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12-22-2021, 01:20 PM #1
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Brokers are Funny
Had a funny situation. Offer sent at a 1.30 buy and sell of a 1.45 for 11 months. Broker reaches out and asks if I can drop the buy rate to a 1.27 since they want to sell the deal at a 1.39. I responded and asked what is wrong with selling a 1.39 making 9 points?
Deal has not came back yet. Assuming the deal backed out, funded elsewhere or another broker funded it. But i love Brokers, yall rather make 10-15% on $0 funded than 4-9% on $100,000
Mery Christmas!
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12-22-2021, 03:42 PM #2
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- Jul 2014
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- 92
There's a big difference between 4% and 9%, but most operations are underwater at the lower end of your range after marketing and payroll (or even the higher end of it). The broker could make the same argument right back to you... isn't a 1.27 on 100k better than a 1.30 on $0? Maybe on any one given deal, but you know there's a minimum avg return you need to see to make it all work.
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12-22-2021, 03:51 PM #3
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- Apr 2015
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brokers have and always will be the joke of this industry
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12-22-2021, 04:01 PM #4
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- Jul 2014
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12-22-2021, 04:07 PM #5
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did you think that maybe another funder gave him the buy rate he needed ?
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12-22-2021, 04:10 PM #6
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12-22-2021, 04:40 PM #7
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- Oct 2021
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I did but usually the ISO would give you the old 'Hey Funder X gave me this at this buy rate, can you match or beat it?"
But in this case its, 'hey we dont feel like making 9 points, can you lower your buy rate since we dropping our points?'
Someone needs to tell me the point of a buy rate then. Might as well have all deals like Burger King and 'Have it your way'
Now if the broker is selling the deal with very few points or no points to get the deal done and its a broker that closes deals and doesnt waste a funders time then I have no problem lowering the buy rate a point or two since they sold the deal at the bone but saying 'we dont want to make 9 points so lower your buy more' , again broker are funny.
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12-22-2021, 05:12 PM #8
I love the bump request on term and funding amount, 1 time exceptions for the most obvious no's, and creative stories to justify negative days, nsf's, low or no deposits, ect.
I laugh at the bump requests more when they are begging for 10k bump on a 500 credit 4th position that was *****d out in a 30 day span. (chances are that broker pitched the low interest LOC or SBA add on to it)The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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12-22-2021, 05:31 PM #9
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- Feb 2018
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- 1,349
I have seen buy rates as low as 1.19 12 months so depending on the credit and deal itself, 1.30 may have been priced too high to achieve the points broker wanted and ultimately what merchant should pay. The offers co to co on the same deal are way off. No wonder brokers have to shotgun deals
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12-22-2021, 05:33 PM #10
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- Jun 2019
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- 59
Lol
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12-22-2021, 05:36 PM #11
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- Oct 2013
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"Great" salespeople are essential to success, not salespeople. Average to below average salespeople (in every industry) are like recycled cans outside a supermarket. Everywhere.
www.UccRadar.com
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12-22-2021, 05:36 PM #12
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- Dec 2016
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- 4
What happened no brokers are commenting now ? LOL
Usually they will go on this forum and blast every funder out there.
Bunch of clowns!
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12-22-2021, 05:38 PM #13
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- Feb 2018
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Brokers built this industry. You may be done w/history but history ain't done with you ^
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12-22-2021, 05:42 PM #14
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12-22-2021, 06:00 PM #15
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If your point is that talented people are good for a business and untalented people aren't, I guess I agree with you? The point is that even though a career in sales has a low barrier to entry, in most organizations it's one of the highest paying positions. Why is that? Because it's hard to do well and it's incredibly important.
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12-22-2021, 07:22 PM #16
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- Jun 2018
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- 462
half the people on this post claiming that ”brokers are a joke”
are the same people that blow up our phones 800x a day saying that they fund a-z paper and are better than everyone else and try to onboard us
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12-22-2021, 07:31 PM #17
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12-22-2021, 08:04 PM #18
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- Oct 2021
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Cant say i agree with this. If the broker says they are selling the deal at a 1.39 or any rate above the buy rate it still looks exactly the same on the contract since the sell rate is the sell rate no matter if the broker is making 1%, 2% or 15% so if the broker says the merchant agrees to a 1.39, its 'sold' and now the broker just asking for more points. Now if they want to look for a better deal and they get it, good for them but we all know time kills deals - merchant is either going to fund with another broker or they just lose interest/go dark. I would just think its better to make something on a deal then make Full Boat on $0 funded
As regards to the 'funders' that are blowing up brokers phones on here, cant say i would ever do that here since the few people i know and trust here are good people but i would never want the rando brokers from here submitting to me but those 'We fund A-Z paper and fund 15%' post are pretty funny. Desperate funders out here.
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12-23-2021, 09:03 AM #19
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- Sep 2021
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- 190
"Brokers are the worst" but you have nothing without brokers. Remember they do most of the leg work.
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12-23-2021, 09:11 AM #20
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- Feb 2017
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Or do what Fintap (RDM) does and have two options. One for lower buy rates but lower max upsell, and a higher buy rate with higher max upsell.
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12-23-2021, 09:11 AM #21
This depends, some work with underwriters the whole step of the way, some send the ID, and voided check, email the number to the merchant, then disappear. I will say it has its benefits sometimes, but then when the file is a mess, it sucks they may not be of help.
Point blank, some people submit whatever they can to see what they can get (Even Azi Rei, Vectorless Films, ect), then some put in the time and effort to take a submission to the finish line.The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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12-23-2021, 09:58 AM #22
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- Sep 2021
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- 190
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12-23-2021, 10:35 AM #23
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- Apr 2020
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12-23-2021, 11:10 AM #24
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Most brokers are peanut brained, dogs chasing cars so to speak
The same could be said about underwriters at most funders though
I promise your underwriter isn't as good as you think they are
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12-23-2021, 02:07 PM #25
Sure, I agree with that however as you can see here brokers have far worse behaviors and practices than underwriters.
This statement is in regards to all posts on this referring to brokers using unethical and immoral tactics on Merchants. This is not to classify all brokers in this industryThe Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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