[TheUnderwriter]

can understand how this is frustrating, as a broker id say the reverse of this is when funders assume every offer they give should be funded with them and get pissy when they aren't. A) you don't always have the best offer. B) not every merchant who applies for a cash advance will end up taking one, even if it is a "good" offer. C) you may have the best offer, but if you have more stips than another funder i may go with the one thats easier to fund.

Of course not every deal comes back etc. But dont tell your sales rep or underwriter, 'if you get me "X" it closes for sure" or "its a done deal". Especially to the point when 'X' is given, you dont communicate at all. So either the merchant went dark on you and you clearly didnt have any repour with the merchant, they changed their mind (which of course happens. cold feet etc), or you took the new offer that you request and showed it to funder B and asked them to beat it.

[closer129]

Personally it drives me nuts when i send a deal out and 3 days later a funder gives me a response. Either respond in the first 24 hours or dont bother.

How about the flip side on the funders end. We get a file that was dated 3 days prior. Send us the file when you send it to your other funders or do not send it at all to us.

[SendDocsPlox]

How about the flip side on the funders end. We get a file that was dated 3 days prior. Send us the file when you send it to your other funders or do not send it at all to us.

Depends on the funder, a lot of bad funders beg for A or B paper when they are C paper at best
Good processors start as high on a funder list as possible and lower accordingly

[closer129]

Depends on the funder, a lot of bad funders beg for A or B paper when they are C paper at best
Good processors start as high on a funder list as possible and lower accordingly

My company will look to fund A-C paper maybe D depending on the file and the iso. We decline the same files all day long from the same brokers for the same reasons and they keep sending same types of files a lot of times a day or longer after the app is dated. That is so frustrating and only waiting every ones time.

[SendDocsPlox]

My company will look to fund A-C paper maybe D depending on the file and the iso. We decline the same files all day long from the same brokers for the same reasons and they keep sending same types of files a lot of times a day or longer after the app is dated. That is so frustrating and only waiting every ones time.

It's likely that your A and B paper approvals are weak

You're competing with funders that have massive credit facilities and operations that offer terms out to 24/36/48 months now on A Paper and 12 months on high quality B Paper, if you're not competing on that you're not funding A and B Paper files

On lower quality B paper and on C paper you're also competing with EBF and Forward and Funding Metrics and Westwood and of course Delta and then some smaller but still effective funders like eFinancial Tree and Vital Cap and Expansion, and others. They fund solid amounts, at decent rates, and fast (mostly)


What a lot of funders dont understand is the importance in being narrow enough and having niches that other funders dont have
If you have a niche you're a day 1 first sub go to for certain file types, the problem is finding that niche

Some funders are built around that niche, look at Bitty and SuperFast, or Vader/Granite (EBF) and Ironwood, and those are just funders in Low Rev

[closer129]

First of all you do not know what our A and B paper offers are to say they are week.

I am competing with funders that are going out 24 months because they are borrowing there money from warehouse lines and if the money sits in their account they are loosing money so they rather put the money out longer with not much to lose on the deal. They are giving out long term deals to business that always need money and are pushed to stack behind them by the broker so they can get the merchant multiple positions to make more commissions than waiting a year or 2 for a renewal. Then when the funder does renew the deal they payoff the old balance and the cost of the new money is now double to the merchant.

We compete on the B-D file depending on the file with ebf westwood or any of the higher risk funders. Our rates and funding fees is lower than there's on a high risk first and second and anything higher if the business can handle another payment.

We have several niches than some other funders do but not many and one i do not think anyone does anymore. We will payoff a position or 2 if the balances are small enough to go into a second position or maybe third instead of giving a third or fourth payment. We offer cc splits and if the merchant has poor daily balances and ok credit we we have destroyed offers from bitty and ebf and vader and all the other high risk funders out there. And the main niche that no one else does that i know of anymore on first positions we do not payoff the old balance to give the merchant more money or add a second payment. When the merchant hits 50% paid into the deal we will just add the new money on a new deal keep the payments the same the old balances is still getting paid off while they us the new money and when the old is paid off several months later then they start paying off the new one.

I have merchants i have funded 10-15 times over the last 4-5 years that got a hell of a lot more money than if they took 12-18 month terms and saved them thousands of thousands dollars in cost as well. They did not have to take multiple positions at higher factor rates and not get refinanced on renewals where the money cost double.

If our offers were weak and could not be sold my syndication portfolio would not of grown around 2,000% over the last few years.

I worked for brokers before and this company were brokers. There are a lot of good brokers out there. There are a lot of good and bad funders out there. The good people just need to find each other.

[SendDocsPlox]

First of all you do not know what our A and B paper offers are to say they are week.

I am competing with funders that are going out 24 months because they are borrowing there money from warehouse lines and if the money sits in their account they are loosing money so they rather put the money out longer with not much to lose on the deal. They are giving out long term deals to business that always need money and are pushed to stack behind them by the broker so they can get the merchant multiple positions to make more commissions than waiting a year or 2 for a renewal. Then when the funder does renew the deal they payoff the old balance and the cost of the new money is now double to the merchant.

