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01-18-2015, 10:37 AM #1
- Join Date
- Nov 2014
- Posts
- 71
Lenders Acting As Brokers
I do business with a very well known direct lender, let's call him Lender A. Lender A took the deals which I sent him and brokered them out to other lenders which I was already signed up with or was planning on signing up with, Lender B and Lender C. I never really paid close attention to the Merchant Contracts Lender A was sending me, I just saw his logo on them and assumed he was funding the deals.
A few weeks later when I sent some deals over to Lender B and Lender C, they told me they can't do business with me directly because Lender A is strong arming them into not doing business with me. Lender A told Lenders B and C if they accept by business directly he will no longer send them any other business. Well needless to say, I am furious. My Rep at Lender A told me it wasn't him but the owner of the company, which I seriously doubt cares who I am or who I do business with.
Has this ever happened to anyone else? How do you feel about Lenders brokering out your deals out without your prior permission?
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