[Shorebird]

Sitting around creating meme's when monies were not paid is not cool.

[Michael I]

oooooh the plot thickens

[Adam2326]

Yes... There are multiple ISO's that are missing money in this situation so if the thought process was this is just a Splash commission payment dispute that's not accurate. Aside from that commission we are missing money from our syndication and other deals commissions from other funders than Splash. So if the issue was receipt of the Splash payment alone, the other money would be paid out to us, along with the other ISO's involved. I can respect that outsiders looking in might think things escalated rather quickly on this post. But the fact is we have been completely silent for weeks working with SBL in an effort to resolve the issue. Ryan has personally been speaking with me on a daily basis all month about the issue doing what I felt was everything in his power to get it resolved. Stories had changed a few times, but what was consistent is Ryan being transparent about what was being told to him by James. I know there were multiple conversations between the two of them where Ryan was trying to get our money sent any way he could for the syndication at minimum. And I know Ryan asked many times for a bank statement to verify they had not received a payment from Splash but James never provided it to us. At this point I feel like Ryan should be stepping aside so James can explain directly to the ISO's involved in this mess what is plan is to resolve the many issues.

[Adam2326]

To put things in perspective here is what we are owed in total:

$7,000 Commission on Funded MCA
$4,588 in participation money for MCA's Paid In Full last month
$11,195 Right To Receive from MCA participation
$4,905.48 Commission on Funded MCA
TOTAL $27,688.48

Now the issue I also have with this situation is our Syndication numbers are as follows: Average Factor 1.52, Average Term 1.9 Months So simply the $7,000 commission being 30 days late cost us $1,820. Not to mention everything else... As this continues to drag out the loss continues to compound further. Not to mention the time wasted on the situation, the demoralization of the sales rep etc.

[Sachip24]

so no one else saw the email that was posted from OP from the funder saying it was requested commission get sent to a different account which is was? ...maybe i misunderstood

[RickyR3712]

To put things in perspective here is what we are owed in total:

$7,000 Commission on Funded MCA
$4,588 in participation money for MCA's Paid In Full last month
$11,195 Right To Receive from MCA participation
$4,905.48 Commission on Funded MCA
TOTAL $27,688.48

Now the issue I also have with this situation is our Syndication numbers are as follows: Average Factor 1.52, Average Term 1.9 Months So simply the $7,000 commission being 30 days late cost us $1,820. Not to mention everything else... As this continues to drag out the loss continues to compound further. Not to mention the time wasted on the situation, the demoralization of the sales rep etc.

The biggest crooks in this industry that will backdoor ,steal and not pay commissions etc. Do NOT mess with syndication because that is jail time. Ryan if you are not an owner do not walk RUN

[killerspin]

To put things in perspective here is what we are owed in total:

$7,000 Commission on Funded MCA
$4,588 in participation money for MCA's Paid In Full last month
$11,195 Right To Receive from MCA participation
$4,905.48 Commission on Funded MCA
TOTAL $27,688.48

Now the issue I also have with this situation is our Syndication numbers are as follows: Average Factor 1.52, Average Term 1.9 Months So simply the $7,000 commission being 30 days late cost us $1,820. Not to mention everything else... As this continues to drag out the loss continues to compound further. Not to mention the time wasted on the situation, the demoralization of the sales rep etc.

Just an outside perspective here but if those are the types of deals you are funding with them then it’s safe to say your money is bye bye. The defaults caught up with them. 1.50 40 day deals don’t last forever.

On a side note if they can’t pay you 27k in commissions then idk what they use to fund deals. The well is dry.

[Michael I]

The biggest crooks in this industry that will backdoor ,steal and not pay commissions etc. Do NOT mess with syndication because that is jail time. Ryan if you are not an owner do not walk RUN

ricky is right , not paying a commission is one thing.not paying syndication is a whole lot worse from a legal standpoint

[Adam2326]

ricky is right , not paying a commission is one thing.not paying syndication is a whole lot worse from a legal standpoint

Agreed. And it was not until syndication funds weren't being paid out that any of this went public...

[Adam2326]

so no one else saw the email that was posted from OP from the funder saying it was requested commission get sent to a different account which is was? ...maybe i misunderstood

We were aware of this part of the scenario from the beginning, the "New Account" was an account we had made payments to and received payments from multiple times so this wasn't a red flag. It was a legitimate account change we were aware of. They shared the email chain with Splash from the beginning because when they requested to change the account, splash responded with the date they would be paying comp to this new account.

[Adam2326]

Just an outside perspective here but if those are the types of deals you are funding with them then it’s safe to say your money is bye bye. The defaults caught up with them. 1.50 40 day deals don’t last forever.

On a side note if they can’t pay you 27k in commissions then idk what they use to fund deals. The well is dry.

