Submitted a deal to On Deck, received an offer for 15 months for 150,000 with a 1.24 buy rate. While speaking to the merchant on the phone, he informs me that he has a competing offer from On Deck for $250,000 for 18 months @ 1.22, I respond to the merchant that I am having a tough time believing that because he deposits 120,000/month, and more so, I already have an offer from On Deck which means you would have been locked out of going directly to them...they would never circumvent their ISO....joke is on me however.

Spoke to my rep at On Deck and he informs me that the merchant is indeed correct. Aside from being dumbfounded on how On Deck is able to violate their own exclusivity policy, my question to my rep was, how in the world did we get a $150,000 offer while the merchant received a $250,000 offer (not even mentioning the buy rates, which i attribute to their internal more competitive pricing)

Anyone else had an experience like this? Trying to wrap my head around how On Deck would issue me an approval and one to the merchant as well, all while having an exclusivity policy.