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  1. #1
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    Industry Observation

    I am not in the cash advance business. I have been a member of this forum for a long time. I have noticed that you RARELY ever hear of a broker or funder signing praises about another party helping them or their clients. Most posts are regarding: back dooring, deceptive practices, lying, and sometimes flat out fraud.

    There's an old saying....... You are the company you keep........
    Hedley Lamarr......That's Hedley

  2. #2
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    That's because we like to keep our cards close to our chests. How else do you expect us to steal... I mean.... backdoor.... I mean convince (phew!) people to send you files to co-broker... I mean white-label.... I mean fund.

  3. #3
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    Quote Originally Posted by Hedley Lamarr View Post
    I am not in the cash advance business. I have been a member of this forum for a long time. I have noticed that you RARELY ever hear of a broker or funder signing praises about another party helping them or their clients. Most posts are regarding: back dooring, deceptive practices, lying, and sometimes flat out fraud.

    There's an old saying....... You are the company you keep........
    That's because everyone has something to say about anyone praised. It goes back to the bad apple metaphor, there is always one in the bunch to someone's eye.

    Many brokers and funders do deserve praise. However there's always an opinion opposite to it from someone that had a bad experience for something so small or even rare that they will make it a general observation of the company in general.

    I've worked with one large broker shop that has a few bad apples I keep an eye on when I receive their deal. Does it mean I throw their whole company in the same boat, no. I've dealt with others in the same company that are very genuine and respectful. We work together to get the deal done, if it does not work out, we move one. Simple as that.
    Last edited by BR-Nightmare; 09-14-2022 at 01:55 PM.
    The Brokers Nightmare
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  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by Hedley Lamarr View Post
    I am not in the cash advance business. I have been a member of this forum for a long time. I have noticed that you RARELY ever hear of a broker or funder signing praises about another party helping them or their clients. Most posts are regarding: back dooring, deceptive practices, lying, and sometimes flat out fraud.

    There's an old saying....... You are the company you keep........
    Well in my opinion, it's because brokers and lenders are driven by how much they can make on a deal not what is in the best interests for the clients. That's why when I worked for a direct lender, I was not allowed to talk to brokers or clients. And from his perspective, his was a broker based business and he couldn't risk alienating a broker trying to do what's best for the client.
    Last edited by Olderguy; 09-14-2022 at 02:20 PM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  5. #5
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    Quote Originally Posted by Olderguy View Post
    Well in my opinion, it's because brokers and lenders are driven by how much they can make on a deal not what is in the best interests for the clients. That's why when I worked for a direct lender, I was not allowed to talk to brokers or clients. And from his perspective, his was a broker based business and he couldn't risk alienating a broker trying to do what's best for the client.
    Steve,

    I have been on both sides of the table as a registered investment bank and now a lender/factor. In all cases, most registered investment bankers and lenders/factors that are within a regulated entity have an obligation to do what is in the best interest for the client.
    Hedley Lamarr......That's Hedley

  6. #6
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by Hedley Lamarr View Post
    Steve,

    I have been on both sides of the table as a registered investment bank and now a lender/factor. In all cases, most registered investment bankers and lenders/factors that are within a regulated entity have an obligation to do what is in the best interest for the client.
    Yes but not in the MCA business....it's unregulated....I was in the mortgage business in 2008 and laughed at the industry....and then when it got regulated and I had to pass the NMLS. And broker shops had to withstand state inspections and audits. And you couldn't pull credit or offer quotes unless you were a NMLS licensed loan officer. However even after regulation, all the shops I was at just said "my loan officer pulled your credit and you..." or they would say "my loan officer said we can get you"...

    Every broker who calls me...(several a day)..the first thing they say is "how many points can I get"....I have NEVER heard a broker say "what is the best deal we can get for my client".

    Oh yeah, my former boss said I was the most honest guy he had ever met....but I don't think it was a compliment....
    Last edited by Olderguy; 09-14-2022 at 06:15 PM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

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