[jotucker1983]

I guess I just don't understand why a Broker doesn't have his Network established to have a particular lender (1-2) at each risk level hierarchy to address the particular needs of his client? There's only "so many" direct lenders in this space, how is it that another Broker could have a source that you never heard of?

This might make sense on the bankcard processing side, you will have your conservative ISO, your moderate ISO, and your high risk ISO. But because there's so many different ISOs in the space with random levels of underwriting criterion, you could also have a side relationship with an Agent that has relationships established with let's say 30 different ISOs and Banks in which you send files to that you can't get done within your network (saving you from having to partner with 30 different companies). Those deals you send to that Agent would be Sub-Agent deals.

But I don't see how one would need something like that for this space. There's only so many direct lending groups out there and their generic criteria, target markets, price levels and risk levels can be easily identified.