[MCApphub]

has anyone published a personal review on all these lenders? something that might have been written by someone hands on in the industry who has combed through most of them or like a bad lender list, who pays out, who does not, etc. we all know the bigger ones but there is value in dealing with some of the trusted lower tier high-risk bunch. i recently went out on my own and am signed up with 48 lenders, thankfully have not had any issues with any of them as i am reading on this forum. how i started was evaluating their website/activity/feedback/offers/numbers on my submitted apps, along with common sense in general of their communication, the efficiency of their platform/system, etc. if i don't feel right in my gut i steer clear, i think our instincts are usually correct. then i weeded them out over time into 3 groups. core, backup, sketchy. it is far from a perfect system is what it is at the moment. i find building with a core group of 8-10 lenders as a one man operation to be perfect. i don't submit defaults or any file i truly wouldn't fund myself if i were the lender. it wastes time, i try to find merchants that meet my core lenders criteria to start. match making. my overhead is minimal because i work out of my home. so i do not have to do as much as an ISO rep because i get 100%. i used to get paid $500 a wk and 25% of my deals commission (that was typically off 4-6 point deals, 8 at max. so i also learned on my own my ex employer was scalping a lot of points, cannot blame them i was blind when i started walking without a cane). but the person in charge was not a good closer and lost plenty of deals for a lack of all basics in general sales. i make 5X what i was making in an average month working on my own and enjoy learning daily. the fact that i control the merchant from lead to funded was my biggest issue because only i heard the merchants concerns/wants/triggers and could build on that vs having a drunken upper rep cold call him with impersonal jargon and stuff. point being in general, would be great to have like a datamerch approach to bad lenders or just a ratings list.

[FunYouMan]

Seem like you did most of the work.

Who does your list comprised of in the tiers core, backup, sketchy?

[MCApphub]

i keep all my info in a marble notebook. lol i will put together and post one day.

[Big Mack]

You might want to check out https://www.funderintel.com/.

[alexd12345]

Yes Funders need to be held accountable . And vice versa Funders can reveiw their ISOS. All reveiws should require receipts. I have a funder in mind. Im not even trying to catch them we just get updated statemnts the next month and boom look who it is ( i imagine if I was trying to catch them it would be far more) TEN deals already I had delcined by them and the next day or two (literally 2 days) funded by said company. After myself or my reps confronted them. the excuse is always the same: it was a diff underwriter, or it was a mistake or some other bs blah. Nah. you are one company if you decline its declined. Literally just had a file that was declined for renewal due to recent bounced payments on anothe rposition and 2 biz days later whne pif funded by them. First of all its disgusting and scummy. Second of all, bad for business. I dont fund much with these guys, 35 ( mostly under 20k) deals in 2.5 years so I get it im not so valauable to them. But countless others have said they had similar experiences. I dont need even need to name the funder and most will know who I am referring to. Wild considering how many funders there are out there.

[closer129]

has anyone published a personal review on all these lenders? something that might have been written by someone hands on in the industry who has combed through most of them or like a bad lender list, who pays out, who does not, etc. we all know the bigger ones but there is value in dealing with some of the trusted lower tier high-risk bunch. i recently went out on my own and am signed up with 48 lenders, thankfully have not had any issues with any of them as i am reading on this forum. how i started was evaluating their website/activity/feedback/offers/numbers on my submitted apps, along with common sense in general of their communication, the efficiency of their platform/system, etc. if i don't feel right in my gut i steer clear, i think our instincts are usually correct. then i weeded them out over time into 3 groups. core, backup, sketchy. it is far from a perfect system is what it is at the moment. i find building with a core group of 8-10 lenders as a one man operation to be perfect. i don't submit defaults or any file i truly wouldn't fund myself if i were the lender. it wastes time, i try to find merchants that meet my core lenders criteria to start. match making. my overhead is minimal because i work out of my home. so i do not have to do as much as an ISO rep because i get 100%. i used to get paid $500 a wk and 25% of my deals commission (that was typically off 4-6 point deals, 8 at max. so i also learned on my own my ex employer was scalping a lot of points, cannot blame them i was blind when i started walking without a cane). but the person in charge was not a good closer and lost plenty of deals for a lack of all basics in general sales. i make 5X what i was making in an average month working on my own and enjoy learning daily. the fact that i control the merchant from lead to funded was my biggest issue because only i heard the merchants concerns/wants/triggers and could build on that vs having a drunken upper rep cold call him with impersonal jargon and stuff. point being in general, would be great to have like a datamerch approach to bad lenders or just a ratings list.

I been in the game along time and seen how the industry has become with these fly by night funders and sketchy companies that are giving a great industry a bad name. It is also not just bad funders there are also a ton of scumbag brokers out there as well that will double fund merchants just to get a bigger commissions as well as charging ridiculous psf fess that makes there commission more than what the funder is making who is taking the risk on the money and then stacking the hell out of the merchant. This is why it is hard for good brokers to find good funders and visa versa and me and my company work hard to build a great reputation of working hard for our brokers and merchants to help everyone make money together the right way for a long time.

Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872

[MCA-VET]

Hey leave ISO's alone -- hardest working people in the country... never mix a bad judge police officer or a DA in the mix of all the other hard working great people.

[BR-Nightmare]

Neither side is perfect.

However, I will say that some brokers immediately jump to assumptions and blast funders for anything that has zero validity.