[Michael I]

Michael that may have been the Yellowstone way for a time, but Yellowstone is not the same company it was a few years ago, or even a year ago for that matter. We've been offering 4, 5, 6, or even 7 months on second, third, and even select fourth position deals. Isaac and the new management team at YSC/Fundry have been working non-stop to make YSC a lender that can be competitive on any file, and not just giving the same predictable offer on every deal like so many in the industry assume.

Joe are you telling me if pearl somehow got a merchant to take a 4 month deal as a first that yellowstone will come in as a second with a 7 month deal ?
i know you will do a 7 months if the merchant has a 12 month with on deck . but i have never seen a second position give longer then the first with the exception of quarter spot and iou .

[AndyYSCISOdept]

Joe are you telling me if pearl somehow got a merchant to take a 4 month deal as a first that yellowstone will come in as a second with a 7 month deal ?
i know you will do a 7 months if the merchant has a 12 month with on deck . but i have never seen a second position give longer then the first with the exception of quarter spot and iou .

I think if the merchant only qualified for a 4 month deal as a first position he probably wouldn't qualify for a 7 month second. However, it is not uncommon for us to match the term of the first position deal. In essence we want to avoid having the first position deal renewed one or more times while our second position isn't into the juice.