[JustInCase]

Received this from a friend Balboa shutting things down on MCA end of things.

Dear ISO Partner,

We regret to inform you that Balboa Capital, a division of Ameris Bank, has made the strategic decision to cease the underwriting and funding of ISO Broker Partner-driven Working Capital transactions. This includes new submissions, any applications in process that have not been decisioned and any renewal opportunities. Approved applications are eligible for funding provided they are within 30 days from approval and subject to the terms of the approval.

Since 1988, we have developed a strong following with our equipment finance business. We felt our efforts would be better served with this part of our business where our value proposition and product offerings have been relevant and well received.

We thank you for support over the years and we wish you continued success.

[Chambo]

Defaults must be adding up!

[diditevenfund]

I think things like this will be a trend, too many bad apples, funders will start to realize it's not worth taking broker business and the risks associated with it (stacking, cross selling settlement, deception & carrot of fake products)

[Olderguy]

Yup...the end is near....diversify or die guys....broaden your product offerings....learn how to be a real loan officer....

[TheUnderwriter]

Received this from a friend Balboa shutting things down on MCA end of things.

Dear ISO Partner,

We regret to inform you that Balboa Capital, a division of Ameris Bank, has made the strategic decision to cease the underwriting and funding of ISO Broker Partner-driven Working Capital transactions. This includes new submissions, any applications in process that have not been decisioned and any renewal opportunities. Approved applications are eligible for funding provided they are within 30 days from approval and subject to the terms of the approval.

Since 1988, we have developed a strong following with our equipment finance business. We felt our efforts would be better served with this part of our business where our value proposition and product offerings have been relevant and well received.

We thank you for support over the years and we wish you continued success.

smart, so many completely dumb brokers out there just doing beyond stupid or unethical things

[Hedley Lamar]

Some of the investment banks have gotten lazy too. I have seen 3 deals in the last 6 months where we are part of the syndication on large deals. The IB never asked...... Large $50Mil + deals.

[closer129]

This is one way to get ride of the bad brokers. If most of the funders stop taking on iso deals and the other funders fire the bad apples there will be less funders for them to go to.

[fundingsmbs]

they were never really in the mca/loan game. they are an equipment leasing co. they dipped their toes into the mca space and broker space and it doesn't sound like their bank wanted to continue with it. did they fold their retail division to *direct sales ?