Results 51 to 75 of 86
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06-08-2016, 12:00 PM #51
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last month i reached out to an old lead that never sent me in the app because they went with the direct lender . that direct lender gave them the best they offer 120k at 1.42 7 month deal with fees totaling about 4% . i just funded this merchnat for 285k on a 21 month deal at 1.38 no fees paying me 5% commission . so by coming to the brooker he got 3 times the term cheaper rates and no fees .
fyi i was competing with another direct lender that is all over this site offering him a second position of 75k 1.49 4 month deal .
now i know there are some bad brokers out there but don't forget there are also some bad lenders
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06-08-2016, 12:14 PM #52
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06-08-2016, 12:15 PM #53
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06-08-2016, 12:20 PM #54
Yes but if you cant fund in house do you then try to broker it out to other funders?? i assume you do so all this means is that the original information you gave to the merchant is a lie. I used to work inside sales for a top funder and I did the same thing, I thought it would give me credit with the merchant by saying I was a direct funder. What I have learned with experience, I have gotten more deals done telling people the truth that I am a broker who sole job is to find you the best deal possible
John 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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06-08-2016, 12:21 PM #55
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06-08-2016, 12:25 PM #56
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06-08-2016, 12:46 PM #57
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06-08-2016, 12:50 PM #58
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06-08-2016, 12:51 PM #59John 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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06-08-2016, 12:52 PM #60
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06-08-2016, 01:11 PM #61
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06-08-2016, 01:17 PM #62
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06-08-2016, 01:21 PM #63
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- Sep 2012
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- New York, NY
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Depends on how you present it to the merchant. I say, "Sorry, my company was unable to approve you because of xyz, however one of my funding partners might be able to help you. Would you like me to check with them?"
As long as you're transparent about the whole process, the customer will be totally fine with it.
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06-08-2016, 01:22 PM #64
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06-08-2016, 01:23 PM #65
Agreed and if this is how you handle it then you are doing it the right way.. My experience is that most people aren't as transparent as you are which leaves merchant with a bad taste
It funny how you can talk to 3 different ISO's ask them their experience with a bank and get 3 completely different storiesJohn 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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06-08-2016, 01:27 PM #66
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- New York, NY
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06-08-2016, 02:08 PM #67
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06-08-2016, 02:25 PM #68
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- Jan 2015
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ridextreme - "99% of the people that claim to be direct lenders are simply lying. Direct Lenders don't make outbound cold calls. The few that do also broker deals out anyway, so what's the big advantage about "claiming" to be a direct lender? If you DID work for a direct lender, do you not make any commission off of the deal anyway?
Everyone wants to lie and brag that they're calling from a "direct lender" so they feel important I guess."
says the guy that works for a direct lender
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06-08-2016, 03:27 PM #69
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- Sep 2012
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- New York, NY
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In which case I say, "why would you use a broker who will shot gun your application to his pool of unlimited funding resources and you'll see your credit score fall off a cliff?"
Having unlimited funding resources is not a plus. When you present a merchant with too many options, they are less likely to choose any. Never give a merchant more than two options.
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06-08-2016, 03:32 PM #70
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- May 2014
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- 187
An experienced broker with many resources will pre-underwrite the file, look over banks and financials and determine the best lender to send the file to, and not shotgun it. I agree with never giving them more than 2 options....
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06-08-2016, 03:33 PM #71
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- Mar 2015
- Location
- Boynton Beach
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Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-08-2016, 03:35 PM #72
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- Mar 2016
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06-08-2016, 03:36 PM #73
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06-08-2016, 03:42 PM #74John 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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06-08-2016, 03:49 PM #75
- Join Date
- May 2014
- Posts
- 187
How about the inexperienced sales folk at all these new wannabe Yellowstone "Direct lenders"..Everyday I get hit up by a new C-E paper lender, the last couple callers sounded like they were calling from Pakistan, they have trouble pronouncing "R", dead give aways.
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