Stacking Madness

**isaacdstern** · 03-21-2014, 06:30 AM

Yellowstone is no where near the biggest hopper in the industry...sure we do it but there are some companies out there that only do Grasshoppering.

**cashguy** · 03-21-2014, 07:48 AM

Don't be so confused WBL isn't even a true MCA its a loan product with personal guarantees and seriously hard asset backed. Why that justifies increasing the rate I don't quite get though.

**1StopFunding** · 03-21-2014, 08:48 AM

I just experienced that with WBL....OMG! Never again! My customer got contract and was livid! $35K advance with a $60K payback. Needless to say we killed that deal.

**isaacdstern** · 03-21-2014, 09:57 AM

just curious...whats the commission on a 1.90 Factor rate deal?

**MCAVeteran** · 03-21-2014, 09:59 AM

But wait, based on wbls website "WBL is committed to becoming the world's premier financier of local entrepreneurs everywhere."

Let's give it up to wbl and their premier rates and terms for customers! ......

**mcaguru** · 03-21-2014, 10:01 AM

Originally Posted by isaacdstern

Yellowstone is no where near the biggest hopper in the industry...sure we do it but there are some companies out there that only do Grasshoppering.

I stand corrected Mr. stern, I do hear otherwise though, obviously i couldn't tell you anything about your business. Meaning compared to your firm, pearl would be like a mom and pop delicatessen and you would be THE Boar's Head.

**isaacdstern** · 03-21-2014, 10:18 AM

lol..I am literally laughing out loud!!!

**1StopFunding** · 03-21-2014, 10:42 AM

The marketing material they send out is 14%.

**Sean Cash** · 03-21-2014, 10:50 AM

Wait, what I don't get is that their loans are secured against collateral. So why would they need to charge so much?

**isaacdstern** · 03-21-2014, 11:05 AM

1.90 paying 14...thats insane...

**AndyYSCISOdept** · 03-21-2014, 11:10 AM

Originally Posted by isaacdstern

lol..I am literally laughing out loud!!!

I am too, can you hear me on the 4th Floor of our office???

**Chambo** · 03-21-2014, 12:50 PM

Originally Posted by cashguy

Chambo where did you get this idea

That Native American company, Western Sky, got in all sorts of trouble for this.....

**Chambo** · 03-21-2014, 12:52 PM

Originally Posted by mcaguru

I stand corrected Mr. stern, I do hear otherwise though, obviously i couldn't tell you anything about your business. Meaning compared to your firm, pearl would be like a mom and pop delicatessen and you would be THE Boar's Head.

Only if it is PORK

**Chambo** · 03-21-2014, 12:55 PM

Standard inexperienced behavior here. Young guns keep pushing the envelope, stretching the rubber band. Sooner or later it snaps, and then everyone tosses their inexperienced hands up wondering what happened?

To all the folks who think that regulators would never come into our space, and that "conversations" with Gov't authorities will never amount to much, because in the end, the merchant DID sign on the dotted line, only need to go back to 1999 and the dot com bubble and 2007 and the real estate bubble...or 1585 and the tulip bubble or 1929, or.....

**funding pro** · 03-21-2014, 02:01 PM

IIRC Rewards Network (and another similar business whose name escapes me) was at a 2.0 pretty much. You get $10,000 they take a fixed percentage of all Rewards Network sales until they get $20,000. They lost all of their market share on financing when MCA started to gain momentum and have pretty much stuck to their "marketing" business model.

**CO1** · 03-21-2014, 05:16 PM

Rewards Network is now Idine they are still around.

**Sean Cash** · 03-21-2014, 05:19 PM

Originally Posted by CO1

Rewards Network is now Idine they are still around.

I think it's the other way around. Idine became Rewards Network after California took them down.

**JSL23** · 03-21-2014, 06:21 PM

I've worked with WBL a couple of times and their rates weren't bad at all. I got someone with a Payroll Tax Lien (and other issues) a 2nd position $50,000 @ a 1.39 6 month term. It was 12 points and 1.39 was the max. Are you sure it was them?

**Chambo** · 03-21-2014, 06:30 PM

Originally Posted by JSL23

I've worked with WBL a couple of times and their rates weren't bad at all. I got someone with a Payroll Tax Lien (and other issues) a 2nd position $50,000 @ a 1.39 6 month term. It was 12 points and 1.39 was the max. Are you sure it was them?

A payroll tax lien? Sheesh, that is some risk! The state DOES NOT PLAY when it comes to payroll taxes. They will come in and padlock the joint! Open payroll lien? the clock is ticking on that one...just a matter of time.

Anyone who funds open payroll liens is just a moron begging to lose everything

**Sean Cash** · 03-21-2014, 06:36 PM

This basically sums up this 7 page thread:

2ndposition.jpg

**isaacdstern** · 03-23-2014, 08:24 AM

That's too funny

**MCNetwork** · 03-23-2014, 08:49 PM

How about this

47592559.jpg

**isaacdstern** · 03-24-2014, 07:30 AM

ok that's even funnier

**AndyYSCISOdept** · 03-24-2014, 09:39 AM

That's the best one Ive seen. Thanks to you guys for summing up in two photos what our 8 pages of posts could not.

**Ryan Shiroky** · 03-24-2014, 10:04 AM

Also, WBL is charging them a 1.90 which is normally for that company, but, they are not a fan of unsecured money, I can't say for sure, as they do offer unsecured loans now, but, their standard practice is to collateralized a loan 4 to 1... so if u have something with say, 100k in equity, they'll give it a liquidation value of say, 80k, which would make the guarantor qual for a $20k loan... absurd... I have had the non-pleasure of doing business with them, even got it in the kiester twice cuz I trusted a handshake... slimey ppl I tell u... also, they don't give a sh#t who the go behind, but God forbid u go behind them... I feel dirty just talking about them....

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