I've been in the business since January 2010. I have worked with a lot of great people and... some not so great. This post is not a ***** session or a gripe - I'm making a point here, and offering an alternative, for folks who may feel the same way.

There are more and more people and mca shops going into our industry for nothing more than a quick and dirty buck. Now - I'm all about making money - and working hard to get the best compensation - but not at ANY cost. These terrible deals may get you a quick buck, but forget about renewals or building a book of business, losing a competitive edge and wasting a good merchant prospect.

I've worked for/with some of the best lenders and different broker shops; I do best as an independent broker with my own leads and ISO agreements - but I don't like working alone or in a vacuum. The problem is that our industry still has the same, outdated boiler-room format and macho approach.

I do other part-time financial service work - so I require flexibility. When working in cash advance, I need to have some independent decision making.

I want a healthy and collaborative working environment - and I don't want to feel "captive" to a company that takes 80% of my commission - and then puts me on a dialer with poor data sets, offers no stipend or draw, and requires only in-house, 8 or 10 hour full time shifts. My biggest issue is lack of input on UW, lenders and pricing/terms. I understand Lenders have guidelines; I'm talking about broker shops specifically - selling only the highest commission and fees even if the deal does not make sense.

I recently found two good guys (both named Alex) willing to have a flexible arrangement with a 60/40 (my lead/my close) or 50/50 (their lead/my close) splits. But these business owners couldn't change their sales/floor managers' "pigeon-hole" and boiler-plate mentality, so I was always getting friction. Had to walk away each time.

Now here's the idea I have:

I’m looking do start a “working group” in a shared office space - in Manhattan Midtown east. All of us must be very experienced, ethical, reasonable guys - a good sense of humor makes it more fun. We’d share office expenses, collaborate where possible, lend/share resources, maybe co-broker, trade tips/advice - and raise everyone up to a higher standard.

I’m already using a great (windowed) day-office at 42nd/3rd for $47/pp for a full day - super nice place, and flexible 3-4 man office but bigger space possible.


Reach out if interested DON@MYMCA.LOANS
Don