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06-07-2024, 02:33 PM #1
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- Apr 2020
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- 130
If they are missing payments within the first 30 days, you really have no leg to stand on. You're at the mercy of whoever who funded the deal. It doesn't matter if they paid it back. It can easily happen again. If you lend out $30,000 for example, and in the first 30 days the customer misses 4 payments, how are you going to feel about sending the broker a commission? Said commission will most likely have to be clawed back, and then never returned which adds to the loss that is already happening. The full bag is held by the funder... SO....Maybe they are a white label, maybe they aren't, but in either case a commission needs to be paid out and they are clearly worried about a default. So common sense, don't pay it out until most of it is recouped. You should be happy with that in all honesty. Most of the time, they will just say its in default and you're out of luck.
There are 2 sides to every story..
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06-07-2024, 02:56 PM #2
- Join Date
- Aug 2018
- Posts
- 875
They gave 160 days but whats the factor rate dude? Why hide this? They obviously know what deal it is based on the info given.
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06-07-2024, 04:46 PM #3
- Join Date
- Dec 2023
- Posts
- 58
Nothing about what you said even sounds right. Whether that's the way things are or not. This is how lenders X a broker out of their hard earned money. That is modern day slavery, period. There is a contract in place for a reason. Well why doesn't it protect the broker the same way it protects the funder?
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06-07-2024, 06:08 PM #4
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- Aug 2018
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- 875
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06-07-2024, 09:20 PM #5
Or at least check the agreement first for clauses regarding what they classify as a default, and what he'll be learning in this industry (welcome btw) is never to count your commissions before they hatch. Build a pipe line so when one or two deals get killed you have others working for your quarter so it's not as much of a let down.
Last edited by ridextreme; 06-07-2024 at 09:32 PM.
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06-07-2024, 09:32 PM #6
- Join Date
- Mar 2024
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- 264
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06-08-2024, 03:41 PM #7
- Join Date
- Aug 2018
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- 875
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06-08-2024, 08:10 PM #8
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