We compete on the B-D file depending on the file with ebf westwood or any of the higher risk funders. Our rates and funding fees is lower than there's on a high risk first and second and anything higher if the business can handle another payment.

We have several niches than some other funders do but not many and one i do not think anyone does anymore. We will payoff a position or 2 if the balances are small enough to go into a second position or maybe third instead of giving a third or fourth payment. We offer cc splits and if the merchant has poor daily balances and ok credit we we have destroyed offers from bitty and ebf and vader and all the other high risk funders out there. And the main niche that no one else does that i know of anymore on first positions we do not payoff the old balance to give the merchant more money or add a second payment. When the merchant hits 50% paid into the deal we will just add the new money on a new deal keep the payments the same the old balances is still getting paid off while they us the new money and when the old is paid off several months later then they start paying off the new one.

I have merchants i have funded 10-15 times over the last 4-5 years that got a hell of a lot more money than if they took 12-18 month terms and saved them thousands of thousands dollars in cost as well. They did not have to take multiple positions at higher factor rates and not get refinanced on renewals where the money cost double.

If our offers were weak and could not be sold my syndication portfolio would not of grown around 2,000% over the last few years.

I worked for brokers before and this company were brokers. There are a lot of good brokers out there. There are a lot of good and bad funders out there. The good people just need to find each other.

If you're wondering why you're not getting the deals day one you might have a warped perception of the actual quality of your fund
Like we all have books and make money hand over fist on syndication, but if you're going blow for blow with A Paper funders like you said... why are you not a name brand?

Just saying

[closer129]

If you're wondering why you're not getting the deals day one you might have a warped perception of the actual quality of your fund
Like we all have books and make money hand over fist on syndication, but if you're going blow for blow with A Paper funders like you said... why are you not a name brand?

Just saying

We are getting the A and B paper deals and we are funding them with the good brokers that understand what we do and why we do them. We been around the industry since 2009 and been a funder since 2016. A lot of people know who we are. We do not have a fund if you mean investors and warehouse lines. We fund with our own money and we do not want to a household name in the industry like yellowstone who changed there name a ton of times or kapitus who use to strategic or mcc who is gone and can capital who was almost gone and ondeck who got bought out because they were loosing money. We rather stay smaller fund the right type of deals and have a small default rate.

[MCN]

We are getting the A and B paper deals and we are funding them with the good brokers that understand what we do and why we do them. We been around the industry since 2009 and been a funder since 2016. A lot of people know who we are. We do not have a fund if you mean investors and warehouse lines. We fund with our own money and we do not want to a household name in the industry like yellowstone who changed there name a ton of times or kapitus who use to strategic or mcc who is gone and can capital who was almost gone and ondeck who got bought out because they were loosing money. We rather stay smaller fund the right type of deals and have a small default rate.

i dont know who you are, but are you claiming you complete on a regular basis with the likes of Ondeck, Mulligan, Rapid, Can etc etc etc?

[MCN]

How about the flip side on the funders end. We get a file that was dated 3 days prior. Send us the file when you send it to your other funders or do not send it at all to us.

Do you have any idea how many times i get an app filled out and then get the bank statements 2 or 3 days later. What makes you think the date on the app means its been shopped out before it was sent to you?

[MCN]

Of course not every deal comes back etc. But dont tell your sales rep or underwriter, 'if you get me "X" it closes for sure" or "its a done deal". Especially to the point when 'X' is given, you dont communicate at all. So either the merchant went dark on you and you clearly didnt have any repour with the merchant, they changed their mind (which of course happens. cold feet etc), or you took the new offer that you request and showed it to funder B and asked them to beat it.

fair point. I always try to avoid saying those words because i know how this business goes. you should take it with a grain of salt when a broker says "it's a done deal".

IMO most brokers in this business are idiots that will say and do anything to close a deal today and have no idea how to build a long lasting relationship with a merchant.

[closer129]

Do you have any idea how many times i get an app filled out and then get the bank statements 2 or 3 days later. What makes you think the date on the app means its been shopped out before it was sent to you?

When it comes from an iso that never sends files unless they are super high risk and every time the date of the app is dated a few days before odds are in has been shopped around. If it comes from iso's that send deals usually the same day they get them and they are cleaner files and they fund files odds are they got the app signed and waited for the docs.

Just like the old saying id it walks like a duck talks like a duck usually its a duck.

[MCN]

When it comes from an iso that never sends files unless they are super high risk and every time the date of the app is dated a few days before odds are in has been shopped around. If it comes from iso's that send deals usually the same day they get them and they are cleaner files and they fund files odds are they got the app signed and waited for the docs.

Just like the old saying id it walks like a duck talks like a duck usually its a duck.

do you have a problem with ISO's sending files to higher end funders first? You seem to think very highly of your company. What makes you so special that ISO's should always send you their deals first. Maybe they have a stronger relationship with other funders and you need to up your game with them and prove that you belong in that higher tier.

