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04-25-2016, 07:38 PM #1
- Join Date
- Apr 2016
- Posts
- 26
Viking Funding Group & Ryan Cola
I have been a student and observer in this forum. I thank everyone for their contribution in sharing knowledge about the industry. I have learned quite a bit. Today, I am sharing my experiences in dealing with Ryan Cola & Viking Funding Group.
I submitted this merchant(a restaurant) to Ryan @ Viking on 4/13/2016. On the same day, they offered $35k on a split deal at 1.499 with 16% holdback. Contract was issued to client; client signed and sent back. Then I was asked to get the client to re-initial the first page, changing the 16% to 17%. I refused to do it. Ryan Cola called the client behind my back, getting the client to initial the first page, changing the heldback to 18%. I was upset.
Site inspection was scheduled on 4/18/2016, but because it there was some weather condition in Texas, it was rescheduled to 4/19/2016. On 4/19/2016, site inspection went well.
After passing the site inspection, merchant sent a DDA change request to the Processor to perfect the lockbox. Ryan & Viking stated as soon as they see the first batch hits the lockbox, they would fund the account.
Because of some technical issues from Processor, the first batch did not appear on the lockbox until 4/25/2016.
To this point, the readers probably think the client will get funded. I got excited too. Because Ryan told me I would also get paid on the same day; Client is happy and I am happy. But that's not the case. Ryan & Viking wanted to see the 2nd batch shown up on the lockbox. If if the 2nd batch did not show up on 4/25/2016, they would not fund.
I relayed the info to the client. They were pissed. They threatened to contact processor and reverse the DDA change, basically removing the lockbox.
Ryan got jumpy and said that he was able to convince management to overlook the "2nd" batch on the lockbox and get this funded by 3PM, Texas's time. I am in California, so two hours behind Texas; Ryan is in NY 1 hour ahead of Texas.
Well, at 2:23PM my time, which is 4:23PM in Texas or 5:23PM in NY, Ryan and his underwriter Kurt are in a meeting together, reviewing the file. See the text message dialogue for details; meanwhile, the client is sitting right next to his phone, waiting for the funding call from Kurt.
At 2:56PM my time or 5:56PM in NY, Ryan stated that Kurt, the underwriter tried calling the client but got through his voicemail. Who on earths try to fund a client at almost 6PM in New York!!! Meanwhile, the client sat and stared at his cellphone; there was no a single call coming in.
I apologize for such a lengthy post. I just want to share my experiences when dealing with Viking. I hope others will benefit when reading this.
Meanwhile, I am looking for another lender who can jump in and fund this client. I got both Wall and YSC offering $25k, but the client needs $35k. Please shoot me an email if you can close this deal: patrick@mtktcapital.com
Here is my text-message-log with Ryan Cola from Viking Funding Group; timestamp is based on California's time; so add 2 hours for Texas or 3 hours for New York.
http://www.mtktcapital.com/text-mess...ding-Group.txt
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04-25-2016, 08:02 PM #2
- Join Date
- Jun 2015
- Posts
- 3,325
It's called the oldest trick in the book . Now tomorrow they will have the second batch they wanted and fund .
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04-25-2016, 08:04 PM #3
remove the details of this post. Is there a reason you tried C and D lenders like YS and wall??
How is the credit/? Seems like a high rate for split
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04-25-2016, 08:14 PM #4
- Join Date
- May 2015
- Location
- NYC
- Posts
- 197
I'm going to go on limb here and say the offer was really 25k. ISO manger positions are no different then a car salesman. Your job depends on the numbers and telling an ISO what they want to hear is part of it.
But as always, two sides to every story..especially in MCA anything can happen at any point..sh*# happens sometimes.Tommy Stein
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04-25-2016, 10:32 PM #5
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 463
I have had extremely bad experiences when dealing with them too. Cut my $100k renewal commission to 1% and then said they would make it up on to me my next submission. As if I would ever send them another! Learn from it and move on.
PS- you shouldn't need a site inspection on that amount.
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04-26-2016, 06:20 PM #6
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
I'm sure something about the merchant spooked the underwriter. They wanted to see a second batch to make sure the deal wasn't fraudulent.
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04-26-2016, 10:39 PM #7
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- Apr 2016
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- 26
If that is the case, there is no need to lie to the ISO broker and the merchant that they would be funded at 3pm and they are sitting on 10th position in the queue in their "IN RISK".
I think the business owners, ISO broker and everyone in this industry are old and experienced to handle the truth.
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04-27-2016, 06:39 AM #8
- Join Date
- Mar 2016
- Posts
- 186
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04-27-2016, 09:18 AM #9
- Join Date
- Jun 2015
- Posts
- 3,325
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04-27-2016, 09:24 AM #10
At Wall Funding, we pay 100% commission on ALL renewals, and all renewals move through the ISO, so you will NEVER have your deals stolen. Reach out to get signed up.
