be more of a side income and not really a buildable business, because there won't be a growth strategy.












www.UccRadar.com

[TheUnderwritingProdigy]

[cruisinman]

I'll go with what Bcooper said here, it's a crazy industry, and there's a good reason why I offer so many other products, and why you should as well, which are some of things I've been referring you to. But brokering is an art, I can imagine that as an MLM it gets a bit messy. That being said, I do have a consumer finance fintech company that I have a relationship with, I know I can refer other brokers, I have a conversation with them tomorrow to remind myself how to introduce them to you. I'll hit you up with an email tomorrow.

Thanks Micah . . .

[cruisinman]

those select few people are the ones offering 1.49s you need to have enough room in a deal that if it goes to legal you still have room to make money the only people more expensive than us are lawyers and if you don't have room to pay them you are SOL

This applies on the Syndication part, I assume. We won't be doing that anytime soon. But, I do like the idea of it . . .

[cruisinman]

The average deal in this space is 1.38. If you're targeting 1.30s, that means you're basically targeting the 1.26-28s, which is better paper in general, and as BB mentioned, they're harder to close AND harder to find. The better the credit of the merchant, the more in denial they are about why their only option is expensive short term money, because their credit is just good enough to not be good enough for traditional retail lending options that they all would prefer.

On the MCA side we want to be in the 1.25 - 1.39 range. On the lower side - we'll trim our Commission % to get the deal done. Hoping that future Renewals will feed us . . .

I understand that on the biz denial. that is something we'll have to overcome as an objective. We are going to have many Training Classes before we launch.

It's smart to offer funding on the side of your main offerings, it takes the pressure away of prospecting solely for mca. The question would be how big is this alternative product network and is it growing, because if it isn't the mca part will be more of a side income and not really a buildable business, because there won't be a growth strategy.

In addition to our other products / services, I'm not quite sure what the additional options are as of today on the Advance / Loan side. I'm in talks with a few industry vets from this forum who are willing to make those connections for us . . .

[Bcooper]

On the MCA side we want to be in the 1.25 - 1.39 range. On the lower side - we'll trim our Commission % to get the deal done. Hoping that future Renewals will feed us . . .

I understand that on the biz denial. that is something we'll have to overcome as an objective. We are going to have many Training Classes before we launch.



In addition to our other products / services, I'm not quite sure what the additional options are as of today on the Advance / Loan side. I'm in talks with a few industry vets from this forum who are willing to make those connections for us . . .

even if you follow that strategy of cutting points how are you going to handle when a merch wants more than one position, or on renewal doesn't get a rate decrease ect what no one has mentioned on any post here is that people who use mcas continue to use mcas, once a user always a user. the rate doesn't matter 9 times out of ten they are going to refi at 50%, stack the position or get a consolidation of some kind its a cycle and the second you bring them into this space you will be competing with someone like me who is more than willing to offer more positions at higher rates without cutting a penny on commission, and will continue offering positions and rcs as the hb allows it.this is an industry full of sharks and if you arent at a minimum a great white stalking in the depths you will fail epically. the name of this game isnt offering someone a good deal its building the relationship because the merchant will want more money and if you didnt build that relationship no matter how good that first deal is they will get a smooth talker who will give them a 1.49 and stack them 5 times until they need an rc and rinse and repeat. if you arent willing to do that you will lose every merchant you bring in within 3 months sorry to break it to ya.

[ryan $]

This is going to be a mess.

It's hard enough training new reps when your in an office with them all day long, just releasing a bunch of untrained people with minimal knowledge of this industry out to interact with business owners....IS A RECIPE FOR DISASTER.

Countless things will happen, from dishonesty, false promises, literally anything.....

This is a BAD IDEA.

[TheUnderwritingProdigy]

This is going to be a mess.

It's hard enough training new reps when your in an office with them all day long, just releasing a bunch of untrained people with minimal knowledge of this industry out to interact with business owners....IS A RECIPE FOR DISASTER.

Countless things will happen, from dishonesty, false promises, literally anything.....

This is a BAD IDEA.

+1. I'm also sick of the constant noob posts. Crawl before looking to compete in the Olympics. You look like an idiot asking DAY ONE questions on a board of seasoned veterans. Learn something and work for a shop to get your feet wet before you decide to open up some convoluted MLM...

[Bcooper]

+1. I'm also sick of the constant noob posts. Crawl before looking to compete in the Olympics. You look like an idiot asking DAY ONE questions on a board of seasoned veterans. Learn something and work for a shop to get your feet wet before you decide to open up some convoluted MLM...

couldn't agree more, its getting fairly annoying and all he's doing is farming for info. i hope he's realized how in over is head he is because from what I've seen on these boards he's woefully unprepared and starry-eyed i give it 3 months before he's belly up at this rate

[mistamca]

Hopefully we choose Partners that won't treat us this way and see the value that our Network of Brokers will bring to the table.

What 4 or 5 Funders would you recommend to work with Bcooper?

Funders are funders & not partners. A decent funder will take their time to explain their box but they aren't going to teach you the art of closing an MCA. You have about a month to prove you are worth their time & then you are moving to the bottom of the list. (At least if they are a producing ISO rep imo )
Also, any half-decent broker is going to leave your platform. ( I am sure there are some people here that will agree with me )

As you are realizing, the barrier to entry is extremely low which lets everyone & their mother start an MCA "company". Why should they give up margins? The way that you sell MCAs is that you essentially know how much revenue is generated from each deal. When a decent ISO of your MLM scheme sees how much revenue is generated vs how much is going to their bank account, then they will leave. You have no relationships in this industry. Most funders (even the most honest ones) will onboard one of your ISOs in a heartbeat.

You think there is a low cash exposure to this idea but you are extremely wrong.

[cruisinman]

even if you follow that strategy of cutting points how are you going to handle when a merch wants more than one position, or on renewal doesn't get a rate decrease ect what no one has mentioned on any post here is that people who use mcas continue to use mcas, once a user always a user. the rate doesn't matter 9 times out of ten they are going to refi at 50%, stack the position or get a consolidation of some kind its a cycle and the second you bring them into this space you will be competing with someone like me who is more than willing to offer more positions at higher rates without cutting a penny on commission, and will continue offering positions and rcs as the hb allows it.this is an industry full of sharks and if you arent at a minimum a great white stalking in the depths you will fail epically. the name of this game isnt offering someone a good deal its building the relationship because the merchant will want more money and if you didnt build that relationship no matter how good that first deal is they will get a smooth talker who will give them a 1.49 and stack them 5 times until they need an rc and rinse and repeat. if you arent willing to do that you will lose every merchant you bring in within 3 months sorry to break it to ya.

Thanks for the advice. This type of reply is what I need.

It's good to know that the clients continue to be clients.

I agree with you on building the relationship.

We have a lot to learn. I am in "sponge mode" - soaking it all up.

[cruisinman]

This is going to be a mess.

It's hard enough training new reps when your in an office with them all day long, just releasing a bunch of untrained people with minimal knowledge of this industry out to interact with business owners....IS A RECIPE FOR DISASTER.

Countless things will happen, from dishonesty, false promises, literally anything.....

This is a BAD IDEA.

There'a a couple of ISO's that are already successfully doing what we are planning to do - using everyday sales peeps to mine for clients.

By the time we launch, we will have a general understanding of how we will make it work. Like Bcooper said earlier - it's about building the relationships. Most of our Brokers will have an extensive warm market. Will have to close the deals.

Having the deals come inhouse for review before sending to the Funders will be a BIG help.

[cruisinman]

+1. I'm also sick of the constant noob posts. Crawl before looking to compete in the Olympics. You look like an idiot asking DAY ONE questions on a board of seasoned veterans. Learn something and work for a shop to get your feet wet before you decide to open up some convoluted MLM...

No offense - but, you don't have to click on the thread eh?

I'm sure everyone on this Forum had "DAY ONE questions" at some point.

I don't have time to "work for a shop". I'm a Team Builder.

[ btw - my cousin Garrett Scantling is going for a Medal in Tokyo in the Men's Decath ]

[cruisinman]

couldn't agree more, its getting fairly annoying and all he's doing is farming for info. i hope he's realized how in over is head he is because from what I've seen on these boards he's woefully unprepared and starry-eyed i give it 3 months before he's belly up at this rate

I am transparent in this regard.

[cruisinman]

Funders are funders & not partners. A decent funder will take their time to explain their box but they aren't going to teach you the art of closing an MCA. You have about a month to prove you are worth their time & then you are moving to the bottom of the list. (At least if they are a producing ISO rep imo )
Also, any half-decent broker is going to leave your platform. ( I am sure there are some people here that will agree with me )

As you are realizing, the barrier to entry is extremely low which lets everyone & their mother start an MCA "company". Why should they give up margins? The way that you sell MCAs is that you essentially know how much revenue is generated from each deal. When a decent ISO of your MLM scheme sees how much revenue is generated vs how much is going to their bank account, then they will leave. You have no relationships in this industry. Most funders (even the most honest ones) will onboard one of your ISOs in a heartbeat.

You think there is a low cash exposure to this idea but you are extremely wrong.

I would think that if we are bringing in volume - we'll be appreciated.

Our concept and Comp Plan will be a great fit for some and for some, not so much. Brokers are free to leave at any time with the standard non-compete / no-solicitation clauses in the Broker Agreement.

However - since we focus on Team Building - if a Broker is successful at that - they won't want to leave.

Thanks for your reply tho.

[Bcooper]

Thanks for the advice. This type of reply is what I need.

It's good to know that the clients continue to be clients.

I agree with you on building the relationship.

We have a lot to learn. I am in "sponge mode" - soaking it all up.

they arent clients they are merchants and just because they take money doesn't mean they are taking it from you, and based off what i have seen you have absolutely no chance against any of the veterans here doesn't matter if we are 10-20% higher we will outcompete you every time your backdoor is going to wide open within a month and you'll be out of business in three. you need to go work at an existing shop and learn how we operate because right now we are going to strangle you out of the industry very quickly because you have no idea how to compete with us.

[TheUnderwritingProdigy]

no offense - but, you don't have to click on the thread eh?

I'm sure everyone on this forum had "day one questions" at some point.

I don't have time to "work for a shop". I'm a team builder.

[ btw - my cousin garrett scantling is going for a medal in tokyo in the men's decath ]

what does your cousin have to do with anything?

[Bcooper]

I would think that if we are bringing in volume - we'll be appreciated.

Our concept and Comp Plan will be a great fit for some and for some, not so much. Brokers are free to leave at any time with the standard non-compete / no-solicitation clauses in the Broker Agreement.

However - since we focus on Team Building - if a Broker is successful at that - they won't want to leave.

Thanks for your reply tho.

non compete lmfao all that's going to happen is they will go to your competitor with your data and use an alias you're so unprepared its almost funny.

[Yankeeman07]

"Our concept and Comp Plan will be a great fit for some and for some, not so much. Brokers are free to leave at any time with the standard non-compete / no-solicitation clauses in the Broker Agreement."

You cannot enforce a so-called "Non-Compete" against a Independent Broker that is bringing you deals

Any 1st year Lawyer would eat your lunch

[cruisinman]

"Our concept and Comp Plan will be a great fit for some and for some, not so much. Brokers are free to leave at any time with the standard non-compete / no-solicitation clauses in the Broker Agreement."

You cannot enforce a so-called "Non-Compete" against a Independent Broker that is bringing you deals

Any 1st year Lawyer would eat your lunch

Untrue . . .

You can restrict a Broker from soliciting existing Clients, Brokers and Funders that the specific Broker did not personally recruit, fund or personally bring to the table. You cannot restrict them from being in business, just from the actions mentioned above.

Have successfully defended these restrictions in the past - just different products / services.

[mca2150]

Untrue . . .

You can restrict a Broker from soliciting existing Clients, Brokers and Funders that the specific Broker did not personally recruit, fund or personally bring to the table. You cannot restrict them from being in business, just from the actions mentioned above.

Have successfully defended these restrictions in the past - just different products / services.

The FTC is going to limit non-competes in the near future due to the recent executive order, so I wouldn't count on them. You can probably prevent them from stealing your merchants, but you can't prevent their relationship with funders. Even if you wanted to, how would you know? The non-compete isn't going to deter anyone.