Brokers work their ass off to bring in quality leads. Their deals are everything to them. Show some respect towards them and you'll recieve that respect back.

[closer129]

fair point. I always try to avoid saying those words because i know how this business goes. you should take it with a grain of salt when a broker says "it's a done deal".

IMO most brokers in this business are idiots that will say and do anything to close a deal today and have no idea how to build a long lasting relationship with a merchant.

You never know anything can happen. You can ask the merchant if i get you this do we have a deal. You get the offer and you go back to the merchant and they still don't take it or someone elase lied to them and took another deal.

Iso's do use that offer they push with one funder to go to another funder to get them to push the offer better for them to get a better deal. I seen this done on the broker side and brokers have aked me to beat other offers they got from other funders.

[ihniwtw]

[NotALoan]

There is a difference between a Legal (Mailing Address) and Physical (Business Address) - I write many applications that have both.

BTW - What is your Legal address?

There is no such thing as a "legal" address, because there are no "illegal" addresses. An address is either valid or it's invalid.

What @BR-Nightmare is trying to get at is that on the application, the ISOs will list a PO Box, post office, UPS center, or other mailing/shipping facility, instead of the address where the business is ACTUALLY physically located, which should be either a home base, or commercial location like a business office/shop/warehouse. ISOs are really bad at distinguishing between physical and mailing addresses. Probably because they write the application themselves, as you just admitted to doing.

[NotALoan]

You great at being negative behind a keyboard - what are you hiding or maybe your just not man enough (are you a man) ?
To let everyone know the true you.

I can guarantee you that if we met face to face you would not be so snarky!!

When you have nothing significant to say, resorting to personal insults is always a good move /s

[closer129]

do you have a problem with ISO's sending files to higher end funders first? You seem to think very highly of your company. What makes you so special that ISO's should always send you their deals first. Maybe they have a stronger relationship with other funders and you need to up your game with them and prove that you belong in that higher tier.

Brokers work their ass off to bring in quality leads. Their deals are everything to them. Show some respect towards them and you'll recieve that respect back.

What funder would like iso's to send there higher end deals to other funders first when they want higher end deals. I was an iso and so was the owners of the company and we understand what iso's go through to get files in and get them funded but iso reps and funders have to go through the same thing with iso's that you do with the merchants and we understand that. I never tell my iso's to only send me there top deals i tell them when you send them to the other funders to add us to the list. I have iso's that certain files they know we will like and can give certain exceptions on if needed only send the fuile to us and one or 2 other funders because they want to not becuase i ask them to.

I never said my company was special we do not look to over leverage the merchant and take more than what they can handle based on daily balances cash flow and profit margins. First position deals we do not refinance the balance like mulligan rapid and every other A-D paper funder where as we work like a line of credit. There is no funder out there that can say that when they give a merchant new money they will add it to the back of the merchants old balance keep the payment the same and wait until the old balance for several months is finished to start getting paid on the new money. None of these funders can say they have funded multiple merchants for over 5 years and have paid a total cost of 30-40% total. Once they renew the merchant they payoff the old balance so the term is cut in half and the cost of the new money is now double since they are paying on the old balance they already paid for.

[MCN]

What funder would like iso's to send there higher end deals to other funders first when they want higher end deals. I was an iso and so was the owners of the company and we understand what iso's go through to get files in and get them funded but iso reps and funders have to go through the same thing with iso's that you do with the merchants and we understand that. I never tell my iso's to only send me there top deals i tell them when you send them to the other funders to add us to the list. I have iso's that certain files they know we will like and can give certain exceptions on if needed only send the fuile to us and one or 2 other funders because they want to not becuase i ask them to.

I never said my company was special we do not look to over leverage the merchant and take more than what they can handle based on daily balances cash flow and profit margins. First position deals we do not refinance the balance like mulligan rapid and every other A-D paper funder where as we work like a line of credit. There is no funder out there that can say that when they give a merchant new money they will add it to the back of the merchants old balance keep the payment the same and wait until the old balance for several months is finished to start getting paid on the new money. None of these funders can say they have funded multiple merchants for over 5 years and have paid a total cost of 30-40% total. Once they renew the merchant they payoff the old balance so the term is cut in half and the cost of the new money is now double since they are paying on the old balance they already paid for.

i'll ask again, if you cant compete with the likes of bluevine, IOU, ondeck etc etc, what makes you think i should send you deals the same time i send to them. Unless your company is prepared to offer 18 month terms, dont try to sell me something that you don't have.

As a funder you need to earn the right for me to send you my business. I don't need you. There are hundreds of funders out there. If you have a valuable product, prove it by funding the deals i do send you. If you think their garbage files, don't fund them. Maybe your not a match for me. Either way, you need to prove your worth.

[DonMcGrath]

You great at being negative behind a keyboard - what are you hiding or maybe your just not man enough (are you a man) ?
To let everyone know the true you.

I can guarantee you that if we met face to face you would not be so snarky!!

He did post a picture of him, making a face at you. Did you want another one with him taking off his shirt?