[mcashark]

The last few months I have been told from borrowers on deals submitted to BFS they have received unsolicited phone calls after my submission. Specifically the last few weeks my borrowers have said Entrust contacted them. When I questioned my rep at BFS I received a very very odd answer. Anybody else notice anything like this?

Also since GRP started doing "larger deals" the offers have mimicked the offers received from BFS. Is GRP using BFS instead of CAN now?

[mcaguru]

Cresthill ISO's are telling us that recently its happening more and more from many of the large recognized lenders (I am NOT saying i believe any of that gossip ) and that its NOT only because of our 2-3 HOUR offers and Double Digit Commissions but mainly because from our inception we have NEVER Contacted a submission. Submissions Die in our salaried UW department for Eternity.

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bizdev@cresthillcapital.com

[MCNetwork]

There are too many eyeballs at these big companies that come in contact with ISO submissions. It's impossible to tell if it's the work of rogue employees or a corporate sanctioned tactic.

[Chambo]

Heh..so Entrust takes the BFS declines and forwards them over to TBB? What a racket!

[Jared_Weitz]

Maybe Entrust buys trigger leads, send any info they get to TBB?

[mcg168]

The last few months I have been told from borrowers on deals submitted to BFS they have received unsolicited phone calls after my submission. Specifically the last few weeks my borrowers have said Entrust contacted them. When I questioned my rep at BFS I received a very very odd answer. Anybody else notice anything like this?

Also since GRP started doing "larger deals" the offers have mimicked the offers received from BFS. Is GRP using BFS instead of CAN now?

I find it very hard to believe that BFS would outsource your leads...they run a great shop down there, although they can be frustrating at times with stipulation lists, they are very upfront and honest. I have to think they have one of the lowest default rates in the industry...and they are great for deals where you need to think outside the box....what was the 'very odd answer' you received from your rep?

[jrhodes]

Don't know about GRP, but BFS bought out entrust using it as a retail broker arm.

[Karen37a]

You can tell when someone is getting ready to be bought out when they are whipping people into sending submissions and you get a low low low low low low low rate of approvals.And when you ask underwriting questions you hear crickets ....or worse yet get yelled at and told you need to go to underwriting school ( as I was told recently by someone).

They will just save the files and revisit them in a month or so...best part is for them is that they have most of the documents in.

Also Iso's do not have a reverse non compete agreement
with the companies we send the files to. So they have the right to call them or recirculate them after a certain time passes.
So how do you know if they are purposely stalling files to make it past the bingo point where its up for grabs or it TRULY does not qualify? If you have a relationship with your merchant/client...the deal should not be stolen. BUT some of the merchants are not the best people either and they do not care who they do a deal with.

The only way you are going to matter to the lenders is to do big volume

I do not let my files loose until I believe with 90% certainty that it can be funded...then I still only have an 70-80% approval ratio and a 30-70 % closing ratio after that.( depending on which sales person is closing the deal)

Welcome to the world of Merchant Cash Advances

[Karen37a]

In defense of the good lenders.

I am sure its a pain in the a ** to get documents in that never fund...huge waste of time.

Also incomplete files, huge waste of money. Rookie sales people who really do not have a deal closed upfront, make you do paperwork and it never funds

[Businesscap]

GRP Funding originally was an independent funder but a couple years ago became a white label (middleman) and put all deals through CAN Capital but switched about a year ago to BFS, so they are a middleman. That's why your GRP deals mimic BFS. Its a white label relationship.

Entrust is owned by BFS as well and is a retail division