Need a Funder or Vendor? START HERE

Page 1 of 2 12 LastLast
Results 1 to 25 of 38
  1. #1

    Coconut Funding just got caught!

    Just saw this posted on LinkedIn by the owner of United Capital Source. Be safe out there guys.


  2. #2
    Senior Member Reputation points: 81267
    Join Date
    Jun 2015
    Posts
    639

    Quote Originally Posted by TheUnderwritingProdigy View Post
    Just saw this posted on LinkedIn by the owner of United Capital Source. Be safe out there guys.

    Looks fake, or un-believable

  3. #3
    Quote Originally Posted by SmartAdvanced View Post
    Looks fake, or un-believable
    I can assure you that Jared is not the type of person to post something like this unwarranted. He's one of my ISO's and I just confirmed it with them over the phone as well.

  4. #4
    Senior Member Reputation points: 16283
    Join Date
    Oct 2013
    Location
    Designer
    Posts
    517

    Quote Originally Posted by TheUnderwritingProdigy View Post
    I can assure you that Jared is not the type of person to post something like this unwarranted. He's one of my ISO's and I just confirmed it with them over the phone as well.

    100% True about Jared.








    www.UccRadar.com

  5. #5
    I would assume this is someone fairly new to Coconut Funding that doesn't know any better.
    Anthony
    Senior Funding Coordinator
    Anthony@fundersconnect.com
    Direct: (516)-282-0933
    Fax: (646)-403-3092
    Fundersconnect Is An Approved Vendor of Delta Bridge Funding Products

  6. #6
    Senior Member Reputation points: 13995
    Join Date
    Jul 2013
    Posts
    341

    2015 start date at Coconut according to LinkedIn... so this is likely embedded in company culture. Also telling that he CC'ed Jacob.

  7. #7
    Senior Member Reputation points: 280543
    Join Date
    Jun 2015
    Posts
    3,108

    go look at the post on LinkedIn ,the dude actually responded that "no one else does this?"

  8. #8
    There's a more conspicuous way to do this but every shop I know uses backdoor leads...

  9. #9
    Quote Originally Posted by dollarbillz View Post
    There's a more conspicuous way to do this but every shop I know uses backdoor leads...
    thats just false.

    maybe work with better funders

  10. #10
    Member Reputation points: 895
    Join Date
    Feb 2020
    Location
    Anaheim, CA
    Posts
    85

    Quote Originally Posted by dollarbillz View Post
    There's a more conspicuous way to do this but every shop I know uses backdoor leads...
    Sounds like you work with some less than reputable shops then. At LoanMe we have a reputation for just how above board we are (some even say to our detriment), and backdooring is something that does not and will not happen with us.
    Joel S Galasso
    Senior National Accounts Manager
    Small Business Loans
    Main: 949-535-7798 | business.loans@loanme.com

    1900 S. State College Blvd. Suite 300 Anaheim, CA 92806

  11. #11
    Member Reputation points: 895
    Join Date
    Feb 2020
    Location
    Anaheim, CA
    Posts
    85

    "I would assume this is someone fairly new to Coconut Funding that doesn't know any better."


    It's not. Father/son team of Jack and Rob Pearlman heading up the shop, with Rob being the son.
    Joel S Galasso
    Senior National Accounts Manager
    Small Business Loans
    Main: 949-535-7798 | business.loans@loanme.com

    1900 S. State College Blvd. Suite 300 Anaheim, CA 92806

  12. #12
    Quote Originally Posted by MerchnatFundingSource View Post
    thats just false.

    maybe work with better funders
    i was thinking the same thing. Sounds like Dollarbillz knows/works with the wrong people

  13. #13
    Senior Member Reputation points: 58763 ridextreme's Avatar
    Join Date
    Dec 2014
    Posts
    900

    Quote Originally Posted by LoanMe_JG View Post
    Sounds like you work with some less than reputable shops then. At LoanMe we have a reputation for just how above board we are (some even say to our detriment), and backdooring is something that does not and will not happen with us.
    This happens everywhere, even at reputable shops. It's done on the dl. How on earth is everyone at Loanme supposed to know if someone back doored one of your deals? It's not like someone comes in to work bragging they just funded a back doored deal.

  14. #14
    To me its always a red flag when a company rep says " nobody backdoors here". Its impossible to know and its rampant across the board. I used to label my bank statements in a discreet way and had my reps who i trusted at these funders be on the lookout for subs that come with my labeled statements so I have "busted" even the most reputable shops ( would customize the bank statemnt label for each sub and actually caused a few reps at certain shops to be relieved of their jobs).. But I no longer waste time being a detective as I saw how widespread it is . Of course when I find out with certainty its happening I limit my subs there unless despite the backdooring I am still converting alot with said funder. But no matter what you do security wise all it takes is one rogue employee to want to make alot of extra side money for the backdorring to happen. My advice is keep your focus on the shops that convert for you and dont just blast out every sub. Limiting the exposure will limit the backdooring.

  15. #15
    Quote Originally Posted by LoanMe_JG View Post
    Sounds like you work with some less than reputable shops then. At LoanMe we have a reputation for just how above board we are (some even say to our detriment), and backdooring is something that does not and will not happen with us.

