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05-23-2016, 12:55 PM #1
- Join Date
- May 2015
- Location
- NC
- Posts
- 208
The Business Backer
Anyone else receive Ty's veiled "goodbye" letter this morning? It sounds more like an employer scolding rather than an independent contractor relationship.
Here's a snippet:
I expect to see 8 -10 applications and 1 funded deal per month. If we are not maintaining these numbers, then I am going to terminate the relationship and we can go our own ways.
I've always had the utmost respect their firm and have recommended their products quite a few times on this forum, but this really rubbed me the wrong way. Granted, most of my business falls outside of their wheelhouse and consequently I haven't sent them a file in quite some time, however, its nice to know you have that option when needed...
Rick
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05-23-2016, 01:25 PM #2
- Join Date
- Jan 2015
- Posts
- 127
I hope they have a higher conversion rate than what he expects...1 funded deal out of 8 - 10 submissions
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05-23-2016, 01:32 PM #3Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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05-23-2016, 01:35 PM #4
They are crying to everyone about the conversion rates. I've loved them for years, but I see them losing their competitive advantage recently.
Yet, they brag to me that submissions are at all time highs....to which I respond "submissions are worthless without conversion"
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05-23-2016, 01:40 PM #5
I just walked away from a position because of the conversion rates. I had to look hard at what I was doing and be honest with myself, Chambo is right. Submissions with a 95% decline rate almost drove me crazy...
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05-23-2016, 01:49 PM #6
- Join Date
- Jun 2013
- Posts
- 351
There obviously needs to be a middle ground that is acceptable for both submission to approval as well as for approval to funded ratios. There are reasons on both ends of the ISO/Funder relationship that can help or hurt the approval rate, but the latter part mostly falls onto the ISO. If someone is getting 100 approvals and only funding 1 deal, there's an issue there for the funding company. If they are funding 15, I think it is something that needs to be worked on, but wouldn't necessarily warrant an email like the one above.
I would really hope for an email like the one above to go out, someone has to really be taking up a lot of this person's time and not producing any results. I would also hope that the rep who sent the email had discussed expectations prior to sending this out.
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05-23-2016, 02:04 PM #7
- Join Date
- May 2015
- Location
- NC
- Posts
- 208
Just to be clear, the email was not referring to my closing ratio. It was BBC'd to a number of ISO's who hadn't submitted an application in over 6 months - In other words, what they apparently consider dormant accounts. I just found the tone to be off-putting as I'm certainly not taking up any of their time or resources.
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05-23-2016, 03:02 PM #8
- Join Date
- Jun 2015
- Posts
- 3,325
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05-23-2016, 04:13 PM #9
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05-23-2016, 05:17 PM #10
- Join Date
- Jun 2015
- Posts
- 3,325
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05-23-2016, 02:06 PM #11
they have portal submissions, so the insta-declines are taken care of up front. It's the stips and getting back to you in a timely manner where they are lacking.
They're also a company where if it's vanilla A paper deal, they give great & competitive offers. They used to be Jedi Masters at out of the box deals though...and that is where they have recently fallen flat on their faces.
Jim's still a good guy though....
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05-23-2016, 03:02 PM #12
- Join Date
- May 2015
- Location
- Long Island
- Posts
- 247
They have some amazing pricing when they do like a deal though
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05-23-2016, 03:37 PM #13Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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05-23-2016, 03:46 PM #14
yeah, their Premier Titanium (whatever they call it) only take 1.5% a month. buy rate though, but still....
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05-23-2016, 04:12 PM #15
relax everyone, have some red velvet - cream cheese ice cream sandwich
Anthony Diamond
Underwriter
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05-23-2016, 04:14 PM #16
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05-23-2016, 04:18 PM #17
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05-23-2016, 05:18 PM #18
- Join Date
- May 2015
- Location
- NC
- Posts
- 208
UPDATE: I've spoken with Ty and feel compelled to to inform DF member's that all is well. We've reconciled our initial disagreement and my account is still active. In short, the email was an attempt to drum up business (albeit probably not the best way to go about it ) from dormant accounts that are actively submitting and funding deals with other lender's/funders that may otherwise be a fit with TBB.
Rick
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05-23-2016, 05:37 PM #19
- Join Date
- Jul 2015
- Posts
- 1,202
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05-24-2016, 10:34 AM #20
- Join Date
- Oct 2014
- Posts
- 260
We have a 1.13 buy rate 18 month and a 1.21 buy rate 24 month. Payment structure is weekly. Upsell capped at 4 points but still a good product for the "over-qualified" cash advance clients.
Second place? Set of steak knives.
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05-24-2016, 11:09 AM #21Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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05-24-2016, 11:16 AM #22
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
My guess is this is an effort to compete for the Dealstruck/fundation-type clients? Do you all look at profitability? What is the minimum credit score for this program? Agreed, this looks like a great program especially if you are "looser" in underwriting than the Fundation-type lenders, can you provide detail on who would actually qualify for this product?
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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05-24-2016, 11:24 AM #23
- Join Date
- Jun 2013
- Posts
- 351
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05-24-2016, 11:30 AM #24
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
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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05-24-2016, 01:57 PM #25
- Join Date
- Oct 2014
- Posts
- 260
Carl,
There is a lot of requirements that go into qualifying for a deal like this. It really comes down to our proprietary scoring model. It factors in TIB, Credit(business and personal), SIC, State, liens, Bankruptcies in the past, charge-offs, tradelines, etc.. There is more to list but it has to score above a 200 in our system. Obviously that number really means nothing to you from an external standpoint. I would say the main 3 that weigh the heaviest towards the score are time in business, personal credit, and business credit. The IPV score must be above 70.
Basic guidelines: 4 years plus in business, 650 fico, 600k annual revenueSecond place? Set of steak knives.
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