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02-03-2016, 10:13 AM #1
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Big A paper files getting declined a lot for vague reasons (smaller ISO)
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Last edited by The Cash Broker; 02-10-2017 at 02:07 AM.
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02-03-2016, 10:21 AM #2
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- Jul 2014
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Yes. If you are a small ISO, I would sign up with an agency to have the ability to run credit yourself. You need a clean background to qualify, and the price to run a report is very reasonable. This way you are holding the cards when someone tells you that a decline is for credit reasons. Without this information, lenders can tell you anything, and you have no ammunition to defend yourself. It is up to you to protect your client and yourself against backdooring, because, yes, some lenders will try and steal your client and your renewals. Happens everyday. I have learned the hard way and now have very strict controls in place which has helped me catch the slicksters trying to take food off of my table.
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02-03-2016, 10:36 AM #3
Most of the big A paper lenders are not going to back door you on a deal and risk their reputation. Yes a 500k deal is huge to you but for most of these companies it just not big enough for them to take a risk like that. If you are running into these problems I would ask the banks for clarification on the decline as well as getting a copy of the underwriting guidelines from them so you can get a better understanding of how they make decisions on deals. Build relationships with the banks you work with this way when things like this come up you can easily get someone on the phone and get answers
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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02-03-2016, 10:41 AM #4
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02-03-2016, 10:43 AM #5John 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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02-03-2016, 10:44 AM #6
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02-03-2016, 10:44 AM #7
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02-03-2016, 10:58 AM #8
Took a course on credit, by law anytime someone's credit is pulled the owner/merchant is entitled to a copy. If the owner/merchant preferably calls and requests a copy by law the company that pulled the credit needs to provide you with one. My two cents.
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02-03-2016, 12:28 PM #9
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02-03-2016, 12:37 PM #10John 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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02-03-2016, 12:38 PM #11
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02-03-2016, 12:41 PM #12
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02-03-2016, 12:42 PM #13
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Thank you everyone for the feedback and advice. The support does mean something, with me being a lurker and had noticed a lot of people getting flamed for asking advice (on simple questions, I admit)
I will say that we've managed to get a solid approval for a bigger amount/longer terms/weekly payment from another excellent term lender than his current MCA company which is seeking renewal despite these obstacles. So perhaps there might just be a good ending to the story after all.
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02-03-2016, 12:42 PM #14
Chambo, that was a long time ago the **** that went on then doesn't fly today. Also I dont know what anything was back then.
What I do know is I have never seen it on a file of mine. I dont doubt shady stuff goes on and I know when people are caught it is on this forum in no time. I just think the stuff that went on 5 or 6 years ago cant go on today it is a different much more transparent industry. Still not perfect but compared to the wild west that it was back then we have come a long wayLast edited by J.Celifarco; 02-03-2016 at 12:46 PM.
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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02-03-2016, 12:51 PM #15
Big A paper files getting declined a lot for vague reasons (smaller ISO)
90 percent of funders back door deals...in some cases it's from the company itself and in other cases it's the employees of that company stealing the files......
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02-03-2016, 12:59 PM #16John 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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02-03-2016, 12:59 PM #17
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- Oct 2013
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- New York, NY
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- 1,203
This thread isn't exactly a ringing endorsement now is it. I do agree that with places like the forum, if you're going to do some unsanctioned behavior a la "Back-dooring" you better pray you don't get caught
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02-03-2016, 01:07 PM #18
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02-03-2016, 01:10 PM #19
So what is worse, a backdooring A funder, or a honest C-D, 3rd, 4th position funder?
Wall Funding ISO Team
646-979-2161
partners@wallfunding.com
http://wallfunding.com/
30 Broad St, New York, NY, 10004
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02-03-2016, 01:14 PM #20
I feel like it happens more with crooked employees then a whole company policy. Same thing used to happen in the mortgage industry. A loan officer would order title from a title company and then a crooked title company employee would send that name and number over to another loan officer. Its like a trigger lead for them.
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02-03-2016, 01:15 PM #21
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02-03-2016, 01:18 PM #22
Working for funding companies I can say I have worked for one that promoted it. Would let outside ISO they are in business with cherry pick deals from their data base. They get the deals back and pay reduced commissions win win for them. I think its sleazy, I work for a company that takes its outside submissions very seriously. They don't mix internal with outside submissions and if caught they would prosecute the employee. Its so much nicer to work for a classy organization and I think most ISO/brokers are not stupid.
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02-03-2016, 01:21 PM #23John 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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02-03-2016, 01:22 PM #24John 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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02-03-2016, 01:23 PM #25
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