[OnTheRopes]

"cut throat" in what ways? I keep hearing about "backdooring deals" and "data" but without context I'm not really following the discussion. What should I be looking out for?

[BR-Nightmare]

"cut throat" in what ways? I keep hearing about "backdooring deals" and "data" but without context I'm not really following the discussion. What should I be looking out for?

Backdooring is basically taking you deal and funding it behind your back. There are many different scenarios of how it can happen.

Data is basically your submission package (App, Statements, ID, Voided Check)

If your contacting a lead provided to you from a lead supplier, there's a huge chance its been sold multiple times.

Everyone that has that lead will hound them to go with them, offer them the world (500k line of credit). Some will even coach the Merchant to get as much as he can, charge a personal services fee (PSF) and then bolt because they know that the Merchant cant afford the amount of funding's they have received.

[OnTheRopes]

Backdooring is basically taking you deal and funding it behind your back. There are many different scenarios of how it can happen.

Data is basically your submission package (App, Statements, ID, Voided Check)

If your contacting a lead provided to you from a lead supplier, there's a huge chance its been sold multiple times.

Everyone that has that lead will hound them to go with them, offer them the world (500k line of credit). Some will even coach the Merchant to get as much as he can, charge a personal services fee (PSF) and then bolt because they know that the Merchant cant afford the amount of funding's they have received.

I actually think that "backdoor-ing" thing has happened to me a few times. I don't have any proof of it so I won't make any official claim, just a feeling I got from deals I've submitted.

I've been buying leads from a few sources. One of them was upfront with me and told me they resell the lead but only to 2 other people. The other source claims that all leads are 100% single-owner. Not really sure how I can tell.

Do you have any metrics on typically how many times you should contact a business to get a completed application and then typically what percentage of your submissions get offers....and then what percentage of those actually close? I don't really even know what targets to aim for. Obviously I want to close every time I get on the phone but without some sort of guideline I don't have any real way of knowing if the leads I'm buying are any good.

[BR-Nightmare]

I actually think that "backdoor-ing" thing has happened to me a few times. I don't have any proof of it so I won't make any official claim, just a feeling I got from deals I've submitted.

I've been buying leads from a few sources. One of them was upfront with me and told me they resell the lead but only to 2 other people. The other source claims that all leads are 100% single-owner. Not really sure how I can tell.

Do you have any metrics on typically how many times you should contact a business to get a completed application and then typically what percentage of your submissions get offers....and then what percentage of those actually close? I don't really even know what targets to aim for. Obviously I want to close every time I get on the phone but without some sort of guideline I don't have any real way of knowing if the leads I'm buying are any good.

I am not a broker so I cant answer your last question.

In regards to the situation that occurred to you, there is a high probability you were competing with others and got beat. Many, many deals compete. Many Merchants will say they are only working with you, it's very hard to believe them if this Merchant is a lead.