Wall Funding ISO Team
646-979-2161
partners@wallfunding.com
http://wallfunding.com/
30 Broad St, New York, NY, 10004
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04-27-2016, 10:31 AM #11
100% Tommy, its one of the main reasons I asked my boss not to pay me on commission but to leave me on salary. I felt like if I was fighting for brokers deals I didn't want my company thinking there was a monetary goal behind it. If I fight for a deal its because I want my company to fund it not because I'm getting any money. Just my way don't expect others to do it, I guess its the nature of the beast. I left potential money on the table for integrity.
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04-27-2016, 11:45 AM #12
- Join Date
- Jul 2013
- Posts
- 352
bunch of clowns at Viking for sure. On your end though probably should tone down the "when am I getting paid?"
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04-27-2016, 12:11 PM #13
- Join Date
- Feb 2016
- Posts
- 4
As the previous fellow said. They probably got spooked about something they saw but didn't want the ISO to find another lender so they told you it was all good while they stalled and looked further into the matter. Obviously something DID spook them because you are still on here searching for a lender to give money to this merchant. Smh.
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04-27-2016, 12:15 PM #14
This guy did get other offers, why not go for either of those other ones?
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04-27-2016, 12:22 PM #15
- Join Date
- Jul 2014
- Posts
- 1,746
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04-27-2016, 01:36 PM #16
Viking Funding Group & Ryan Cola
For anyone who cares why this deal died was because the ISO instructed the merchant to email back his processor and have the replacement account removed. We got nervous if this was done when the deal was 90 percent completed, what makes you think it would not be done when the money was given to the merchant. Obviously everyone is nervous to give to this merchant otherwise this would have been funded. What Patrick does not know is that lock box deals can take a long time to fund because we need to see batches, we saw one and were willing to waive the second one, but him instructing the merchant to email their credit card company and have the lock box removed is the reason we did not go ahead and fund the deal.
Thanks,
RyanLast edited by rcola; 04-27-2016 at 01:40 PM.
Ryan M Cola
Viking Funding Group
Business Development Manager
E: rcola@vikingfundinggroup.com
C: (516) 474-6501
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04-27-2016, 02:37 PM #17
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- Jul 2013
- Posts
- 352
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04-27-2016, 03:07 PM #18
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
The truth comes out. Looks like typical unscrupulous ISO shenanigans.
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04-27-2016, 03:33 PM #19
Viking Funding Group & Ryan Cola
I know how to explain a lock box to a merchant/ISO I don't believe the proper expectation was set for the client, and also informing him there would be an additional 24 hours on top of his normal processing, if you are an ISO you shouldn't instruct your client to remove the lockbox from their bank after it's been processed already and we started seeing batches. I'm well educated on split deals and as everyone knows on this forum, we don't have an exact date when it's going to fund it all depends on the merchants processor.
Thanks,
RyanRyan M Cola
Viking Funding Group
Business Development Manager
E: rcola@vikingfundinggroup.com
C: (516) 474-6501
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04-27-2016, 03:46 PM #20
- Join Date
- Sep 2014
- Posts
- 430
Serious question. What % of deals are y'all funding that are split/lockbox? It has to be a niche product at this point. Most shops I know and deal with are all moving to ACH only, if they aren't already.
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04-27-2016, 03:53 PM #21
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
If merchants have NSFs all over the place or really low daily balances, you're pretty much stuck with split/lockboxes. I'd say it's around 30% of the deals I've come across.
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04-27-2016, 04:16 PM #22
- Join Date
- Jul 2013
- Posts
- 352
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04-27-2016, 04:34 PM #23
Viking Funding Group & Ryan Cola
I don't want to deal with an ISO that is going to publicize correspondence between me and them. Especially one that has no clue how a lockbox works. I could post the request that he e mailed the processor for the lockbox to be rescinded but I will refrain. Anyone who has been doing this for awhile knows that a lockbox takes some time. He was more concerned about when he was going to get paid his commission rather than when the client was going to get funded. After a day or two he sent me screenshots of lenders that received the application as he was threatening even then to pull the deal. That is a highly unprofessional move as well. This guy is putting everyone's personal information on blast meanwhile he is the one that doesn't get it.
Last edited by rcola; 04-27-2016 at 04:49 PM.
Ryan M Cola
Viking Funding Group
Business Development Manager
E: rcola@vikingfundinggroup.com
C: (516) 474-6501
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04-27-2016, 04:40 PM #24
Viking Funding Group & Ryan Cola
Credit Guy, it's all based on the clients bank account, mostly the ones that are doing great with credit cards, right now I have about 4 deals that are Splits, Pizzerias actually I have two of them, grocery store, and I don't remember the other one, but you are right as far it goes, it's almost an out dated product, but we like to give the client all of their options.
Ryan M Cola
Viking Funding Group
Business Development Manager
E: rcola@vikingfundinggroup.com
C: (516) 474-6501
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04-27-2016, 09:46 PM #25
- Join Date
- Apr 2016
- Posts
- 26
Update:
This deal is being taken care by a well respected direct funder. I have learned my lessons by investing time in funder without scruples and ethics. Life moves on.
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