Need a Funder or Vendor? START HERE

Results 1 to 4 of 4
  1. #1
    Senior Member Reputation points: 158630
    Join Date
    Jul 2015
    Posts
    1,202

    Do You Really Have a Valid ISO Agreement?

    Most of us have been there at one time or another. We want an agreement with a funder to have them in your arsenal or to get a particular deal moving quickly. But, was the agreement executed properly or at all?

    Many probably don't have a good answer to this question - and it is troubling.

    So who benefits if an ISO or co-broker agreement doesn't really exist? You signed, but have you ever had an agreement come back unsigned or initialed with no printed officials name or a literal rubber stamp or signed by someone other than the person named on the signer page or a deal funded before the agreement is signed?

    Are you having unprotected stacks? It is clear who has the upper hand in these agreements flying all over the street. Might be time to take a look at where you really stand. If you don't like what you see, review everything and call your funders with questions and contract amendments.

    Those conversations might not go so well. (but it is called doing business correctly)

  2. #2
    Senior Member Reputation points: 50583
    Join Date
    Jul 2014
    Location
    Online
    Posts
    965

    Are you having unprotected stacks? lol

    Read your agreements. Request executed agreements for your records. CYA.
    Amanda Kingsley
    DailyFunder: WhoisKingsley
    This is me. https://www.facebook.com/whoiskingsley
    I am Here too. https://www.facebook.com/groups/TheClosersGroup

    Always Live and Lead with Integrity.

  3. #3
    Banned Reputation points: 4530
    Join Date
    Mar 2014
    Location
    Ann Arbor, Michigan
    Posts
    1,289

    I've seen this problem for the entire time I've been in the commercial loan business. I learned the hard way many years ago. I submitted a deal for one of the largest tire manufacturers to one of the 5 largest banks at that time. We made a sales call together, then went around me and it was my fault. He was fired but that did not get me a 6 my figure commission back.
    If you don't have an executed agreement you should not be submitting to that lender. From what I read here that's especially true for this industry.
    You should learn from our mistakes.
    Thanks HDF and Amanda for highlighting this.

  4. #4
    Senior Member Reputation points: 158630
    Join Date
    Jul 2015
    Posts
    1,202

    Keep in mind your lifeblood - the renewal portfolio - as well. If you want to squeeze a career out of this business, you gotta have that on lockdown and in writing and reviewed by a professional.

    I'd also get in writing what will happen to your clients in the event of consolidations and joint ventures. The time is now! Call your lenders and banks and get it straight.

Similar Threads

  1. Looking for a valid data source
    By TheChoice in forum Merchant Cash Advance
    Replies: 0
    Last Post: 03-17-2016, 11:04 AM
  2. Bfs - and new iso agreement
    By michaelh in forum Deal Bin
    Replies: 10
    Last Post: 10-13-2015, 01:09 AM
  3. Who do I use to process ACH agreement
    By Nick in forum Merchant Cash Advance
    Replies: 29
    Last Post: 08-01-2015, 10:46 PM
  4. Looking for iso agreement for loans 5k to 25k
    By lilru911 in forum Deal Bin
    Replies: 9
    Last Post: 06-30-2015, 11:16 AM
  5. Get in the game!!!! Iso agreement
    By PledgeCap- A.E. in forum Promotions
    Replies: 0
    Last Post: 04-27-2015, 11:43 AM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY