[Yankeeman07]

With just the bank statements and app (Using credit reports and other tools to do the underwriting as well as the statements). Usually the funder does not contact the customer until contracts are signed for a merchant interview / funding call.

Just a thought - The application has been falsified - so why would a funder believe any of the information?
How do they conduct a funding call with a phony phone number?

[ectorro]

Just a thought - The application has been falsified - so why would a funder believe any of the information?
How do they conduct a funding call with a phony phone number?

The rep let's us know the right number. Email and number isn't really necessary to underwrite. If SSN, EIN and addresses are off that would be an issue for underwriting. Every funder is a little different, some do more up front some don't.

[ryan $]

Just a thought - The application has been falsified - so why would a funder believe any of the information?
How do they conduct a funding call with a phony phone number?

Where have you been? 9/10 Funders ask for Contact Info AT Contract Request.

[Yankeeman07]

Where have you been? 9/10 Funders ask for Contact Info AT Contract Request.

Real Simple - A file would not be submitted to underwriting without me personally speaking to a merchant.
plus, we never submit a partial file thru referrals - which 90%+ are incomplete
I will not waste an underwriters time on incomplete files

Keep in mind our main focus is SBA & Credit Card Splits MCA's and to a lesser extent - Hard Money Loans.

[moneygreen]

Real Simple - A file would not be submitted to underwriting without me personally speaking to a merchant.
plus, we never submit a partial file thru referrals - which 90%+ are incomplete
I will not waste an underwriters time on incomplete files

Keep in mind our main focus is SBA & Credit Card Splits MCA's and to a lesser extent - Hard Money Loans.

Please stop posting gibberish you make zero sense!!! First you say you need to speak to a merchant to UW a file? No actually you just need an app with a Business name, address, EIN, merchant name, personal address, SS and DOB signed and dated along with some bank statements. That's all you need to provide until contracts are signed, once signed then ofc you can speak to the merchant but that's not what the poster said. Then apparently you need to speak to each merchant personally b4 submitting to UW? In what world? I understand looking over a file before sending it out, but speaking to the merchant personally that's not even yours? Cmon Dave..
PS: Please update you website

[Yankeeman07]

Please stop posting gibberish you make zero sense!!! First you say you need to speak to a merchant to UW a file? No actually you just need an app with a Business name, address, EIN, merchant name, personal address, SS and DOB signed and dated along with some bank statements. That's all you need to provide until contracts are signed, once signed then ofc you can speak to the merchant but that's not what the poster said. Then apparently you need to speak to each merchant personally b4 submitting to UW? In what world? I understand looking over a file before sending it out, but speaking to the merchant personally that's not even yours? Cmon Dave..
PS: Please update you website

Yes, All files that come to my desk are my responsibility - The Bank and my funders pays me - therefore I'm responsible for the information on a application

So in the real world, YES, I speak to every merchant that is attempting to secure funding. Main Question, besides the accuracy of info.

Usage of funds - what is the merchant's plan for $$$ - Guess how many apps I receive - Usage of funds - brokers answer - "Max Offer"
That does not and will not pass muster.


BTW, what is your web site? Your contact info ?

[abfunders]

Yes, All files that come to my desk are my responsibility - The Bank and my funders pays me - therefore I'm responsible for the information on a application

So in the real world, YES, I speak to every merchant that is attempting to secure funding. Main Question, besides the accuracy of info.

Usage of funds - what is the merchant's plan for $$$ - Guess how many apps I receive - Usage of funds - brokers answer - "Max Offer"
That does not and will not pass muster.


BTW, what is your web site? Your contact info ?

Dave, you must either be on drugs or you're not very intelligent. Your original rhetorical question was, "Educate me - How does a funder underwrite a file without contacting the customer?" Now you're writing about "A file would not be submitted to underwriting without me personally speaking to a merchant" and you're talking about brokering and pre-screening BEFORE underwriting.

Stop the nonsense and quit while you're way behind.

[Yankeeman07]

Dave, you must either be on drugs or you're not very intelligent. Your original rhetorical question was, "Educate me - How does a funder underwrite a file without contacting the customer?" Now you're writing about "A file would not be submitted to underwriting without me personally speaking to a merchant" and you're talking about brokering and pre-screening BEFORE underwriting.

Stop the nonsense and quit while you're way behind.

This was the statement " First you say you need to speak to a merchant to UW a file?" - Yes, I speak with all merchants prior to submitting the file to the Bank of if it is a MCA/Hard Money Loan/Credit Card Processing - the same standard.

Shocking News Bulletin - Brokers have been known to fabricate applications -

[ryan $]

Dave, you must either be on drugs or you're not very intelligent. Your original rhetorical question was, "Educate me - How does a funder underwrite a file without contacting the customer?" Now you're writing about "A file would not be submitted to underwriting without me personally speaking to a merchant" and you're talking about brokering and pre-screening BEFORE underwriting.

Stop the nonsense and quit while you're way behind.

Micah gets it.

[ryan $]

Yes, All files that come to my desk are my responsibility - The Bank and my funders pays me - therefore I'm responsible for the information on a application

So in the real world, YES, I speak to every merchant that is attempting to secure funding. Main Question, besides the accuracy of info.

Usage of funds - what is the merchant's plan for $$$ - Guess how many apps I receive - Usage of funds - brokers answer - "Max Offer"
That does not and will not pass muster.


BTW, what is your web site? Your contact info ?

Where do you find the time? If I had to personally call every merchant..... geeze, are you on Meth? Or just really small?

[Yankeeman07]

Where do you find the time? If I had to personally call every merchant..... geeze, are you on Meth? Or just really small?

Why do you think it is so hard to speak to a merchant, have a conversation, learn about their business, answer their questions.
Will this be a good merchant to fund ?

Take a guess at how many times I've been sent an application and after speaking with a merchant, correcting information
that was not accurate?

[Yankeeman07]

Where have you been? 9/10 Funders ask for Contact Info AT Contract Request.

How do you prepare a contract without verifying the info is accurate.

I would not even consider submitting a file without verifying info as much as possible.

[abfunders]

How do you prepare a contract without verifying the info is accurate.

I would not even consider submitting a file without verifying info as much as possible.

Dave, do you realize you keep digging yourself deeper? A phone number is unnecessary for contracts. You obviously don't fund very much, since a lot of funders prepare contracts, and don't execute them until they do the final underwriting is verified and you speak with the merchant. I guess you're different, because you're a broker, an underwriter, and a direct lender, so you have rights to question everyone else's business practices. And to top it off, you said (and I quote) "EDUCATE ME" and you don't want to be educated.

[Yankeeman07]

Dave, do you realize you keep digging yourself deeper? A phone number is unnecessary for contracts. You obviously don't fund very much, since a lot of funders prepare contracts, and don't execute them until they do the final underwriting is verified and you speak with the merchant. I guess you're different, because you're a broker, an underwriter, and a direct lender, so you have rights to question everyone else's business practices. And to top it off, you said (and I quote) "EDUCATE ME" and you don't want to be educated.

Let's clarify - a Underwriter does NOT NEED accurate contact information (Business Phone Number, Cell Number, Home Phone Number, Email)?

[mistamca]

Let's clarify - a Underwriter does NOT NEED accurate contact information (Business Phone Number, Cell Number, Home Phone Number, Email)?

No they don't. You do not need contact info to underwrite a deal to give an offer...
I do not know about you but email & phone is given when requesting a contract.

[Yankeeman07]

No they don't. You do not need contact info to underwrite a deal to give an offer...
I do not know about you but email & phone is given when requesting a contract.

They you do not have a legit offer - the file is NOT been sent to underwriting !

​