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02-08-2016, 02:02 PM #1
Most Unexpected Decline Reason
Lately I have had several deals killed for late child support payments. While I can understand the reasoning for killing a deal, it is only recently that I have seen this as a underwriting reason. What are some strange reasons you guys have seen for declines?
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02-08-2016, 02:04 PM #2
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Child Molestation charges. Under the age of 16. Kidnapping included.
Amanda Kingsley
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Always Live and Lead with Integrity.
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02-08-2016, 02:06 PM #3
You win, unless someone was arrested for cannibalism cant think of a better reason to kill a deal.
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02-08-2016, 02:15 PM #4Founder ACA Academy - Educating Sales Professionals to Succeed in the Alternative Lending Industry
Author of Forthcoming Book - "The Lil' Black Book"
klamere@acafundingusa.com
(608)312-3685
To see Keith's LinkedIn Profile Click Here ------->https://www.linkedin.com/profile/vie...ve_tab_profile
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02-08-2016, 02:17 PM #5
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02-08-2016, 02:39 PM #6
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deal of mine once died on funding day, they did background check found merchant was in jail few days prior to starting the process for pulling out a gun on the repo man that came to take his car.
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02-08-2016, 02:43 PM #7
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- Dec 2013
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- 81
funding call several years ago- underwriter asked a question (answer wouldn't have been a deal breaker and had been disclosed on application if underwriter had looked) and stupid merchant said it was none of his business and finished off with a string of curses before hanging up ( as loudly as possible) on the underwriter.
the merchant was well behaved and forthcoming with me-I didn't think I had to instruct him not to behave like a horses butt, but I learned that every merchant needs to be instructed to be POLITE, honest, forthcoming, and positive when they get the call.
s
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02-08-2016, 02:46 PM #8
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- Aug 2015
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We had a deal about six months ago that was almost ready to fund. Numbers looked good. We did one last background check right before funding (we always do one last background and lien search) and discovered the fellow had recently been arrested for Armed Robbery.
Yeah...we were seriously considering lending money to a guy that had just been arrested for stealing money!
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02-08-2016, 02:58 PM #9John 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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02-08-2016, 03:00 PM #10
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02-08-2016, 03:04 PM #11
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- Feb 2015
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Had a deal killed because guy served 10 years for murder . The underwriter was so backed up he first saw it on the call so he asked the merchant about it . the response was priceless!!! " oh that ?? it was a while ago and i served my bit .. does it realy make a differance ??? " DEAL DEAD
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02-08-2016, 03:39 PM #12
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Child support has always been an instant deal killer in equipment finance, regardless of how shiny the rest of the report is.
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02-08-2016, 05:11 PM #13
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02-08-2016, 05:13 PM #14
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02-08-2016, 05:33 PM #15
We recently sent out a notary for a client to finalize documents. The notary informed us that they could not facilitate the signing because when she showed up our merchant was blacked-out drunk and started screaming at her.
Last edited by Zach; 02-08-2016 at 06:34 PM.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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02-08-2016, 05:40 PM #16
I have to ask, why would you WANT to salvage that deal?
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02-08-2016, 05:44 PM #17
If a merchant isn't going to pay their Court Mandated Child Support....what makes you think they would want to pay you off?
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02-08-2016, 05:58 PM #18
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02-08-2016, 06:20 PM #19
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i do not agree at all . I had a merchant with 700 plus credit that refused to pay child support because their ex wasn't giving it to the kids . Now this guy had a huge history of good credit and 6 current open trade lines that he was paying .
it seems to me like some lenders take it personal . they will fund someone that doesn't pay anyone and has 470 credit . But someone that got bfs and has 700 credit almost no one will second because he doesn't pay child support .
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02-08-2016, 06:45 PM #20
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02-08-2016, 06:46 PM #21
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02-08-2016, 07:02 PM #22Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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02-08-2016, 07:17 PM #23
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Most Unexpected Decline Reason
Lol^ that's as good of a reason as any.
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02-08-2016, 09:28 PM #24
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02-09-2016, 05:12 AM #25
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Most Unexpected Decline Reason
This is a very interesting thread... Lol
Doran M. Summers
Small Business Loans & Commercial Loans
3960 Howard Hughes Parkway Suite #500
Las Vegas, NV 89169
Doran@DoranSummers.com
Www.DoranSummersFunding.com
217.799.0156
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