[Fundyman]

FICO is poor, but business is very strong.
I need a very fast decision on this.
Please PM me.

[#1closer]

Send to Fusion Capital Apps@fusionadvances.com they will get it done

[Everest]

Sent you a private message.

[golf2014]

unfortunately with poor credit and that length in business I strongly doubt he will get anywhere near 40k. if he does cc transactions that will help him.

[AndyYSCISOdept]

GOLF...I agree with you on the TIB and FICO being issues, however there may be some other circumstacnes under which this guy may get what they're looking for, but unlikely none-the-less.

[Ktolbert85]

Based on his deposits of 55k a month I would say 40k may be a little steep. If he is willing to accept closer to 30k I may be able to get something done for you.

You can email me at ktolbert@ezbusinessfunding.com

[AndyYSCISOdept]

FICO is poor, but business is very strong.
I need a very fast decision on this.
Please PM me.

Did you ever get what you needed for this merchant?

[pmoney]

FICO is poor, but business is very strong.
I need a very fast decision on this.
Please PM me.

Sent you a PM. FICO isn't a concern, revenues look good, $40k looks good, and being in business for only 5 months is perfectly fine (we have a 3 month minimum requirement). We're a direct lender and I'm located at our corporate headquarters. Contact me if you'd like to discuss the scenario further so payment options can be determined and funding can be provided; 201-210-8552 or paul@oracleloans.com

[Chambo]

Sent you a PM. FICO isn't a concern, revenues look good, $40k looks good, and being in business for only 5 months is perfectly fine (we have a 3 month minimum requirement). We're a direct lender and I'm located at our corporate headquarters. Contact me if you'd like to discuss the scenario further so payment options can be determined and funding can be provided; 212-220-3892 or pmarzolla@wbl.com

Yeah man, but your deals aren't worth toilet paper unless the merchant is willing to put their house up as collateral.

[Chambo]

If you're gonna pitch, pitch FOR REAL. Stop throwing spit balls and garbage

[FUNd]

Seriously, and respectfully, I don't know why someone with significant equity in their home would sign off on a short term, daily payment, high interest cash advance. There are so many lenders in the mortgage space literally in a gang war over turf to sell HELOCs, refinances and 2nds for single digit rates amortized over 10-40 years, with monthly payments.

I guess the only people that could benefit would be those that can't prove income, or have a very low credit score. but aside from those two groups, what's the benefit in a WBL deal? I'd work with you guys if I knew what the typical client profile is.

[AndyYSCISOdept]

LOL "Gang war" that's awesome because it's so true.

[AndyYSCISOdept]

If you're gonna pitch, pitch FOR REAL. Stop throwing spit balls and garbage

I didn't think it was that bad Mr Grumpy Knows. The man is pitching what he's got. **Smiling**

[Chambo]

At least that kid Zach is honest. Starts off with "if he has real estate to put up..."

But "I can do it" nonsense is just another BS spammer looking to collect paper

[Michael I]

i dont think hes a bs spammer , i think hes someone who was sold the wbl dream and hasn't come down to reality yet .
The only place wbl fits is when the d lenders decline it and the guy has terrible credit so cant get anything else .
i have a question to wbl if any one wants to answer . what percentage of people who come in thru your own team are funded with wbl and not brokered out ?

[Funder Mark]

Zero chance we get that answer...

[FUNd]

I just keep hearing that WBL is "busier than EVER!", all the time. Maybe it's true, but I find it so hard to believe. Are merchants just jumping at the chance to risk their family's shelter for some quick uber-high-interest cash? I too, would love to know the answer to Mike's question.

[AndyYSCISOdept]

i dont think hes a bs spammer , i think hes someone who was sold the wbl dream and hasn't come down to reality yet .
The only place wbl fits is when the d lenders decline it and the guy has terrible credit so cant get anything else .
i have a question to wbl if any one wants to answer . what percentage of people who come in thru your own team are funded with wbl and not brokered out ?

I get a decent amunt of files from WBL to be funded and I've always found their broker shops (the ones whose email addresses changed to @wbl.com overnight) to be decent enough guys/gals

[Michael I]

I get a decent amunt of files from WBL to be funded and I've always found their broker shops (the ones whose email addresses changed to @wbl.com overnight) to be decent enough guys/gals

i also get and i am a broker that pays him 4% but i take over and close the merchant . I also pay him 30 days out because i still cant figure out for the life of me why he submits it to an iso thats open to that fact and am always worried something is up .

[AndyYSCISOdept]

i also get and i am a broker that pays him 4% but i take over and close the merchant . I also pay him 30 days out because i still cant figure out for the life of me why he submits it to an iso thats open to that fact and am always worried something is up .

Wow, yah I'd be worried too if everything you said was on the table.

[AndyYSCISOdept]

Although I should clarify that most of the shops sending their deals to us to fund were doing so long before they went under the WBL umbrella so really the only thing that changed was the email address and whom our accounting department send their commissions to.

[pmoney]

Yeah man, but your deals aren't worth toilet paper unless the merchant is willing to put their house up as collateral.

