[mca2150]

Golden State / Coconut Funding (stupid name) are the type of people you don't want in this industry. They've been around many years and always have the same reputation. A lot of us will probably get threatening private messages knowing them.

[BR-Nightmare]

. A lot of us will probably get threatening private messages knowing them.

Boy I wish they would.

[DailyCloser]

Such a shame so many bad players in the space.

[jfeinberg]

https://youtu.be/buU4HqkCb9Y


This post triggered me to make a video on this. If you have ways new brokers can "sniff" out fake funders/lenders, lets share these tips with them. By stating no way cant be true, this needs to change, thats whats wrong with our industry, it wont accomplish anything.

Lets start to educate people by sharing who is f***ing people over, and share what questions can be asked to learn if they are lying or not.

Now I know it cant 100% be sniffed out, but if we can help lets help.

I gave one possible way in the video. But there is so much more.

[pcfunder]

These guys are such dicks. I reached out like 3 or 4 years ago to see if they had a sales team and wanted to submit to us and all they do is send a bunch of emails like "eff you" "go eff yourself" "never effing talk to me again" "I'll eff your mother" from like 3 or 4 different people at the company. I made the same mistake a year or two later and it was the same exact thing... a bunch of cursing and crying at me. I'm pretty sure these are grown men too.. You see a picture of a 40-50 year old man in the signature and in the body of the email is just "eff this eff that blah blah blah".

[BR-Nightmare]

These guys are such dicks. I reached out like 3 or 4 years ago to see if they had a sales team and wanted to submit to us and all they do is send a bunch of emails like "eff you" "go eff yourself" "never effing talk to me again" "I'll eff your mother" from like 3 or 4 different people at the company. I made the same mistake a year or two later and it was the same exact thing... a bunch of cursing and crying at me. I'm pretty sure these are grown men too.. You see a picture of a 40-50 year old man in the signature and in the body of the email is just "eff this eff that blah blah blah".

Was it because you killed their deals from AZ Rei, Vectorless Films & Cummings Trucking??

Same happen to me.

[pcfunder]

Was it because you killed their deals from AZ Rei, Vectorless Films & Cummings Trucking??

Same happen to me.

No definitely not I love those deals. I try to get in them whenever I get a chance.

[ridextreme]

These scumbags are what's gonna get the industry regulated, just like the MTG industry after 2008. (licensing and testing that's designed to be hard to weed out the week and dumb idiots like these clowns).

[InsiderInfo]

It's 100% true. I've seen it with my own eyes.

[fundingsmbs]

self regulation didn't hasn't and won't work. it's been tried, talked about, and, failed. the bad apples form new companies and hire front men to fleece brokers into thinking they are a funder. than, you have legitimate funder's, who, backdoor deals through ISO's. Where does the industry go from here? Or, is the reality, its the wild west and will always be

[TheUnderwriter]

self regulation didn't hasn't and won't work. it's been tried, talked about, and, failed. the bad apples form new companies and hire front men to fleece brokers into thinking they are a funder. than, you have legitimate funder's, who, backdoor deals through ISO's. Where does the industry go from here? Or, is the reality, its the wild west and will always be

I think its pretty easy to know who is full of **** and who is legit or not. These 'funders' that post on here or linkedin promoting themselves etc , but have you ever seen them in a bank statement? Do you know any other brokers who work with them and pay commission? Would multiple brokers go to bat for that funder and give a good reference? If the answer is 'no' and you still sign up with them and get screwed, thats no one fault but yourself. I have brokers reach out all the time and if I dont get a good reference or their website is not legit etc, i dont sign them up. Not going to waste my time with a broker i feel is not legit or gets their files from downlines/backdoored to them. Not going to deal with that headache when it comes to funding deals or seeing they stacked me right after since I can just ask the merchant 'who got you that funding right after us?". I dont see why it wouldnt be the same with signing up with a funder. It is the wild west but if you have half a brain i think 99% of the issues people face can be avoid but if you want to sign up with anyone and everyone to try to make a quick buck, then dont be surprised when a bad situation comes up.

