[Quickfunder]

And I'm not asking for any handicapped brokers masquerading as funders without websites and that "THEY WORK FOR ME".

Just the adults at the table - thanks.

[WhoisKingsley]

DF should be the last place for brokers to try to do so... I don't know why they do.

Btw- use your search on here. There are so many threads about car sales. Do your research.

[bizloanbroker]

Fast business does them

[GMFunding]

Cooper for short term, Loan Me longer term. Most of the popular MCA lenders need repair/part sales to make an offer.

[Quickfunder]

What does a payout/comm. look like from Loan Me.

[Regium]

They take a large percentage upfront in fees, and then pay i believe 5pts on net funded amount.

My problem is that they can call your merchants at anytime, and close the deal right under the ISO's nose, and then just wire the commish (happened to me...)
Anyone else besides me see this as a problem?

[channin19]

How is the approval process with LoanMe?

[Andy]

They take a large percentage upfront in fees, and then pay i believe 5pts on net funded amount.

My problem is that they can call your merchants at anytime, and close the deal right under the ISO's nose, and then just wire the commish (happened to me...)
Anyone else besides me see this as a problem?

Im with you on this one. Terrible process from our point of view. They claim because they are a licensed lender, they need to take the app over the phone with the merchant, so as an ISO we send them a signed app, then they call the merchant retake app and make the offer directly to the merchant. And wont directly tell the ISO what rate the merchant was approved for (they will tell us but in a roundabout way) Explanation doesn't add up to me, there are plenty of other direct lenders that accept ISO apps and issue the approvals directly to the ISO. We would do much more business with them if they would improve the process

[GMFunding]

Everything stated is correct somewhat, they take a verbal "application" essentially recording consent to pull credit on the phone. On the same phone call they offer a pre-approval based on monthly average, FICO (Score and History). At that point if the merchant is interested in the offer they'll request whatever was missing from the initial ISO package (2-6 months bank, DL, VC, Tax Returns 51k+).

If things check out initially they can wire funds sameday (my experience is usually next day). Sometimes they require tax guard verification which can delay it.

In terms of rates/terms they will only disclose full details to the borrower on the app (not even a spouse), not something that overly concerns me as they don't file a UCC, they don't payoff competitors.

There a backup lender for HR deals, oddball industries or merchants who just want payments spread out.

(I'm not employed by them, just got on board with them early.

[Regium]

Not only is the terms they close them on the problem, but the funded amount as well.

We send them a deal, they funded him 20k (merchant net 12k after the fee, we got paid on 12k) and we had no knowledge of it.
1) made us look bad to the merchant when we were surprised they were funded
2) we had a higher approval from another company (with double the commish) which was taken off the table because they just got funded

We didn't get a chance to even pitch the better offer. Just complete BS if you ask me.

[Eagle Funding]

We do them, call or email me 718 316 3323 or email Allen@TrustCapitalFunding.com let's talk

[Krystle MacDonald @ WBL]

Send me the file or call me. Kmacdonald@wbl.com / 860-436-5920 my direct line at the office. we are a direct bank, we do mostly anything direct. Also have over 60 lenders we work with. Can deff do that!!!