[Akanzer]

Microboby,

Feel free to send me an e-mail directly if you would like to discuss email is andrew.kanzer@swiftcapital.com

[Akanzer]

Not that I usually entertain this nonsense but felt the need to lay out the facts...

This was a $6,400 deal for a fast food chicken place. The merchant didnt answer their phone the 5 times the underwriter called. The uw called the neighboring business to see what was going on only to be told by the neighbor they did not see the business as being open. To complicate matters, this merchant had switched bank accounts and credit card processing 7 weeks ago and Swift was provided with partial statements. The stips we asked for was the old accounts to get the full picture. Not looking to rush a bad deal regardless of the size of the transaction, and I dont believe anyone with their own money exposed would argue that. Garbage in, Garbage out

[Sachip24]

Here is the deal with Swift. They are afraid of big deals. If the deal is under 50k it will generally take 2-3 days to fund. Over 50k is another story. Just like stat said earlier, they move quickly if they really like the deal. Otherwise, they stip you to death until the deal dies. However, i disagree with Jared regarding pricing. Their pricing is definitely in line with the bigger players.

They have a Peak program. Merchants with credit scores over 650+ with good business credit will qualify for this. Buy rates on that are as follows:

6 Months 1.11
9 Months 1.17
12 Months 1.19

Standard Pricing

6 Months 1.13
9 Months 1.21
12 Months 1.25

does Swift pay on funded or payback amounts?

[aredmond]

Funded

[AlexSMF]

Never funded a deal with Swift in my life. Gave up on submitting anything to them. And Ive funded with just about everyone else there is in this space.

[CLucas]

swift will give you an instant offer only to up the offer with additional docs, just take the first offer be sure to save the contract and just kindly say no to the additional capital offered that should speed up the process and then you can always go back for more.

[FUNd]

Whats your guys experience with them?

For us :

Small Loan below $10K take 1 week to close
Medium Loans between $10k to $50K take from 1 week to 2 weeks to close
Large Loans between $50k to $300k take from 2 weeks up to 60 days to close

Seen them try to back door and steal deals first hand. I wouldn't do business with them if they were renting space in a tree and the world was flooded with piss.

[Jared_Weitz]

Seen them try to back door and steal deals first hand. I wouldn't do business with them if they were renting space in a tree and the world was flooded with piss.

I agree on all fronts

[AlexSMF]

I agree on all fronts

I have personally seen that as well but did not want to be the one to come out and say it on here. Always love when my merchant asks me "Hey Alex, did you send out my information to a bunch of people, because from the very moment I applied with you I suddenly started getting all these phone calls" "Why no Mr. Merchant, I only sent it to Swift" Yeah, let that happen 3 or 4 times and you learn your lesson very quick. Not even sure how they are part of NAMMA considering they put that their "APR rate" on their contract is 13.99%, oh you mean a factor rate of 1.399?? Lets just move the decimal point over to the right and call it an APR, LOL. Shady as they come...when you need to blatantly lie to get business then that say just about enough.