Results 1 to 18 of 18
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12-08-2015, 08:14 PM #1
Propsper lends $28,500 to california couple that committed mass shooting
Do you think alternative lenders should require other underwriting functions such as a search through OFAC like traditional banks do before opening someone's account?
http://www.cnbc.com/2015/12/08/onlin...er-source.htmlAnthony Diamond
Underwriter
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12-09-2015, 08:42 AM #2
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https://www.youtube.com/watch?v=QJJFitq3lQQ
Whatever happened to these guys??
Reporter: "...can you describe to me in as much detail...what did the gunmen look like?"
Eye Witness: Watch the video to hear her description
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12-09-2015, 08:45 AM #3
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12-09-2015, 10:08 AM #4
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is prospor lending the money or are they just a gateway? if they are a gateway could have bad people chosen that specific deal to fund and just used prosper as the aggregator for the deal? or i don't know what I'm talking about?? !
so for instance i want to fund Mr X so i tell him go to that site and create a funding request and ill approve your deal...Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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12-09-2015, 10:16 AM #5
Prosper is the marketplace technically but all the borrowers are anonymous so you don't know which loan belongs to who. Prosper is responsible for determining who is eligible to be listed on the platform, for the underwriting and approving the loans. WebBank issues the loans for them and then sells them to Prosper to be serviced. The investors on the platform are not lenders. Instead Prosper issues a note/bond for every loan they do and investors buy pieces of that. The only thing backing each note is the performance of the loan it's tied to. The investors are actually lending money to Prosper.
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12-09-2015, 10:59 AM #6
Web Bank being messed up in this is not good for this industry at all. They have to handle banking for over 50% of the lenders in this industry. This is going to open a giant can of worms that wont be good for anyone
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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12-09-2015, 11:04 AM #7
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I completely agree. That old saying about all publicity is good publicity does not apply in this instance. In an industry looking for increased legitimacy, a link to terrorism, no matter how vague, is not a good thing. NOT AT ALL! However in the most up to date article I read they had not used the terms alternative lending etc., they used "bank loan".
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12-09-2015, 11:09 AM #8
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Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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12-09-2015, 11:32 AM #9
Last edited by J.Celifarco; 12-09-2015 at 11:58 AM.
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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12-09-2015, 12:00 PM #10
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^^^What you are describing seems to be the order of the day to advance your career in Washington. Pretty sure the "Red Scare and McCarthyism" started in much the same manner.
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12-10-2015, 12:49 PM #11
I didn't even hear about the Web Bank part. If I had heard that, I would have TRULY sobbed last night, when a friend of mine called me telling me that this industry is about to be regulated by Homeland as early as next month! He used to manage money transfer companies, and the same thing happened after a major money laundering incident.
They even thought it was a joke, that the Feds didn't really get involved in this type of things, or didn't even exist as described, or didn't care to get involved in this type of stuff, until an agent came in flirting w/ a cashier, & asked to make a transfer to Haiti w/out any ID....
Basically, Web Bank being associated with so many cash advance companies that once they get an inch deep into their investigation, MCA industry got a problem. & because the amount funded was so small, any advance over $10K may have to be regulated. God only knows.. Long story short, my buddy told me, said: "Get your money now! After that, forget about it!"
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12-10-2015, 03:59 PM #12
all we can do is wait and see what happens. Unfortunately this is completely out of our control
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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12-11-2015, 10:48 AM #13
What this industry needs is a lobbying/government relations arm to push for favorable legislation and engage with state and federal lawmakers. Putting together a Super-PAC may also not be a bad idea. When you organize and start donating money to politicians and engaging them, they start to sing a very very different tune.
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12-11-2015, 10:49 AM #14
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12-11-2015, 10:52 AM #15John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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12-11-2015, 10:57 AM #16
As someone who worked for a U.S. Congressman and 2 New York City Council members I know quiet a lot about this, so if anyone out there is actually setting up a PAC or an industry relations association then feel free to pick my brain.
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12-11-2015, 05:45 PM #17
What's even worse is that this dude lived in my apartment complex.
IMG_0345.jpg
IMG_0346.jpgZachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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12-13-2015, 04:59 PM #18
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The issue is all going to be centered about the validity and "true lender" status of originating banks. These banks are regulated and some are extremely diligent about the platforms they work with-others not so much. CR just held 10% of a securitization they did with marlette. I could go on and on.
I will say that i'm shocked that prosper is making loans at around 60% of gross salary. Do they provide static pool defaults? i'm sure that they stretch out the time period default classification, but is the data provided to investors?
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