[Christian]

Hey everyone,
Anyone have any experience with Viking Funding jumping ahead of your renewals and then funding them without telling the original ISO and cutting the factor to effectively gut renewal commissions? This just happened. I caught them as they were processing my renewal (prior to funding). I immediately emailed and called them asking what the details of the offer in process were. They stonewalled for 68 hours (while they were funding the deal), and then once it was funded emailed me the terms (I requested this information about 5 times before this), which cut my renewal commission to 1 point (on 100k). Yes I should have been in closer communication with my client, but they deliberately delayed telling me the offer until it was funded because they knew they were screwing me. I stayed out of their way for those 3 days because I foolishly trusted them and didn't want to cause any problems with with a renewal that I thought was on track. Moral of the story, DON'T SEND FILES TO VIKING IF YOU VALUE RENEWALS and certainly don't trust them to handle existing renewals ethically. They will try and fund them early and go out of their way to keep you out of the loop.

I emailed their CEO and their managing director has offered me a 75% commission on my next renewal. So they screw me over and then tell me they will do better next time. Ha! I know these are big accusations, but I have all of my emails. And you should see how many stips they requested on the initial funding...

Anyone have similar experiences?

[FCF Fund]

I also find it funny when they try to have you use their merchant application, or better yet they can't receive or use multiple PDF's of different bank statement months. Never heard of that before with 99% of the lenders out there....lol

[Christian]

I also find it funny when they try to have you use their merchant application, or better yet they can't receive or use multiple PDF's of different bank statement months. Never heard of that before with 99% of the lenders out there....lol

Perhaps it's because they request so many strips that individual PDFs would result in 200 PDF files and a site inspection needed for each 10k loan to fund.

[PatrickMTKT]

I had a horrible experience dealing with Ryan Cola & Viking Funding on a $35k deal where they screwed the client on the last minute, after contract was signed, site inspection passed and 4 days worth of credit card charges trapped in the lockbox, then they decided to underwrite again to reduce the funding amount from $35k to something else. I explained the whole story on a separate thread.

Now I am out locating for a new direct funder for this client(restaurant), who is doing $40k/month in credit cards, been in business since 2014. Contact me at patrick@mtktcapital.com if you can jump in an do an ACH deal. I have the file ready to submit.

[dpFund]

I'm a direct lender and do not have a relationship with Viking so cannot comment on working with them.

That stated...WHY ON EARTH would an intelligent person cut commissions for their ISOs on renewals? We pay full commissions for the life of the client, and a lot of our clients fund multiple times with us. One of my favorite things to do is send renewal commissions. The ISO gets very excited since usually the check comes as a big surprise. It is not unusual at all for the renewal commission to be larger than the original one. The way I look at it...is every time I send a renewal commission I am putting money in my pocket. Not only from the renewal funding I just provided but also because that ISO is now motivated to send me more good clients.

Just smart business.

[Christian]

Dan, we have spoken before and I was impressed. I look forward to sending you some biz in the future.

[BCC DCatton]

At Business Credit And Capital we include our ISO's in the entire renewal process, from beginning to end. We also are well-known to fund renewals quickly and easily. I do not understand why it would even take 68 hours to fund a renewal. Our average funding time for renewals is under one hour, yes under one hour. Just ask any ISO who does business with us and they will tell you. This is is not an exaggeration. Please give us the opportunity to show you how flexible we are, how accommodating we are, how quick we funded deals and especially how we treat iso's for renewals. We also do what very few lenders do anymore which is fund add-ons. You will have the opportunity to make residual income every month as we have no limitation on how often we would add on to any deal.

Call Nathan at 347-274-0907 extension 128 or email nathan@bccfund.com to get set up as an ISO.

David Catton
Business Credit And Capital