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  1. #51
    I've owned and ran a funding company for over 3 years. It is NOT necessary to have contact information until the contract request. The ONLY time I've needed to call a merchant prior to funding is to clarify information that needs to be on the contract if I'm dealing with a slow ISO or I just want to take the lead and get the file done faster than having to go through the ISO. Examples include confirmations regarding address, entity type, or anything else that stands out as being strange during underwriting that needs to be addressed.

    Asking a merchant, "What are you using this capital for?" is an absolute joke. I ask it anyway just out of habit, but you never really know or can confirm that the merchant is using those funds for that purpose after the wire has been sent. You know how many times I've gotten the answer "business purposes" or "working capital"? If you think these merchants are telling the truth than you're playing yourself.

  2. #52
    Member Reputation points: 3414
    Join Date
    Mar 2018
    Location
    Salt Lake City, UT
    Posts
    86

    Quote Originally Posted by Yankeeman07 View Post
    They you do not have a legit offer - the file is NOT been sent to underwriting !

    You ask a question about how underwriters do their job without email / phone number and when everyone gives you an answer you just say everyone is wrong. It's like arguing with wall.
    Eric Christensen
    ISO Relationship Manager
    Torro

    eric.christensen@torro.com
    (801)-441-7958

  3. #53
    Noob Reputation points: 10
    Join Date
    Dec 2020
    Location
    180 MAIDEN LANE NEW YORK NY 10038
    Posts
    4

    I got a decline from EBF "This merchant is not eligible to be funded"

    We now brought in updated statements a month later and saw EBF funded the deal 2 days after that decline.

  4. #54
    Quote Originally Posted by Raymondgrand View Post
    I got a decline from EBF "This merchant is not eligible to be funded"

    We now brought in updated statements a month later and saw EBF funded the deal 2 days after that decline.
    Lol I got a decline once saying "Management is not interested in working with this merchant."

  5. #55
    That's only 10% of the time when they don't pick up on a default lol

  6. #56
    Quote Originally Posted by TheUnderwritingProdigy View Post
    Asking a merchant, "What are you using this capital for?" is an absolute joke. I ask it anyway just out of habit, but you never really know or can confirm that the merchant is using those funds for that purpose after the wire has been sent. You know how many times I've gotten the answer "business purposes" or "working capital"? If you think these merchants are telling the truth than you're playing yourself.
    From my broker point of view asking the use of funds early in the sale process is really important. gives leverage later on!

  7. #57
    I back this claim

  8. #58
    Screen Shot 2022-09-10 at 9.40.24 AM.png
    Screen Shot 2022-09-10 at 9.41.25 AM.png
    After funding call, we find that the merchant has already been funded by ForwardFinancing, and Lendora still hasn't underwritten an offer after about 36 hours. Waited for them to beat current offer after sending them the offer by the other funders.
    They claimed the same thing on why they couldn't underwrite the file quick enough "we work with 100's of brokers".
    After doing the bank login come to find out after getting the wire from Forward, the merchant also sent a Zelle payment, which he claimed he would do for myself after funding him.

    Riddle me this

  9. #59
    Senior Member Reputation points: 9802
    Join Date
    Nov 2019
    Posts
    638

    Back dooring has been part of this industry and will probably always will be here. Even if the funders get caught some will just change there name and do it again. Or the ones that are doing it are just brojkers that are getting white labeled from the funder so newer iso's that do not have to many connections will keep sending files over to them.

    I been back doored as a rep by an underwriter and it sucks and even before that i would never do that to my iso's. My iso's trust me and the company to do the right thing by them. That is why they put all the information needed on the app and not fake info. Even with the fake info you can go online and get the business phione number maybe home and cell number iof yiou are really good at that. So not putting the real info on the app will maybe dter some people from trying to steal your client but not everyone and not everyone like myself would even try to do that.

  10. #60
    Beware of Square Advance in New Jersey.

  11. #61
    Senior Member Reputation points: 97075
    Join Date
    Jun 2015
    Posts
    754

    Quote Originally Posted by thesinatraguy View Post
    Beware of Square Advance in New Jersey.
    I’ll agree with you on this. Square advance is a dumb shop and I would never sign up with them in the first place.. but stop with this non stop attacks. Just stop already.

    Get over it. You’ve been ****ed. (On a default of all default deal)

    Brother I’m begging you, eat it up already. Otherwise you’ll never get anywhere in this business.

    Go to the mirror and scream five times loud “I’ve been ****kkkeddddd”.

    Never do business with Square. Or any other of the chop shops.

    Learn your lesson and cheers. Go deal with legit shops.

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