Results 1 to 25 of 252
Hybrid View
-
11-20-2015, 09:24 AM #1
Reputation points: 2218
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
In situations like those, you tell the merchant you would be more than happy to go twist your underwriters arm to make him match or beat it, however you cant do so until you get a copy of the competitor contracts. No offense to you mr merchant, but plenty of people have said some outlandish offers, UW will not even listen to me unless I can come to him with an offer in writing. But if you can send me that contract my underwriters will beat it. And if he does not have a contract, then you can explain to him how its just someone promising him the world, bait and switch, its just not realistic.
-
11-20-2015, 10:15 AM #2
Reputation points: 307559
- Join Date
- Jun 2015
- Posts
- 3,326
andy , what does a contract mean ? All the contracts in the industry are not binding to the lender as they can underwrite and decline on the one yard line . A Lot of lenders let big iso create docs by themselves and anyone can type anything in . Its a scam tactic called bait and switch . Call the bluff, it will never fund
-
11-20-2015, 10:24 AM #3
Reputation points: 10944
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
-
11-20-2015, 12:07 PM #4
Reputation points: 2218
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
In my experience it is far more likely that the merchant is lying or exaggerating the approval, then that the competitor sent them bull**** contracts. The point of asking for the contracts is to call the merchant on their bluff. Especially when they are claiming they have an approval that any sales rep in the industry recognizes as too good to be true.
And this is still the step that I would follow. Even if merchant can produce the contract, and you know that its bull****, tell them go ahead and sign it! Tell them whats going to happen, let them go through the motions, and they will come back to you and respect your wisdom and judgment and be a loyal client for years.
Similar Threads
-
The Official Business Financing Leaderboard
By isaacdstern in forum Merchant Cash AdvanceReplies: 17Last Post: 07-19-2015, 08:52 PM -
Retailer with $60k monthly sales/$40k cc sales but only 6 months time in business
By upperlinecap in forum Deal BinReplies: 7Last Post: 12-30-2014, 03:06 PM -
Broadway Advance Reviews Thread
By ixpressions in forum Merchant Cash AdvanceReplies: 23Last Post: 11-25-2014, 05:20 PM -
BIG Macher Thread~
By Ed_CrestHill Capital in forum Merchant Cash AdvanceReplies: 1Last Post: 02-28-2014, 04:11 PM -
Continued from another thread re: stacking
By funding pro in forum Merchant Cash AdvanceReplies: 10Last Post: 07-23-2013, 05:08 PM