[SendDocsPlox]

I think its pretty easy to know who is full of **** and who is legit or not. These 'funders' that post on here or linkedin promoting themselves etc , but have you ever seen them in a bank statement? Do you know any other brokers who work with them and pay commission? Would multiple brokers go to bat for that funder and give a good reference? If the answer is 'no' and you still sign up with them and get screwed, thats no one fault but yourself. I have brokers reach out all the time and if I dont get a good reference or their website is not legit etc, i dont sign them up. Not going to waste my time with a broker i feel is not legit or gets their files from downlines/backdoored to them. Not going to deal with that headache when it comes to funding deals or seeing they stacked me right after since I can just ask the merchant 'who got you that funding right after us?". I dont see why it wouldnt be the same with signing up with a funder. It is the wild west but if you have half a brain i think 99% of the issues people face can be avoid but if you want to sign up with anyone and everyone to try to make a quick buck, then dont be surprised when a bad situation comes up.

I will say that DailyFunder seems like bizarro MCA sometimes, because a lot of big names on here are not the people actually funding and the way they talk about deals you would think theyre Finance Boomers on the periphery of the industry with no fundamental understanding of processing or ISO relations from the Broker's perspective

I don't work with the majority of companies that advertise on here regularly for exactly the reasons you outline above

Especially companies named after ****ing fruits and vegetables

[CHAJIR]

It is just unfortunate that this happens in the industry.

[NotALoan]

It is just unfortunate that this happens in the industry.

Kind of like when funders threaten merchants with non-existent COJs, or refer to their MCA as a loan on their website, right?

[CHAJIR]

Kind of like when funders threaten merchants with non-existent COJs, or refer to their MCA as a loan on their website, right?

Yes absolutely right!! Why? Are you threatening merchants with COJs?

[NotALoan]

Yes absolutely right!! Why? Are you threatening merchants with COJs?

Nope. Just you.

[CHAJIR]

Nope. Just you.

Lol, I don't know where you get that COJ thing, when we don't do that anymore.

[TheUnderwriter]

Kind of like when funders threaten merchants with non-existent COJs, or refer to their MCA as a loan on their website, right?

You must deal with some really crappy Funders that do 4-12th positions if you think this is a good rebuttal to this entire thread. Any real funder with a strong balance sheet and doing things the right way do not have COJs or refer to an MCA as a 'loan' on a website

[NotALoan]

You must deal with some really crappy Funders that do 4-12th positions if you think this is a good rebuttal to this entire thread. Any real funder with a strong balance sheet and doing things the right way do not have COJs or refer to an MCA as a 'loan' on a website

Oh, they're not funders I deal with. Just pointing out that the user CHAJIR does this, so it's ironic that he is lamenting shadiness in the industry.

[TheUnderwriter]

Oh, they're not funders I deal with. Just pointing out that the user CHAJIR does this, so it's ironic that he is lamenting shadiness in the industry.

ohhh, what funder does CHAJIR think he is?

[jeffcap]

why would you sub to coconut? they are an iso not a funder

[Fetachini]

posts like this are the reason I still drop in to DF here and there lol… keep em coming guys!

[goldenhippo80]

Just had a merchant who WAS NOT funded by Coconut but still charged a $950 application fee and then when they blocked the payment, coconut hit them with a 10k default fee. Absolute criminals.

[Steven_O]

Just had a merchant who WAS NOT funded by Coconut but still charged a $950 application fee and then when they blocked the payment, coconut hit them with a 10k default fee. Absolute criminals.

Coconut Funding? Really? Or a funder in Coconut Grove?

[goldenhippo80]

Coconut Funding? Really? Or a funder in Coconut Grove?

It is listed in the courts as coconut funding.