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  1. #26
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    Quote Originally Posted by ryan $ View Post
    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.
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  2. #27
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    Quote Originally Posted by Yankeeman07 View Post
    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

  3. #28
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    Quote Originally Posted by moneygreen View Post
    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 ?
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  4. #29
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    Quote Originally Posted by Yankeeman07 View Post
    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.
    Micah Markowitz | mmarkowitz@abfunders.com | 314-396-2828

  5. #30
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    Quote Originally Posted by abfunders View Post
    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 -
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  6. #31
    Senior Member Reputation points: 171385 ryan $'s Avatar
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    Quote Originally Posted by Yankeeman07 View Post
    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?

  7. #32
    Senior Member Reputation points: 171385 ryan $'s Avatar
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    Quote Originally Posted by abfunders View Post
    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.

  8. #33
    First off, I want to apologize, not to you, but the rest of the community for the late reply. Our account was not activated, and we could not reply to your message until today. We had a long conversation on the phone, and it seems you like to pick and choose bits of information in order to make them work to support your claims... If the MCA space doesn't work out for you, you can do well in the news media field. I explained to you very clearly that this was not a file submitted to us but rather a lead that was purchased. The agent that received this lead is trying to convince you to move forward with Lendora in that conversation you posted. Not one broker over here can tell me they would not do the same in order to convince a merchant to move forward with them rather than the other guy. This is the nature of the business. Everybody buys leads, those tend to be recycled, resold numerous times to different agents/ISOs and many agents in the field tend to cross each other while submitting or calling merchants. You asked me to release my lead broker information to you and if I didn't do so, you would "bash us" and try to affect our business by posting negative threads on daily funder... I said it to you once and I will say it again, I do not respond to threats. If there was any chance possible to back track the source of your lead, I might consider disclosing my lead broker, but you know very well that this is an impossible task. You are bitter because you evidently have a leak with the funders you work with. Let me make it very clear to this community, the man posting this thread is NOT an ISO with Lendora. I don't even know his real name; he would not identify himself nor disclose his company name. You claim to be a funder and broker... however syndicating a few thousand dollars here and there or getting a white label does not make you a funder. Why might you ask? Because a funder would not waste their time trying to find such a leak. That's what I explained to you. This is the space we navigate, unfortunately, and there are good and bad and that's that. You can try bashing us all you want and try and pin us as the bad guy, but the reality of the matter is that we are not the culprit. We purchased leads like everybody else in the industry does and it happened that your clients were in there. Think about it, why would an agent call your client two weeks after you submitted them to your funders (time frames you provided me)? If I was backdooring you, wouldn't I call your merchant immediately so I can fund him before anyone else does? How can I backdoor your company if you are not an ISO with us? I don't even know your real name or your company name... You are angry and upset and I understand where your frustration stems from however you are pointing the finger in the wrong direction. You need to reassess the way you do business. Out of the 3 funders you work with (information you provided me) one of them or maybe all of them is leaking your info. Maybe they are doing so knowingly or maybe someone at their underwriting department is making some extra $ on the side selling that info to lead brokers. One way or another you and Lendora do not have a relationship, those files were never sent to us, and we never tried to backdoor you. The ISO's we have relationships with know very well that we would never try to pull something off like that. We cherish our ISO's business too much to jeopardize it and our reputation, for a few dollars. Not to say that there aren't funders out there that do that, but Lendora's practices and vision of business are definitely not in line with those kinds of malpractices.
    FYI you said it yourself on our call... "it is true that Sheri did not have the application and supporting documents since she was requesting them...". A lead was purchased, and a lead was called. Our agent did her best to get the business. From your words " Lendora was collateral damage". I told you all of that over the phone and frankly not interested in wasting any more time on this. I do want the rest of this community to know what was said and what the situation really is, not just your twisted, angry version of it.

