[Olderguy]

Lender sends me an email on a file I sent from a broker:

The broker, XXXX, called pretending to be the client and requested an update. I informed him that we have forwarded all information to the funder and are awaiting their response.
When XXXX mentioned they want to close in 7 days, I explained that a collateral loan with this many assets typically requires 3-5 weeks to process.
I also mentioned that the funder may be ready to interview the client soon. XXXX offered to call the client and patch them in, but I clarified that when we're ready for client interview, we need to speak to the client directly.

[Bcooper]

If you think that's bad, I was on a meeting today with the FBI and OFAC on a transaction we had ready to go to escrow for 12m. Came out the client was not only a sanctioned individual but also running an identity fraud ring. There were two brokers on this and sadly one of them was actually involved in the fraud ring and new damn well the sponsor was sanctioned and using a false identity. Both myself and the fund ended up making ofac reports as is required by law, sad situation because it was ready to close within a few days. It was also a sweet heart deal, 12m note, 3 year term, 7% interest, and a 1 year interest reserve built in. Had it approved and to term sheets in 24 hours with everything as a post close doc, had she not been sanctioned we'd have been done and funded within 1 week of submission. This was on an office building in NY city that was only at 50% occupancy, absolutely crazy deal, sad she and her main broker were scum bags.

[Olderguy]

Wonder why MCA brokers have bad reputations when this type of stuff happens. Told them I no longer will do business with them. This is/was a $1MM deal but it's old yellow iron and probably won't get them what they need to pay off tax lien to close SBA 7A multi million funding. Clearly the broker was desperate.

[abfunders]

I have a $7mm hospital collateralization equipment deal that I'd love to do. The problem is that the broker won't let us talk to the owner directly. And then when we finally did, he kept sending back to that broker to speak, but the lenders need to speak with the owner directly. The broker keeps popping him with MCAs, and he the owner loves him, but doesn't even realize what's going on. Totally hypnotized.

[Bcooper]

I have a $7mm hospital collateralization equipment deal that I'd love to do. The problem is that the broker won't let us talk to the owner directly. And then when we finally did, he kept sending back to that broker to speak, but the lenders need to speak with the owner directly. The broker keeps popping him with MCAs, and he the owner loves him, but doesn't even realize what's going on. Totally hypnotized.

Are you sure you're speaking to the owner and not just another broker pretending to be him? Anything is possible.

[Olderguy]

I talked to the broker today and told him he needed to call the lender and apologize....Lender called me and said he did and had his tail between his legs. A good lesson.

[Bcooper]

I talked to the broker today and told him he needed to call the lender and apologize....Lender called me and said he did and had his tail between his legs. A good lesson.

wish I could have done that on my deal, sadly I don't want to commit treason, I feel like not only would I get Caught but with the current administrations hatred of China it'd go very, very, very poorly for me. Far easier to make the mandatory report and hopefully collect when they seize her assets in the USA.