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09-02-2015, 05:29 AM #1
- Join Date
- Mar 2015
- Posts
- 4
Accepting ISO's
GMF is currently looking for ISO's,Agents or Referral Partners. You must have at least 4 years experience in the business. You also must submit at least 5 applications a month to be active.
You wil get to work with individuals that have been in the business for over 7 years. We are able to fund and get funded deals new lenders over look. We will assist you on receiving creative offers for you to close those hard to close deals.
Last week we received a 250k deal from an ISO that was looking to get the money in 24 hrs. They submitted the deal at 10am we were able to assist in getting the approval and funding by 4:30 the same day.
We also do great with consolidation deals. Last month we were able to consolidate a deal that an ISO had as dead paper after being declined numerous times. We dug into the business understood what the Underwriting mistakes were. Then we were able to consolidate 120k in loans while netting the merchant another 40k. This program allowed the merchant to save 18k a month in payments.
Contact me for more information or references.
Craig at cclark@generalmerchantfunding.com
I have closed close to 50mm in MCA's and Unsecured Loans in 7 years.
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09-02-2015, 10:37 AM #2
- Join Date
- Jun 2015
- Posts
- 3,322
someone with 4 years experience and has good deal flow should not need help from someone who is in the business for 7 years . Also those of us that were in the business then if you didnt change with the times , you are out of business . We are a completely different industry from then .
With that said , what do you offer over the other lenders that will make me want to send deals to you ?
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09-02-2015, 10:32 PM #3
- Join Date
- Mar 2015
- Posts
- 4
Being in this business long enough any shop doing good business knows it's about relationships. I'll give you an example from today. One of our ISOs submitted a deal today that we wouldn't fund in house. They ISO had 75k approval with a known lender due to our relationship because of low defaults and high collection rates we were able to get the ISO a 100k offer with the same lender. This helped the ISO close the deal today since they needed 100k not 75k. The main thing is experience that's what your getting. That makes a huge difference when it comes to underwriting. We look at deals as to wether they can pay back not based off the thier industry. Example some lenders won't do trucking unless they gross 50k a month. There are some viable reasons for this but we are not going to look for the reason to decline it we are going to figure what we can do to build the relationship and fund the deal. Right now we are working on a 1.8mm dollar consolidation deal. As of now he prequalifies for 2.7mm over 24 months. He currently has 15 different loans between 7 locations and paying close 400k a month. We are working on lowering that payment to 163k a month. This should give you some ideas to what we are able to do for merchants and serious brokers.
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09-02-2015, 10:51 AM #4
- Join Date
- Jul 2014
- Posts
- 1,746
Website in a box. No SOS filing with the state of CT. BBB member since April of this year, with 0 activity. Almost no search engine presence. 50 million in funding? I think not.
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09-02-2015, 10:44 PM #5
- Join Date
- Mar 2015
- Posts
- 4
Our 50mm in funding is from 2008 until now I have worked and owned a couple of ISOs. The majority of that number was under another business that now focuses on merchant services and business products. GMF in 2009 focused on starter programs funding deals that came in our from our bigger business. At this point GMF is soley a Lender on select deals, syndicator and a ISO with very good relationships. I referenced the dollar amount I have collectively funded to express that I understand this business. And I am only about high submission to approval ratios, low defaults, good collection rates and building portfolios. And this is what I extend to our partners. Any time you have a deal question just call no need to submit I can tell you over the phone wether it could get done or what the approval would be.
Last edited by CashClark; 09-02-2015 at 10:54 PM.
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09-03-2015, 09:26 AM #6
- Join Date
- Apr 2015
- Location
- New York, NY
- Posts
- 31
GMF has been one of the best partners that we have come across in the business. Straight shooters and great to work with.
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09-02-2015, 11:04 AM #7
- Join Date
- Jun 2015
- Posts
- 3,322
Also what do your ach show up as ? i dont recall seeing you in bank statements
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09-02-2015, 10:33 PM #8
- Join Date
- Mar 2015
- Posts
- 4
When we fund in house we do not file a UCC. When we syndicate its filed under the lender we syndicate with.
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09-03-2015, 12:39 AM #9
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
Accepting ISO's
everyone who "syndicates" a few dollars of their own money is all of a sudden a "lender". haha. gotta love this business. and all the tales of the BIG deals they did. how about maybe referring to yourself as a super broker. but that doesn't work when you deal with iso's who have true funding partners.
Last edited by sigmundpannu; 09-03-2015 at 07:12 AM.
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09-03-2015, 10:04 AM #10
- Join Date
- Jan 2015
- Posts
- 18
Accepting ISO's
I have a five star restaurant that does 200k mth avg banks 150 mth cc. Bank have nsf's and a couple negative ending and beginning balances. Merchant credit is slightly under 500, but has been there for 4 years. He did a bad deal (1.45 rate) with a mca deal and owes 80k. He wants this paid off and any additional $ would be welcomed. Can you or anyone do this deal? I don't want to shop it so reply with a contact number and I will call to discuss. Thanks
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09-03-2015, 10:18 AM #11
- Join Date
- Feb 2015
- Posts
- 17
Accepting ISO's
I know this ISO personally, gmf is legit.
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09-03-2015, 12:14 PM #12
- Join Date
- Jun 2015
- Posts
- 3,322
Thank you for being truthful of who you are . side note for an super iso 50 million in 7 years is not a lot at all unless its new business only
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