[blizzardfunding]

Let me start by saying: I take no pleasure in making any negative posts about any of my industry associates
BUT
I've been in the industry for years and never er seen something like this. You should all be aware at the very least, and maybe someone can help me get ahold of another contact at F4L

We've been doing business with David Levi (Real name David Leviev) for a good amount of time, exclusively on high risk files. The terms aren't good, but our clients who can't get approved elsewhere are sent to Fund 4 Less for a "high risk" offer

We funded a client $105k via F4L on 3/16. We didn't receive commission the following week, which isn't entirely unusual. Sometimes, they drag their feet and take 2 weeks to pay

That took us into passover, at which time we assumed we'd have contact with or commission from F4L after the holidays ended. But you know what they say about assuming....

David's phone is now off and goes right to VM, the same way it has since the holiday began. We've sent numerous emails and texts requesting an update with no reply

Get this, David's email is now disconnected as well.


Does anyone have another rep or the ownership's contact info?
I don't care how this gets resolved, I just want my broker to be able to see the fruits of his labor. The merchant has not missed a payment and we have still not been paid, over a month after the deal has funded.

[Robinhood21]

Why do you go these funders that are not reputable?

[blizzardfunding]

I took a risk the first time I sent a deal there- but we were paid on that and everything since. Again, they only got our "high risk" files and always paid comms prior to this.
They had, arguably, made themselves a reputable funder in my book

[Robinhood21]

go to lenders that dont take all ISOS.

That's how I learned.

[blizzardfunding]

go to lenders that dont take all ISOS.

That's how I learned.

Thanks for the advice. Can I ask how long you've been in the industry?

[ridextreme]

First off you should try to find another number for them to verify the guy didn't outright just die or something, but if I did confirm he was actually scamming me I would be posting negative reviews on their FB, Google, BBB, and everything else I can find on them.

[BIG]

go to lenders that dont take all ISOS.

That's how I learned.

Yeah, we were eager to take on all ISOs at the beginning too, then learned our lesson pretty quick.

[Robinhood21]

5 years.

[HighRisk Funder]

It must suck to have someone straight up steal your hard-earned money.

That's why you gotta stick with reputable funders. All our commissions go out on time, and we keep constant communications with our ISOs.

[Olderguy]

Regulation of the industry will eventually end these issues. Regulators and audits cleaned up the mortgage inustry after 2008.
And licensing.

[American Choice Cap]

That's really messed up. Pay what's owed is a policy that should be followed in this industry. If you don't, how do you expect your merchants to?

[ridextreme]

Regulation of the industry will eventually end these issues. Regulators and audits cleaned up the mortgage inustry after 2008.
And licensing.

Yeah we need a Dodd Frank Act for MCA, they could call it the Sean Murray Act

Honestly though, this industry doesn't effect other industries such as housing, banks, etc., so I don't see it ever getting federally regulated.

[abfunders]

Yeah we need a Dodd Frank Act for MCA, they could call it the Sean Murray Act

Honestly though, this industry doesn't effect other industries such as housing, banks, etc., so I don't see it ever getting federally regulated.

This is an interesting insight actually. The reason to regulate banks and housing is because of the massive repercussions if banks fail or housing takes a massive loss, I don't need to give examples. If the investors in MCAs go broke because a few funders pulled $10-15k scams on small businesses, while it may be wire fraud, the fed might not be interested in massive regulation that will just add borrowing costs. Unless government paternalism wins out.

[Olderguy]

You're missing the fact that elective representatives are already looking at investigating this industry. And look what is happening in California, Virginia, Utah, etc....relative to disclosures. Politics may win out on this one.

[ridextreme]

You're missing the fact that elective representatives are already looking at investigating this industry. And look what is happening in California, Virginia, Utah, etc....relative to disclosures. Politics may win out on this one.

But that's all those states did, they just need to put in a written disclosure of the APR and licensing of brokers in CA. There's no long MCA test or anything like the NMLS test/license and they don't go into underwriting guidelines or making sure minority owned businesses get auto approved. True regulation will not happen IMHO. We're giving a business 10K. I wanna make 8K on my investment, I'm not in business of risking 10K to make 1K there shouldn't be anything wrong with that if the business owner agrees to the terms.

[abfunders]

But that's all those states did, they just need to put in a written disclosure of the APR and licensing of brokers in CA. There's no long MCA test or anything like the NMLS test/license and they don't go into underwriting guidelines or making sure minority owned businesses get auto approved. True regulation will not happen IMHO. We're giving a business 10K. I wanna make 8K on my investment, I'm not in business of risking 10K to make 1K there shouldn't be anything wrong with that if the business owner agrees to the terms.

... or if you accidently sent an email to your gmail account because your business email was sketching out for a few hours in order to get the funding out by EOD because the merchant really needs it NOW, you won't be barred from the financial industry for 25 years ...

[Kevin Henry-Seacoast]

Seriously... Required background checks would wipe out a ton of bad apples........

[ridextreme]

Seriously... Required background checks would wipe out a ton of bad apples........

MCA is actually where all the bad apples that got kicked out of the MTG industry or Stock market end up (I won't mention any names).

We also have people selling full packages including bank statements and SS#'s which are serious crimes in itself, not to mention all the guys lying to merchants saying "Take this 20K, then when it's half way paid off I'll get you the 200K you were looking for".

[Kevin Henry-Seacoast]

MCA is actually where all the bad apples that got kicked out of the MTG industry or Stock market end up (I won't mention any names).

We also have people selling full packages including bank statements and SS#'s which are serious crimes in itself, not to mention all the guys lying to merchants saying "Take this 20K, then when it's half way paid off I'll get you the 200K you were looking for".

Seriously..... I have done simple searches on some folks on this forum. I would not hire them to cut my grass..... I sure as hell would not let them review any financial data.....even if the data was for a dead person.

[Friendly funder]

crazy that people buy full packages just curious what crime that would fall under

[blizzardfunding]

This turned into an interesting discussion.

Update- coincidentally, about an hour after I posted this thread, David's email appears to be reactivated and we received an email saying we would be paid commission once the deal pays off in full
That wasn't our agreed commission structure, but its better than nothing

[BR-Nightmare]

This turned into an interesting discussion.

Update- coincidentally, about an hour after I posted this thread, David's email appears to be reactivated and we received an email saying we would be paid commission once the deal pays off in full
That wasn't our agreed commission structure, but its better than nothing

That's a positive sign. Hope they follow through.

[ridextreme]

I give it a 98% chance they don't. That just like saying "The check is in the mail"

[blizzardfunding]

I give it a 98% chance they don't. That just like saying "The check is in the mail"

Lol good point. I'll update the thread when we get paid or if we still haven't for awhile

I'd LOVE to change the title to "DAVID AND F4L DO PAY THEIR ISOS!" but it still remains untrue

[Franklin]

But that's all those states did, they just need to put in a written disclosure of the APR and licensing of brokers in CA. There's no long MCA test or anything like the NMLS test/license and they don't go into underwriting guidelines or making sure minority owned businesses get auto approved. True regulation will not happen IMHO. We're giving a business 10K. I wanna make 8K on my investment, I'm not in business of risking 10K to make 1K there shouldn't be anything wrong with that if the business owner agrees to the terms.

I recall making this same argument with Chambo back in 2013.






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