[FUNDRIGHTJAX]

Hey all, this is my first post but have been viewing this forum since 2012. I had a pretty successful run in the industry from 2010-2017, worked for some players in the space but stepped away. I recently started up again and I can't seem to get a read on the deals I'm bringing in. They are either declined because they have 4-6 advances, or the money I offer is too expensive. I closed some but it isn't like it used to be. Just curious, how long do you think it takes build a new book from scratch essentially. It's been about 2.5 months.

[Olderguy]

On your initial intake with the prospect, look at diversification into other loan options that aren't MCA. SBA 7A, SBA Bolt, SBA Express, cash out hard money property, personal loans, equipment financing, etc..

MCA gets them the immediate cash they need, and diversification gets them into a long term program that is more reasonable rates and terms.

Learn how to be a loan officer and not just a MCA hustler.

[FUNDRIGHTJAX]

I appreciate the feedback Steve and I used to work in the Equipment Financing space as well, but the outfit I am with does not offer those programs. For all intents and purposes, I am an MCA broker, just wanted to see what the ramp up period is for new reps.

[MCN]

Hey all, this is my first post but have been viewing this forum since 2012. I had a pretty successful run in the industry from 2010-2017, worked for some players in the space but stepped away. I recently started up again and I can't seem to get a read on the deals I'm bringing in. They are either declined because they have 4-6 advances, or the money I offer is too expensive. I closed some but it isn't like it used to be. Just curious, how long do you think it takes build a new book from scratch essentially. It's been about 2.5 months.

to be honest, your coming in during a rough patch. Its not what it used to be. What worked for you in 2010-2017 may not work for you in 2023.

[FUNDRIGHTJAX]

Yeah ha...you ain't whistling dixie. For one they merchants are not really picking up the phone. Any tips on how to get through to them would be much appreciated.

[ghost]

Yeah ha...you ain't whistling dixie. For one they merchants are not really picking up the phone. Any tips on how to get through to them would be much appreciated.

The industry has changed a lot over the last few years. More than ever you will see people lying to merchants to get them to move forward on a deal which makes it much harder for the guys trying to do the right thing and not BS people.

[ridextreme]

I appreciate the feedback Steve and I used to work in the Equipment Financing space as well, but the outfit I am with does not offer those programs. For all intents and purposes, I am an MCA broker, just wanted to see what the ramp up period is for new reps.

I also worked in leasing but the fact is most of the flies coming in won't even qualify for any of those other programs.

[simonwein12]

The industry has changed a lot over the last few years. More than ever you will see people lying to merchants to get them to move forward on a deal which makes it much harder for the guys trying to do the right thing and not BS people.

its a disaster... How is someone supposed to pitch an MCA (even a first position) when you have scumbags promising the merchant 7 years at 3%? its getting worse and worse...

[BizFund Canada]

Welcome back! I am heading up BizFund Canada; new funder on the Canadian scene. We are based in Brooklyn, New York, with offices globally and are eager to bring our 10 years of expertise and resources to the Canadian merchant market! All is to say - absolutely open, and eager to review, and FUND your deals.
We need last 3 months bank statements and current MTD, a completed application, approx. credit score and I can get back to you within 2 hours +/- with options. We provide a 24-48 hour turnaround from submission to funding! Look forward to hearing back from you.

[Swiftly-Capital]

what's your submissions email? I have a Canada deal on my desk right now that needs an offer .

Welcome back! I am heading up BizFund Canada; new funder on the Canadian scene. We are based in Brooklyn, New York, with offices globally and are eager to bring our 10 years of expertise and resources to the Canadian merchant market! All is to say - absolutely open, and eager to review, and FUND your deals.
We need last 3 months bank statements and current MTD, a completed application, approx. credit score and I can get back to you within 2 hours +/- with options. We provide a 24-48 hour turnaround from submission to funding! Look forward to hearing back from you.

[BizFund Canada]

Please send to my personal email and cc biz if you dont mind jodilevy123@gmail.com AND jodi.l@bizfund.ca - THANK YOU!

[goldenhippo80]

Please send to my personal email and cc biz if you dont mind jodilevy123@gmail.com AND jodi.l@bizfund.ca - THANK YOU!

lol new funder on the scene and you're using a personal email. @Swiftly-Capital, don't send them your deal

[ghost]

its a disaster... How is someone supposed to pitch an MCA (even a first position) when you have scumbags promising the merchant 7 years at 3%? its getting worse and worse...

It is getting worse. We are seeing deals come in with 4+ positions consistently and it's the same story every time...someone lied to me and said they would get me a line of credit after more history. Hopefully there is light out the end of the tunnel for the good guys

[abfunders]

Everyone should email me so that I can white-label my video for them. It's a small drop in the bucket, but it's something.

The biggest problem? There's NO ACCOUNTING. The AG isn't interested in pursuing and the more that nobody is thrown in jail for this, the more they're emboldened. The more funders/lenders aren't vetting their brokers and they're not CUTTING THEM OFF and some are actually encouraging it and some (aside from the direct funders who are doing it).

[Olderguy]

Logically as things get tougher for brokers, you will see more lying to merchants. I am seeng it big time with a large broker shop. PFS on everything. Trying to sell WBL instead of hard money.