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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: 2695
    Join Date
    Mar 2018
    Location
    Salt Lake City, UT
    Posts
    59

    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
    80 MAIDEN LANE NEW YORK NY 10038
    Posts
    1

    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!

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