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  1. #26
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    What about Pacific Coast Highway out in CA? Is that close enough to say I work on Wall Street?

  2. #27
    Quote Originally Posted by Matt Sitro View Post
    I work on Wall Street and I have several in house lenders..
    Serious questions from a newb, what is an in-house lender and why would one have several of them?

  3. #28
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    Points for coming clean? Sure, I'll give you that. You're still in the negative though. Why would anyone want to do business with someone willing to outright lie just to start a relationship? Your like the fat girl that claims she only weighs 135 and only sends you photos at those "MySpace Angles". You show up to the date only to find she is a fat, fugly yeti.

  4. #29
    Senior Member Reputation points: 32550 Funder Mark's Avatar
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    Quote Originally Posted by BankComplianceGuy View Post
    Serious questions from a newb, what is an in-house lender and why would one have several of them?
    Its a Yellowstone style setup. You have your reps or ISO's sending in deals, and you have independant underwriters working with you, each making their own offers based on how much they like the deal. The advantage is that one of them may be more comfortable with a deal and give more money, the disadvantage is that overall things take longer to process through.

  5. #30
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    Quote Originally Posted by BankComplianceGuy View Post
    Serious questions from a newb, what is an in-house lender and why would one have several of them?
    Most of these jokers that say they have "in-house lenders" are full of ****.

  6. #31
    Quote Originally Posted by Funder Mark View Post
    Its a Yellowstone style setup. You have your reps or ISO's sending in deals, and you have independant underwriters working with you, each making their own offers based on how much they like the deal. The advantage is that one of them may be more comfortable with a deal and give more money, the disadvantage is that overall things take longer to process through.
    Thanks for the explanation. You say the underwriters are independent, but they must work for or represent someone with the capital?

  7. #32
    Senior Member Reputation points: 32550 Funder Mark's Avatar
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    Quote Originally Posted by BankComplianceGuy View Post
    Thanks for the explanation. You say the underwriters are independent, but they must work for or represent someone with the capital?
    Usually, they are working as an underwriter for the company. Sometimes they are playing with their own money, or money from an investor, other times it may be the company's own money. I believe that is the Yellowstone setup.

  8. #33
    It is a Yellowstone style setup. We have people working as independent underwriters (but they are working within the company) that will give an offer. We don't have as much direct lenders as Yellowstone but we also do have company money that is used to do advances. Give me a call I will be happy to talk about anything really and maybe we can build some sort of working relationship.

  9. #34
    An in-house lender is basically just a direct lender. It just means that we have people in our company that lend out the money instead of brokering out the deals.

  10. #35
    [QUOTE=bsmith;42200]Points for coming clean? Sure, I'll give you that. You're still in the negative though. Why would anyone want to do business with someone willing to outright lie just to start a relationship? Your like the fat girl that claims she only weighs 135 and only sends you photos at those "MySpace Angles". You show up to the date only to find she is a fat, fugly yeti.[/QUOT

    I mean it's not like I lied about the world about to blow up and that we all need to buy underground bunkers immediately... I exaggerated about working on Wall Street because I work on Maiden Lane which is like two blocks away lets not get carried away here...

  11. #36
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    Not sure a small business (or ISO) gives a rat's ass about downtown Manhattan anyway. In fact, might be a turnoff.

  12. #37
    lol I wish I just never mentioned that this thread has 36 posts and like 35 of them are about me saying I work on Wall Street

  13. #38
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    Quote Originally Posted by Funder Mark View Post
    Matt, Where are you located? I am around the corner from you, would love to see your office.
    When you visit him let us know if we have a new YSC in town or not

  14. #39
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    Quote Originally Posted by bsmith View Post
    When you visit him let us know if we have a new YSC in town or not
    Right, because if there's anything we need, it's another YSC.

  15. #40
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    Quote Originally Posted by FUNd View Post
    Right, because if there's anything we need, it's another YSC.
    I'm more interested to see if they are full of it or not, I'll give him the benefit of the doubt that they may actually be structured like YSC.

  16. #41
    Senior Member Reputation points: 5987 Regium's Avatar
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    Quote Originally Posted by Matt Sitro View Post
    An in-house lender is basically just a direct lender. It just means that we have people in our company that lend out the money instead of brokering out the deals.
    You guys don't "lend", and are not "lenders"

    As long as your doing advances, you should lose that word from your dictionary all together

  17. #42
    Senior Member Reputation points: 32550 Funder Mark's Avatar
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    Quote Originally Posted by Mikhail Suley View Post
    You guys don't "lend", and are not "lenders"

    As long as your doing advances, you should lose that word from your dictionary all together
    I agree entirely, but at this point I have given up, too many people come in, are not given the smallest possible training into the industry, and start calling clients. A smart merchant would record the funding call, and if anyone uses the words loan or interest, may have a case to go to a judge with.

  18. #43
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    Quote Originally Posted by Funder Mark View Post
    I agree entirely, but at this point I have given up, too many people come in, are not given the smallest possible training into the industry, and start calling clients. A smart merchant would record the funding call, and if anyone uses the words loan or interest, may have a case to go to a judge with.
    Recording a phone call without both party's consent is illegal, a good lawyer will get that evidence thrown out. It would be interesting to see how the judge would view it considering the funder will state the call is recorded, I wonder if the consent would apply to the merchant recording the call as well without the merchant specifying that they are also recording.

  19. #44
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
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    Quote Originally Posted by bsmith View Post
    Recording a phone call without both party's consent is illegal, a good lawyer will get that evidence thrown out. It would be interesting to see how the judge would view it considering the funder will state the call is recorded, I wonder if the consent would apply to the merchant recording the call as well without the merchant specifying that they are also recording.
    not true. that depends entirely on the States in which the parties reside.

  20. #45
    plus why take the risk....

  21. #46
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    Quote Originally Posted by sean bash View Post
    not true. that depends entirely on the States in which the parties reside.
    I know it to be the case in FL. In the court of law would the ruling favor the state law of the person recording or of the person being recorded? Or would the court take both state's laws into account and consider it illegal unless both states allow it?

  22. #47
    Senior Member Reputation points: 7162 TheShitzuofMCA's Avatar
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    actually I think it is true by federal law the person needs to consent to being recorded. Some states allow one person to consent while others require both to consent. Still in both cases the person being called needs to be aware.
    Last edited by TheShitzuofMCA; 03-02-2016 at 03:58 PM.

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