    I am wishing you again all the best in your future business and hope you get to find your "leak" but if I can give you a little piece of advice, don't waste too much time on it you are not the first that have tried and won't be the last jumping into that rabbit hole. Concentrate your efforts on your future business and finding funders that cherish your business and that you can trust without a doubt that they would never backdoor you.
    Last edited by LENDORA; 09-23-2021 at 10:51 PM.
    Benjamin Amar
    Director of Business Development
    ben@lendora.com
    323-452-7455

  9. #34
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    Quote Originally Posted by ryan $ View Post
    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.
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  10. #35
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    Quote Originally Posted by ryan $ View Post
    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?
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  11. #36
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    Quote Originally Posted by Yankeeman07 View Post
    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.
    Micah Markowitz | mmarkowitz@abfunders.com | 314-396-2828

  12. #37
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    Lightbulb

    Quote Originally Posted by abfunders View Post
    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)?
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  13. #38
    Veteran Reputation points: 144931 J.Celifarco's Avatar
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    if you are working with funders where you are worried about giving them a clients contact info than you are working with the wrong funders.
    John Celifarco
    Managing Partner
    Horizon Funding Group

    3423 Ave S
    Brooklyn, NY 11234
    T: (347) 773-3990 | F: (718) 795-1990
    Linkedin: Profile
    Email: john@horizonfundinggroup.com

  14. #39
    Very eloquently written. But facts are facts.

  15. #40
    Quote Originally Posted by Yankeeman07 View Post
    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.

  16. #41
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    people really do this where they submit files without contact information of the merchant? I thought people did it maybe when starting with a new lender but all the time? That is crazy to me
    John Celifarco
    Managing Partner
    Horizon Funding Group

    3423 Ave S
    Brooklyn, NY 11234
    T: (347) 773-3990 | F: (718) 795-1990
    Linkedin: Profile
    Email: john@horizonfundinggroup.com

  17. #42
    Pretty much every single funder has done it to me. It isn't backdooring necessarily. 3 months go by and then they send it to their broker shop or put it in a drip campaign. For example, a very large funder shoots over all their applications to their sister company for a mortgage.

    I also firmly believe that most backdoor cases are not coming from management. Typically, it is a rogue employee. I wish it didn't have to be this way but it is.

  18. #43
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    Quote Originally Posted by mistamca View Post
    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 !

    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  19. #44
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    My two cents: Every advisor and every institution has their own style and requirements. The certainty of closing a transaction is highly reliant on the amount of information reviewed and work done up front. If the appropriate work is done up front by the advisor they SHOULD know what can be done and who will do the deal. If you send a deal to someone who does little work up front, the chances of the deal closing goes down or time is wasted because something came up in review.

    Follow the simple rule of closing clients: Know your customer, Know your advisor, and Know your sources of capital.

    I personally have a low tolerance of "advisors" calling with "deals" that have done zero work only to waste our time and resources. "I got a guy that needs money" just doesn't cut it in this environment.
    [B]Kevin Henry

  20. #45
    Quote Originally Posted by Kevin Henry View Post
    My two cents: Every advisor and every institution has their own style and requirements. The certainty of closing a transaction is highly reliant on the amount of information reviewed and work done up front. If the appropriate work is done up front by the advisor they SHOULD know what can be done and who will do the deal. If you send a deal to someone who does little work up front, the chances of the deal closing goes down or time is wasted because something came up in review.

    Follow the simple rule of closing clients: Know your customer, Know your advisor, and Know your sources of capital.

    I personally have a low tolerance of "advisors" calling with "deals" that have done zero work only to waste our time and resources. "I got a guy that needs money" just doesn't cut it in this environment.
    Perfectly stated, thank you for shining a light on this subject for us. Needless to say, I agree with everything you say, always.

  21. #46
    Quote Originally Posted by Yankeeman07 View Post
    They you do not have a legit offer - the file is NOT been sent to underwriting !

    You must not fund MCAs because it is laughable that you think that you cant get an approval without contact information. The only funder that I use that complains occasionally is Rapid.

  22. #47
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    QUOTE=mistamca;158014]You must not fund MCAs because it is laughable that you think that you cant get an approval without contact information. The only funder that I use that complains occasionally is Rapid.[/QUOTE]

    Are you that incompetent ?
    Last edited by Yankeeman07; 09-30-2021 at 02:52 PM. Reason: Spell Check :)
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  23. #48
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    Quote Originally Posted by Yankeeman07 View Post
    They you do not have a legit offer - the file is NOT been sent to underwriting !

    no dave you are wrong once again, it has been sent...an email and phone will not tell anything to an underwriter...lmao

  24. #49
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    Quote Originally Posted by Yankeeman07 View Post
    Are you that incompentant?
    incompetent**

    lmao

  25. #50
    Quote Originally Posted by Yankeeman07 View Post
    Are you that incompentant?
    If you are going to insult me, can you at least spell it correctly? How about you educate us what a telephone & email provides an underwriter that prevents them from extending an offer?

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