Results 1 to 25 of 46
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01-21-2016, 04:20 PM #1
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 869
On Deck Does it again
Just got a deal done with ODC, insane pricing. Seems they have a new program. This guy got approved up to 300k, out 36 months at a 1.21 paying 5 points.
They just upped the game.
He took 150k, 1.16 paying 5 points. Truly amazing
Better pricing than AMEX.
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01-21-2016, 04:38 PM #2
- Join Date
- Jun 2015
- Posts
- 3,326
congrats
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01-21-2016, 04:59 PM #3
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01-21-2016, 05:04 PM #4
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
Those rates are ridiculous
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01-21-2016, 05:08 PM #5
Everest is offering 1.15 buy rates, so not that different, except that On Deck is going out much further.
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01-21-2016, 05:10 PM #6
1.15 a lot of guys do at 6 months if 12 or 26 months that is a different and great deal
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01-21-2016, 05:14 PM #7
- Join Date
- Sep 2014
- Posts
- 430
How long did it take from application to funding? Was it weeks longer?
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01-21-2016, 05:16 PM #8
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
I'm bullish on ONDK. Now that they're transitioning from balance sheet lender to marketplace lender (aka broker), they're going to finally become profitable. And they're new ISO vetting process eliminated all their unsavory partners so they'll see an uptick in the quality of their paper.
Last edited by MCNetwork; 01-21-2016 at 05:19 PM.
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01-21-2016, 05:17 PM #9
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 869
no 24 months. 1.16.
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01-21-2016, 05:19 PM #10
Their 1.16 included 5 points to you? How can they make money like that?
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01-21-2016, 05:20 PM #11
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
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01-21-2016, 05:25 PM #12
- Join Date
- Jun 2015
- Posts
- 3,326
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01-21-2016, 05:30 PM #13
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 869
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01-21-2016, 05:35 PM #14
- Join Date
- Jul 2014
- Posts
- 1,746
On Deck Does it again
Good credit and clean deals get good rates, as it was, is, and always will be, how is this a game changer?
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01-21-2016, 05:39 PM #15
Clean deal with profitable tax returns just take them to FC for 5 years terms at 12.5% for my last client. Probably not as fast as ondeck but was done in a week.
Remember most these big guys get their money real cheap...
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01-21-2016, 05:39 PM #16
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01-21-2016, 05:40 PM #17
- Join Date
- Jan 2014
- Posts
- 1,380
was that pricing based on stellar credit and business type? or that program is just phenomenal
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01-21-2016, 05:42 PM #18
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01-21-2016, 05:48 PM #19
The funny thing is that two VPs at Goldman Sachs predicted at the recent Marketplace Lending and Investing Conference that the industry would trend away from marketplaces to "on-balance sheet" lending because that was the better model. But the marketplace model rocks so long as you are one of the few companies that will come to dominate the space. I think you can have a functioning industry with 100 lenders but you can't have 100 marketplaces, so everyone beyond the handful of frontrunners in the marketplace world will indeed have to become a balance sheet lender.
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01-21-2016, 05:52 PM #20
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 869
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01-21-2016, 05:54 PM #21
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 869
really? show me someone who went out 24 months at a 1.16 with 5 points built in. Or a 36 month 1.21. Ive been doing this ten years. No one has ever presented rates like this. So yes game changer.
As for viking doing a 1.15 buy rate that is great, but it is still not a 1.16 24 months with 5 points built in.
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01-21-2016, 05:54 PM #22
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
The Goldman guys are full of it. There's too much risk with the balance sheet model. On Deck is first and foremost a data company and I think they're in great position to kill it as a middleman.
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01-21-2016, 05:56 PM #23
- Join Date
- Jul 2014
- Posts
- 1,746
On Deck Does it again
Ok, you're right. Changed the game. I stand corrected.
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01-21-2016, 06:10 PM #24
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01-21-2016, 09:30 PM #25
- Join Date
- Apr 2013
- Posts
- 117
1. Profitability will depend on numerous factors with a change in funding model being just one them. They absolutely have room for improvement in the balance sheet optimization and operational arenas.
2. I don't necessarily agree that vetting will increase the quality of their portfolio on a stand alone basis. There are too many other variables that come into play.
3. If I'm an institution buying 12-18 mths deal at a 1.15 gross, I need leverage, lots a leverage.
At 1.15 marketplace buyers have to question the risk profile-big time.
Net Net Ondk is reducing rates (fair to say drastically reducing rates) to acquire customers-but there might not be buyers for it. Any ISOs want to syndicate on 1.15 18 mth deal?
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