[Quickfunder]

We submitted a well-qualified applicant to a major A+ MCA lender that is supposed to provide exclusivity.

Shortly thereafter, merchant received a contract from another lender with a different name but the same exact layout and verbiage on the offer sheet -- with differing terms however.

The lender we submitted to told us this was simply due to the CA Disclosure requirements which is why the contracts (or term sheet) looked identical. However, we have not seen this coincidence from any other lenders we work with.

As it turns out, the second lender has information published online that says they have a working relationship with the lender we submitted to and facilitates some of their fundings. The lender we submitted to claimed not to know anything about this. Wanted to check here first to see if anyone is familiar with identical term sheets so far as presentation / layout / verbiage. Even if this is merely the disclosure page, should they be identical like this from two different lenders and one claiming not to know anything about the other?Contract 1.png

Contract 2.png

[Michael I]

recipient signature / obligor
A lot in this industry rip off from others and switch a word here and there so they cant be sued

[Quickfunder]

Each with their own capable legal department backed by millions in capital. And boasting online of working with each other still seems to draw more suspicion for me.

[Consolidation-Funder]

We submitted a well-qualified applicant to a major A+ MCA lender that is supposed to provide exclusivity.

Shortly thereafter, merchant received a contract from another lender with a different name but the same exact layout and verbiage on the offer sheet -- with differing terms however.

The lender we submitted to told us this was simply due to the CA Disclosure requirements which is why the contracts (or term sheet) looked identical. However, we have not seen this coincidence from any other lenders we work with.

As it turns out, the second lender has information published online that says they have a working relationship with the lender we submitted to and facilitates some of their fundings. The lender we submitted to claimed not to know anything about this. Wanted to check here first to see if anyone is familiar with identical term sheets so far as presentation / layout / verbiage. Even if this is merely the disclosure page, should they be identical like this from two different lenders and one claiming not to know anything about the other?Contract 1.png

Contract 2.png

Pretty sure that's a VOX FUNDING agreement.

[Quickfunder]

Not Vox.

[FCF Fund]

We submitted a well-qualified applicant to a major A+ MCA lender that is supposed to provide exclusivity.

Shortly thereafter, merchant received a contract from another lender with a different name but the same exact layout and verbiage on the offer sheet -- with differing terms however.

The lender we submitted to told us this was simply due to the CA Disclosure requirements which is why the contracts (or term sheet) looked identical. However, we have not seen this coincidence from any other lenders we work with.

As it turns out, the second lender has information published online that says they have a working relationship with the lender we submitted to and facilitates some of their fundings. The lender we submitted to claimed not to know anything about this. Wanted to check here first to see if anyone is familiar with identical term sheets so far as presentation / layout / verbiage. Even if this is merely the disclosure page, should they be identical like this from two different lenders and one claiming not to know anything about the other?Contract 1.png

Contract 2.png

Something happened to me like this with Ondeck and their ISO "Big Think Capital"....ODC claims no relation.

[BB_Cooper]

What you posted is has the font size and format of California Disclosure required by state regulations. It wouldn't be surprising that they are similar, because California regulations specify spacing, font size, etc. Or it is more than just the formatting that makes them identical?

[Quickfunder]

What you posted is has the font size and format of California Disclosure required by state regulations. It wouldn't be surprising that they are similar, because California regulations specify spacing, font size, etc. Or it is more than just the formatting that makes them identical?

Correct, the verbiage and language itself. And strangely I haven't seen that with our other funders for CA deals. Are you able to link to the CA Disclosure at all that would show the same thing I posted?

[channin19]

These organizations may have used the same law firm to draft these compliance documents.

[simonwein12]

These organizations may have used the same law firm to draft these compliance documents.

That’s what I was thinking. There are only a handful of major lawyers in the industry that funders use for their docs. That’s why many look the same.