    I guess chivalry isn't dead!
    Thank you,

    Joseph Vaknen
    Business Development
    SuperFastCap


    Direct: (646) 546-3866 (Text or Call)
    E-mail: Joe@superfastcap.com
    www.superfastcap.com

  16. #16
    lmao this is too good to be true

  17. #17
    Senior Member Reputation points: 21939
    Join Date
    Nov 2018
    Location
    Florida
    Posts
    107

    Quote Originally Posted by alexd12345 View Post
    To me its always a red flag when a company rep says " nobody backdoors here". Its impossible to know and its rampant across the board. I used to label my bank statements in a discreet way and had my reps who i trusted at these funders be on the lookout for subs that come with my labeled statements so I have "busted" even the most reputable shops ( would customize the bank statemnt label for each sub and actually caused a few reps at certain shops to be relieved of their jobs).. But I no longer waste time being a detective as I saw how widespread it is . Of course when I find out with certainty its happening I limit my subs there unless despite the backdooring I am still converting alot with said funder. But no matter what you do security wise all it takes is one rogue employee to want to make alot of extra side money for the backdorring to happen. My advice is keep your focus on the shops that convert for you and dont just blast out every sub. Limiting the exposure will limit the backdooring.
    One rogue employee, one rogue merchant, one rogue broker.

    One thing I have noticed is that once a deal gets submitted anywhere, it will spread to others somehow.

    If I can recall, don't some funders have on their agreements the right to solicit after X amount of days?

    Another observation is the amount of employee turnaround shops have, I'm sure there can be a rogue individual as well.

    A "super" broker deal is also something to look at where you would assume a "backdoor" practice occurred.
    Joseph
    A Brokers Nightmare
    Florida-Based

  18. #18
    Senior Member Reputation points: 94541
    Join Date
    Aug 2016
    Posts
    786

    Quote Originally Posted by LoanMe_JG View Post
    Sounds like you work with some less than reputable shops then. At LoanMe we have a reputation for just how above board we are (some even say to our detriment), and backdooring is something that does not and will not happen with us.
    You had a rep that worked at multiple companies. Do you still allow that ?

  19. #19
    Senior Member Reputation points: 94541
    Join Date
    Aug 2016
    Posts
    786

    Rob is one of the biggest losers in this industry, it does not surprise me that he tried to steal data from a company.
    Can jared peruse this legally ?

  20. #20
    Quote Originally Posted by RickyR3712 View Post
    Rob is one of the biggest losers in this industry, it does not surprise me that he tried to steal data from a company.
    Can jared peruse this legally ?
    i like how his signature says "Dedicated to Excellence" yet they ask for backdoored files. Talk about practicing what you preach. Do better Rob Pearlman and Coconut Funding or just remove that phrase from your signature so you dont look like such a clown.

  21. #21
    Senior Member Reputation points: 18141
    Join Date
    Aug 2018
    Posts
    403

    Quote Originally Posted by RickyR3712 View Post
    You had a rep that worked at multiple companies. Do you still allow that ?
    I dont think they knew the rep was at other companies.

  22. #22
    Senior Member Reputation points: 18141
    Join Date
    Aug 2018
    Posts
    403

    I tried subbing to coconut.

    No offer for 2-3 days.

    Sold the deal elsewhere. 2 weeks later deal gets sent to debt consol lawyers. I requested it and the merchant showed me a group text where they referred him to a debt consol company. It is the mca space as a whole that is toxic.

  23. #23
    Quote Originally Posted by Zonefund View Post
    I tried subbing to coconut.

    No offer for 2-3 days.

    Sold the deal elsewhere. 2 weeks later deal gets sent to debt consol lawyers. I requested it and the merchant showed me a group text where they referred him to a debt consol company. It is the mca space as a whole that is toxic.
    WOW
    can you pst screenshot?

    I havent subbed to them and now I obvs will never in teh future

  24. #24
    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.

  25. #25
    Senior Member Reputation points: 21939
    Join Date
    Nov 2018
    Location
    Florida
    Posts
    107

    Quote Originally Posted by mca2150 View Post
    . A lot of us will probably get threatening private messages knowing them.
    Boy I wish they would.
    Joseph
    A Brokers Nightmare
    Florida-Based

Similar Threads

  1. Coconut Funding - Looking for ISOS
    By RobPearlman in forum Merchant Cash Advance
    Replies: 0
    Last Post: 08-25-2021, 12:38 PM
  2. Coconut Funding
    By FUND3R1 in forum Merchant Cash Advance
    Replies: 19
    Last Post: 03-17-2021, 02:33 AM
  3. Ram capital funding: I caught them backdooring!!!
    By Richard Gomez in forum Deal Bin
    Replies: 115
    Last Post: 11-15-2018, 10:57 AM
  4. Coconut Funding
    By MCABroker in forum Merchant Cash Advance
    Replies: 18
    Last Post: 02-15-2017, 04:54 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

Community banks can buy pooled FC loans
Revenued announces 1,000+ cards issued
Nuula partners with Mulligan Funding


DIRECTORY