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01-24-2014, 08:08 AM #1
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- Jan 2014
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- 283
Medical/Dental Practices?
Who, if anyone specializes in funding them? I don't notice a lot of private practices on UCC, but they have to be out there. Doctors and Dentists ALWAYS need money. I am sure most will fund them, my question is who does most often?
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01-24-2014, 09:17 AM #2
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01-24-2014, 10:42 AM #3
Yellowstone Loves Doctor/Dental and Veterinary offices
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01-24-2014, 11:42 AM #4
- Join Date
- Jan 2014
- Location
- Denver, CO
- Posts
- 90
Don't bother with YS. Everyone likes medical but no one can just say which bank to use with out knowing the qualifications and the cunsters needs.
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01-24-2014, 12:27 PM #5
Hey Eric-We can fund any deal...high credit/low credit/tax liens/tax liens/short time in business/in business for 20 years....Every deal is fundableadddd.jpg
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01-24-2014, 11:45 AM #6
- Join Date
- Aug 2013
- Posts
- 196
MFS Global Funds doctors, dentists and specialized doctors al day long - We also fund assisted living facilities.
isosupport@mfsglobal.com
702-473-1145
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01-24-2014, 12:47 PM #7
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- Jan 2014
- Location
- Denver, CO
- Posts
- 90
If you worked in independant would you send YS a deal that NL or ODC would fund?
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01-24-2014, 02:58 PM #8
Oooh, extra dose of Haterade this morning!
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01-24-2014, 03:21 PM #9
- Join Date
- Dec 2013
- Posts
- 3
Give ProMED/ Rapid a call. Able to capture repayment by taking a % of medicare / medicaide/ private insurance, as well as ACH .
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01-24-2014, 07:42 PM #10
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01-31-2014, 04:33 PM #11
- Join Date
- Dec 2013
- Posts
- 3
Chambo - not at all. We underwrite based on all bank deposits. We can offer repayment options based on capturing a percentage of a practices insurance or via ACH. Shoot me an e-mail or give me a call to discuss further in you have any interest.
Tom
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02-03-2014, 02:39 PM #12
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02-05-2014, 09:36 AM #13
- Join Date
- Dec 2013
- Posts
- 3
Great question- glad you asked Chambo. If for no other reason, the fact that we offer both can make the difference in whether a doctor or medical professional takes a deal. That being said, there's also the whole consciousness of kind thing. People like dealing with like people. We are on top of the medical industry. We speak their language so to speak. We know what's going on within the medical arena . This to can help push a deal over the edge. It can especially prove beneficial when it comes to renewals. Everyone in my office, from sales support to closing is current with today's healthcare market place. So when a doctor or medical professional gets a call from renewals it's not just "you are up for a renewal, do you need more money". Would love a chance to work your medical deals and show you.
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01-24-2014, 03:41 PM #14
- Join Date
- Jan 2014
- Location
- Denver, CO
- Posts
- 90
There's no hatred, YS is not a proper home for a good clean deal.
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01-24-2014, 04:07 PM #15
Medical/Dental Practices?
Look at at ad's...we market for the lower end of the market....we will never look to fund a 8, 10, 12 month deal...we will however fund all the high risk deals you can throw at us
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01-24-2014, 04:52 PM #16
- Join Date
- Jan 2014
- Location
- Denver, CO
- Posts
- 90
Exactly. The problem for me is those small starter type deals don't pay squat and take up to much of our reps time to be worth while. I'd rather they focused on larger deals that will pad their paycheck.
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01-24-2014, 05:00 PM #17
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01-24-2014, 05:07 PM #18
- Join Date
- Jan 2014
- Location
- Denver, CO
- Posts
- 90
No, I do not know that. I've never seen a starter over $20k (as far as I can remember).
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01-24-2014, 05:18 PM #19
There was a time when a starter meant a 2k advance from 1st merchant at 1.495. I remember those days well and in many people's opinions were a waste of time for sales reps. Now the deals are basically any size. 20k, 50k, 200k.... I have seen 300k+ sized "starter" deals.
Starter tends to mean now high factor, short turn. Commissions on these can be pretty huge and since the deals can renew every 3 months, you can make serious money on them.
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01-24-2014, 05:23 PM #20
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- Jan 2014
- Location
- Denver, CO
- Posts
- 90
Oh, what you're calling starter we call traditional.
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01-24-2014, 07:43 PM #21
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01-25-2014, 02:38 AM #22
- Join Date
- Jan 2014
- Posts
- 283
Thanks for the responses guys. I plan on working doctors/dentists more. I will give your suggestions a shot. I got a Dermatologist funded by IOU 2nd position almost 70K with a 12 month term. It was officially a 16.99% interest rate, but more like a 1.22 after their origination fees. Still an amazing deal for the Merchant. Just very time consuming and the pay wasn't the greatest.
I'm pretty sure most funding cos would "take them" but just wondered if anyone had a preference for them. I'll check the rapid/promed out for sure
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01-25-2014, 10:23 AM #23
Yes, Sean is right. I just did a starter for a 100k. . the industry is changing shift every day which has been a plus since I started back in 2007. A lot has changed an it is changing by the day. I just always wonder how it will all end up. . Will we get regulated, will the industry just be the way it is, but I love what I do an I will be here till the end of it!
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01-25-2014, 12:22 PM #24
- Join Date
- Jan 2014
- Posts
- 4
Gentlemen,
Need to throw a question at all or anyone of you.
To have some clarity on why I am asking, a brief background. Retired after more years then I rather remember in sales/financials (financial district NYC). Short story, October 29th 2012 was a turning point in my life. For those who knew, Sandy's wrath dictated it's own verdict as to many people's destiny. Forced back out of retirement and drawn into the cash advance industry.
Here's the deal. Representing as a broker a fairly large ISO. In a nutshell, not satisfied. Ratio's suck.
Question: What presently are the largest points (percentage) given an ISO from the Lender. Which Lenders? and lastly, The largest known commission % on the house markup, (cost of fund) broker can earn?
Appreciate a straightforward answer. Seeking to go independent in my own office and it is absolutely critical constructing the ideal vertical.
Much appreciation in advance. Can't afford to lose one dollar. Lost enough.Last edited by UCCBS; 01-25-2014 at 12:29 PM.
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01-25-2014, 03:09 PM #25
The commissions in this industry are anywhere on between 5-15 points. An there isn't a lot of people left out there that pay on the pay back amount which I used to love. An there are a lot companies you need to start from when taking into consideration. Who likes clean paper, who looks at ok paper, who does the high risk. There's a lot you need to consider. Will you do more split deals to ach? An than processors so you get residuals. But my bet is start off with OnDeck, Snap, yellowstone, an so on.
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