Results 26 to 42 of 42
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10-19-2023, 11:41 AM #26
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- Nov 2019
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When a funder looks at the risk of the file and offers the rate and term good ones just do not look at the credit score. They look at the content which contains the usage levels late payments length of credit inquiries time frame of oldest accounts. They also look at the industry to see who that industry performs on their book and industry as a whole if they can. They look at the length of the term and dollar amount. They take all that into consideration and price the deal out on what there willing to risk. The longer the term goes out with more money there is more for them to loose of the deal goes bad in 6 months on a 12 month term for 100k than a 10 month term at 85k.
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10-19-2023, 11:57 AM #27
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- Jun 2015
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- Gainesville, FL
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10-19-2023, 12:01 PM #28
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- Nov 2019
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To blast a funder on a forum for the risk they want to take so an iso can make more commission is bs. The iso probably hardly funds deals with that funder and wants them to pay him more on the file. They did not make money on prior deals with that iso and probably wont get more in the future to make up for some of the lose god forbid that deal defaults.
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10-19-2023, 12:32 PM #29
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10-19-2023, 12:34 PM #30
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10-19-2023, 12:35 PM #31
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- Aug 2018
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- 812
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10-19-2023, 12:37 PM #32
Corrected.
Last edited by BR-Nightmare; 10-19-2023 at 01:19 PM. Reason: Clarified and removed
The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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10-19-2023, 12:49 PM #33
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- Gainesville, FL
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10-19-2023, 12:56 PM #34
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- Nov 2019
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10-19-2023, 01:01 PM #35
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- Jun 2015
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- Gainesville, FL
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10-19-2023, 01:03 PM #36
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10-19-2023, 01:11 PM #37
I don't send any files to elevate at all.
no exceptions. that is my personal preference. I will not divulge the funder that I had this experience with, because that's not me.
Just sharing with my fellow Funders the scenario.
I have been funding for a long time and this is just shady character in the industry.... but new reps deal with it and probably take the offer.
I am a living dinosaur in the market place and I know betterLast edited by CraaaCraaa Radio; 10-19-2023 at 01:14 PM.
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10-19-2023, 01:13 PM #38
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10-19-2023, 01:15 PM #39
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10-19-2023, 01:19 PM #40
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10-19-2023, 06:04 PM #41
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10-19-2023, 06:09 PM #42
I funded him with Quarterspot couple of times and Mckenzie a couple of times and some other Funders I will not mention....but we know where these guys are at now. I received some way better offers today from A Paper Lenders. All is good.
Moral of the story, if you know the file than just do not accept any offer from the funder. And that takes years of experience.
My major goal with all my merchants is retention and providing the best offer possible.
That will give you a long lasting book of business.
A wise man once told me many many years ago the renewals is the mash and gravy. The new deals are the steak dinners. But you want to keep the mash and potatoes for as long as you possibly can. Than you will never starve in this industry......
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