Results 1 to 25 of 74
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05-18-2016, 11:33 AM #1
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- Apr 2014
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- 33
Everest CoJ?
Has anyone else heard of them now requiring Confessions of Judgment on every deal? Trying to figure out how much truth there is to that, or if it is only within a certain program.
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05-18-2016, 11:35 AM #2
They started requiring COJ's on their deals as of a few weeks ago. Apparently they got burned on a few of their longer term offers and the 1.15-1.20 buy rates they were pushing and decided to swing the pendulum the other way.
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05-18-2016, 11:43 AM #3
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- May 2015
- Location
- Long Island
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- 247
Renewals as well, or just new deals?
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05-18-2016, 11:45 AM #4
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05-18-2016, 11:49 AM #5
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05-18-2016, 11:59 AM #6Wall Funding ISO Team
646-979-2161
partners@wallfunding.com
http://wallfunding.com/
30 Broad St, New York, NY, 10004
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05-18-2016, 12:05 PM #7
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- Mar 2016
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How does this make it easier for your deals to get done? I can't imagine a COJ is going to deter many ISO's from wanting to fund with Everest. Ultimately, they'll still pay out the most and every ISO can sell a coj to a merchant who's not outright looking to steal some funders money. I think this will only help EBF lower their default rate and weed out the crooked merchants
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05-18-2016, 12:09 PM #8
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- Jul 2014
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Not true. Many A/B bucket borrowers will not sign a notarized legal document confessing to defaulting on a financial obligation. The 3rd position, 550 FICO, low revenue guys will sign anything, but if they think they are going to fist good clients into COJs, they have another thing coming.
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05-18-2016, 12:18 PM #9
Because if on similar offers we wanted a COJ, and Everest did not, we would lose the deal. If they are starting to ask for COJ's, then the other areas where we are more competitive in come into play.
For example, we can offer an early payoff addendum, every full month a client pays off early, we lower the factor rate. Until now the COJ overshadowed that ability. But if Everest is requiring a COJ, it becomes much easier to compete with them. If anyone wants to know about the other advantages we offer, reach out.Wall Funding ISO Team
646-979-2161
partners@wallfunding.com
http://wallfunding.com/
30 Broad St, New York, NY, 10004
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05-18-2016, 12:34 PM #10John 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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05-18-2016, 02:17 PM #11
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05-18-2016, 02:25 PM #12
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Everest CoJ?
Cool. When I run up against you on the field, the merchant will be signed and funded while you are still waiting for the tracking number on that COJ you're supposed to get.
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05-18-2016, 02:49 PM #13
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- Mar 2016
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- 657
I'm not suggesting it takes less time. obviously we could pump out deals that have no COJ's faster than the ones with COJ's, all I'm saying is that every Tom, Dick, & Harry can sell a COJ to a merchant and it won't effect Everest's decision to start using them by a considerable amount.
For the record, I'm strictly ISO based, so I don't think we'd ever "run up" against each other on the field. I'm talking to ISO's all day, not merchants
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05-18-2016, 03:09 PM #14
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05-18-2016, 03:10 PM #15
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05-18-2016, 03:12 PM #16
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05-18-2016, 03:12 PM #17
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05-18-2016, 03:17 PM #18
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Agreed, idk why an iso would want to send a prime deal to a sub-prime funder, but I'm assuming that if a deal comes across MY desk, then the reason it's by me is because the prime folks were barfing all over it for some reason. It's the beauty of the tongue, some people like the taste of certain foods more than others. I'm more of the "See & Eat" kind of guy, so I look to fund any deal that gets approved by me
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05-18-2016, 03:18 PM #19
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05-18-2016, 03:20 PM #20
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05-18-2016, 03:20 PM #21
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- Apr 2014
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- Washington DC
- Posts
- 421
So many companies are setting themselves to get slaughtered by regulation (which 100% is coming). Here's an idea, let's stack several positions, double dip merchants into a cycle of debt they can't escape, and take any questionable or borderline tactic and add it to our business model, while claiming to potential regulators we should be allowed to "self-regulate". And yes, COJs will come under increased scrutiny in this space.
Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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05-18-2016, 03:23 PM #22
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05-18-2016, 03:29 PM #23John 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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05-18-2016, 03:37 PM #24
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- Mar 2016
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05-18-2016, 03:37 PM #25
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