We allow raw land too

And you're right, not everyone is willing to pledge their real estate (residential, commercial, land) and that's perfectly fine. But for those who need funding greater than what your average MCA can provide have no issue doing so; especially since we lend up to 3x the average monthly deposits. The client knows they need the capital, we can provide it, and it just makes sense. We even get deals to work where the client doesn't own property, but a family member is willing to pledge theirs. Bottom line is we do our best to make deals work so all of us (myself, ISO, and client) can succeed.

[Michael I]

so how often you fund with wbl paul ?

[pmoney]

Seriously, and respectfully, I don't know why someone with significant equity in their home would sign off on a short term, daily payment, high interest cash advance. There are so many lenders in the mortgage space literally in a gang war over turf to sell HELOCs, refinances and 2nds for single digit rates amortized over 10-40 years, with monthly payments.

I guess the only people that could benefit would be those that can't prove income, or have a very low credit score. but aside from those two groups, what's the benefit in a WBL deal? I'd work with you guys if I knew what the typical client profile is.

I spent years in residential mortgage lending so answering this is quite simple. The residential mortgage space is loaded with red tape; between conservative underwriting, strict qualifications (income, assets, credit, equity), and constantly changing lender/government regulations both the borrower and loan officer have to jump through hoops just to get to closing. Add in hundreds of pages of documentation, constant re-disclosures, having to provide personal income and asset statements (tax returns are often a killer for self-employed business owners) and most importantly the TIME FACTOR. Many times the experience becomes a lengthy gamble with no guarantee.

The way we operate here is different. It's very easy to tell whether or not a deal will fit our lending parameters. The process is faster and more efficient, getting the client the funds they need at an expedited rate. Is it cheap? No. Does it make sense for everyone? Absolutely not. But for those who need the funds quickly for good reason, we've proven to be a godsend. I'm helping a client now get $450k so he can pay off Chase to avoid foreclosure on his gas station which is valued at $1.25M. Imagine if he lost that? All of that equity just GONE. The guy has stellar credit but he knows he's in a tight spot. Ultimately we're providing a short-term solution and simultaneously working on finding him a more long-term, sustainable, loan option to take us out in the event he doesn't sell the property to an interested buyer.

In short our average client either does not have the best of credit, can't prove income docs, needs more funds than a typical MCA will allow, operates a business not allowed by some lenders, doesn't have months on end to secure traditional financing (we are an alternative lender after all), and needs funding quickly.

I just keep hearing that WBL is "busier than EVER!", all the time. Maybe it's true, but I find it so hard to believe. Are merchants just jumping at the chance to risk their family's shelter for some quick uber-high-interest cash? I too, would love to know the answer to Mike's question.

While a primary residence is allowed, I find many own/pledge a commercial property (often which they operate their business out of), or an investment property, even raw/vacant land. Exit strategies are important, we want to help our clients get the capital they need without us getting burned in the process.

[Zach]

i dont think hes a bs spammer , i think hes someone who was sold the wbl dream and hasn't come down to reality yet .
The only place wbl fits is when the d lenders decline it and the guy has terrible credit so cant get anything else .
i have a question to wbl if any one wants to answer . what percentage of people who come in thru your own team are funded with wbl and not brokered out ?

Hey Mike, excellent question. Please allow me to clarify how that works:

1. WBL branches (we currently have 17) are authorized to do either wholesale or retail deals. Wholesale meaning to work with ISO's or Brokers, retail meaning to work directly with clients/merchants.

2. An ISO submission will never be brokered unless the ISO specifically requests WBL to broker it out. It is rare for this to happen, but some brokers send it to us to just "get it done" (similar to Yellowstone).

3. The percentage question you reference is a tricky one. Many of our branches focus exclusively on retail, rather than wholesale. We all have different business models, mainly because we were all different ISO's who were acquired. WBL does not mandate we do business in a specific manner, so it is interesting to see the many different models that our branches employ. My branch funds almost exclusively WBL deals, although we also fund several brokered renewals each month. I used to have a significant retail operation (roughly 23 reps calling aged leads/UCC's), and gradually shifted towards more of a wholesale model.



Also, to address your comments... WBL does have a particular niche in the space, to be sure, but we aren't just a "trashcan" for declined deals. Here's some of our competitive advantages:

1.) We can do consolidation loans. If your client has 2, 3 or even 4 loans out and is drowning in payments...we can fix that. With any kind of real estate as collateral with available equity it doesn't matter what kind of credit they have. We can get that client onto one weekly or daily payment and get them out from under all of that stress.

2.) We fund more! When most lenders are doing loans around the size of the monthly deposits, we are loaning more! On average our ISO's clients are seeing approvals 2-3X the monthly deposits. That means your client depositing $100,000 per month can now borrow up to $300,000! There isn't a lender out there that can lend like that right now.

3.) No minimum FICO score required & no lending cap! We don't have a credit requirement. Simply put...we take collateral to secure the working capital so your credit doesn't matter. No lending cap...if the deal makes sense we can do it. So if your client is looking for $2,000,000 or more? No problem! Let us know.

I hope this helps!