I appreciate the insight and I can agree with you to an extent. In all of the years I've been involved in MCA the only deals I've ever had success with have been these kinds of high risk deals. The A-B paper 9-12 month deals I've participated in had a much higher default rate due to stacking etc The shorter term deals have always outperformed the "Lower Risk" deals in my book. Of the syndication we've done with SBL only 1 deal missed any payments and negotiated a reduced payment, and has been making good on those payments. So I can appreciate that defaults take place especially in high risk deals, but when it's not my deals defaulting it's not my problem. At least it should not be.

[aak723]

it is sad that there are other brokers finding this post funny. $7K isn't a trivial sum. Neither is $29K or any of the other deals where commissions/syndicate funds are owed.
A lender is stiffing commissions yet continuing to solicit business. To mention that, no matter what the tone (and of course it's going to be in an upsetting one given that nearly a month of expenses are now gone) isn't unprofessional.

[aak723]

I am in the same boat, ran 4 deals through SBL last month, I have not been paid.

I feel that there was intent to defraud us all along last month.

So, there are other victims here, not just the deals that were run through Splash.

Commissions were not paid out on several deals from several funders.

It's not a joking matter. Sitting around creating meme's when monies were not paid is not cool.

So this idea that their bank accounts are frozen and they have no access isn't valid. I don't know whose driving the SBL funding bus out there, but I've now heard from enough brokers to know that the problem isn't just me and another ISO.

[fundingsmbs]

Is this company based out of Hartford CT with CEO JAMES D? And why are ISOs running deals through a broker?

[Adam2326]

Is this company based out of Hartford CT with CEO JAMES D? And why are ISOs running deals through a broker?

Yes SBL from Hartford, James Delices = CEO / We personally would co broker in situations where they were signed up with a boutique we weren't and could get a better deal via their relationships. For example, this deal in question we were able to get 50k paying 10pts as our best option, they got 55k paying 15% from Splash. They took 2% for co-brokering and we took 13%. We made more money working it through them, and we would reach out to Splash after the deal was done if we felt more business could be done with them directly. But if we're funding 1 or 2 deals a month with that funder there's no reason to sign up IMO

[mistamca]

Yes SBL from Hartford, James Delices = CEO / We personally would co broker in situations where they were signed up with a boutique we weren't and could get a better deal via their relationships. For example, this deal in question we were able to get 50k paying 10pts as our best option, they got 55k paying 15% from Splash. They took 2% for co-brokering and we took 13%. We made more money working it through them, and we would reach out to Splash after the deal was done if we felt more business could be done with them directly. But if we're funding 1 or 2 deals a month with that funder there's no reason to sign up IMO

This just doesn't seem worth it for $2,150. Don't get me wrong; I co-broker a fair bit both ways but that is because one of the parties does not focus on that product. To your point, it does not take 30 days to fix this issue. Syndication is unacceptable. The funder has entitled profit that they can pay out syndicators if the money is actually frozen. If fraud is not happening, then it is just a rookie operation that had all their eggs in one basket BUT if they are funding still, then all their money is not frozen and they have backup accounts so why can't RTR get paid out?

Bottom line: It does not take 30+ to fix a bank account especially when you are a funder.

[BR-Nightmare]

What we have here is what us Cubans call "Arroz con Mango"

[Adam2326]

This just doesn't seem worth it for $2,150. Don't get me wrong; I co-broker a fair bit both ways but that is because one of the parties does not focus on that product. To your point, it does not take 30 days to fix this issue. Syndication is unacceptable. The funder has entitled profit that they can pay out syndicators if the money is actually frozen. If fraud is not happening, then it is just a rookie operation that had all their eggs in one basket BUT if they are funding still, then all their money is not frozen and they have backup accounts so why can't RTR get paid out?

Bottom line: It does not take 30+ to fix a bank account especially when you are a funder.

My point exactly, thank you

[Adam2326]

Just an update I have been able to speak with James and we were able to get a payment for $1,000 yesterday to go towards the outstanding balance with SBL. He did confirm that the Splash commission came into their account so there is no issue with Splash sending out comp. It is simply a matter of getting our piece of it at this point. Along with the syndication money.

[Michael I]

Just an update I have been able to speak with James and we were able to get a payment for $1,000 yesterday to go towards the outstanding balance with SBL. He did confirm that the Splash commission came into their account so there is no issue with Splash sending out comp. It is simply a matter of getting our piece of it at this point. Along with the syndication money.

sound like the merchants that are broke , stop payments for a month and than go into a payment plan

[letsgetmoney]

What we have here is what us Cubans call "Arroz con Mango"

Rice w/ mango doesn't sound too good to me.

[brandon_]

They confirmed they were trying to get paid twice on the commission from Splash. Classic

[Shorebird]

I have not received anything from them yet.

[brandon_]

Squeaky wheel gets the oil

[Shorebird]

Yeah, but they spend more time bull****ting people than working.

I have been stroked since Friday for a measly $600.

It is now Wednesday and they can't even come up with $600 to pay me on a renewal of 12k-1.49-60 deal.

Not to mention another $5800 in commish from month ago.

Maybe a Debanked video on this would serve our community well going forward.