[MCNetwork]

Funded one deal with CrestHill. Denied by YSC/Pearl.

4K offer, $1200 in fees. Funded same day as submission with 10 points and minimum stipulations.

Now you all have an answer.

Show us the contract! You can hide the merchant's info. I'm intrigued

[Sean Cash]

Funded one deal with CrestHill. Denied by YSC/Pearl.

4K offer, $1200 in fees. Funded same day as submission with 10 points and minimum stipulations.

Now you all have an answer.

Looks like the onus is on you now Tommy. Max origination fee is supposedly $299 for deals that size.

[MCNetwork]

Unless Tommy added those fees on his own...

[nrh1lp]

I would not doubt the origination fee may have been $299, but I also would not exclude the possibility of other fees on top. "UW" fees, "risk assesment fees", "ACH access" fees etc. Nickles and dimes add up really quick

[mcaguru]

Guys i would let Tommy off the hook (he may have overseen something--he is a busy man) Donald Trump would say he did a faaaaaaaaaaaaabulous job by saying we approved a deal Yellow and pearl declined plus 10 points plus ("and this is key those that don't work with us miss out on this breeze") and that's "minimum stipulations".!!!!!!!!!

[Michael I]

I would not doubt the origination fee may have been $299, but I also would not exclude the possibility of other fees on top. "UW" fees, "risk assesment fees", "ACH access" fees etc. Nickles and dimes add up really quick

Exactly .

[Karen37a]

I put a bunch of small deals in with them the fees were $299-$599/$799

the deals were roughly 5k-15/20k ( I am guessing I did not look up exact contracts etc)

Risk 199-299? ucc 100?

Something close to this

[mcaguru]

I put a bunch of small deals in with them the fees were $299-$599/$799

the deals were roughly 5k-15/20k ( I am guessing I did not look up exact contracts etc)

Risk 199-299? uc 100?

Something close to this

ill take them any size but what about the BIG ones ?

[NoBigDeal]

I would not doubt the origination fee may have been $299, but I also would not exclude the possibility of other fees on top. "UW" fees, "risk assesment fees", "ACH access" fees etc. Nickles and dimes add up really quick

Yeh, but from $299 to $1,200...that's a very expensive dime

[nrh1lp]

Yeh, but from $299 to $1,200...that's a very expensive dime

Yes but if you break down what a place "could" charge for fees"
$299 Origination
$250 UW Fee
$400 broker commission
$150 ACH fee

That is $1099

[TStein]

Pictures removed.




Spoke with Marcus. Though the fee sheet wasn't clearly outlined, it wasn't $1200. As I said, I was wrong on this one

[MCNetwork]

Holy cow! Cresthill gives loan sharks a bad name. A 2.07 factor rate all in. No wonder Marcus has been so evasive...unbelievable

[MCNetwork]

And check out the $10,000 proprietary document fee in the fee structure. Holy sh!t

[snk1lp]

Figured I would weigh in. We haven't done a deal with Cresthill for a while but the last one we did had a 1.99% Origination + $399 ACH Fee only. The contract stated $299 Origination but the principal made 1.99% a lower cost to the borrower.

[J.Celifarco]

Marcus find a rock, crawl under and hide. if your lucky by monday day people will forget about this. Wow is he lucky that posted when it did and not a few hours earlier. There is nothing that can be said to justify that. Definition of predatory.

[Karen37a]

Marcus...i sent them to other people lol Longer terms 15-18 months etc etc etc


In the end some of the deals I sent over there were horrible...one of them had 2 liens and 2 attempted bankruptcy 480 credit score.

One of my agents gave it to me and then said "take it I do not want to get anything for it not worth my time" ..she was a Christian lady with this company helping people ( for profit ) so I feel guilty and press on.

She then renews for 3k ...credit went up to 550...then she fixed things in her life and her credit is now 620..She took another for 10k

Now she makes 30k-40k a month and has her advances paid off..She may come back to me because she might expand..but she isnt this risky terrible borrower anymore. She is one of the Very very very few who did what she said she was going to do.

Its a risk giving these people money..i wouldn't do it. I explain upfront the fact the money is not going to be cheap and I find out if they really really need it.

Thats the way it goes...you want the money it costs x because of the risk they are taking with non collateralize borrowers who have stiffed everybody and their grandma for money in the past .

I see these files that took 2/3 advances at the same time for 50k each..making 60k a month, and they want more money. merchants taking a 150k advance and then sending paperwork to me because they still owe 120k and cant understand why they cant get 100k more because they are paying on time.And they want to pay 5% on their next loan/advance and want it for 5-10 years AND monthly payments.
Slow paying on purpose and cursing their lender while they have 25k avg daily balances in their account and telling me they want more money. me asking them.."if you cant pay your first advance why would someone take a chance of giving you another" I have had people send me fake bank statements..i call them back saying " are you out of your mind this is a crime" then they cry to me on the phone and ask me to help them as I hang up saying " dont call back". These submissions never make it to the lenders..i shred them

I can understand why "some" and the word is "some" of the factor rates are in place. We are not saving the manatees.

I preach to these merchants about the dangers of stacking blah blah some of them still dont listen and go right behind your back, and they( some) will also will cut your throat for a discount .

A-c /d paper risk and scoring models

Stay off my advance Marcus...even though you wont recall who it is.

[TStein]

Marcus find a rock, crawl under and hide. if your lucky by monday day people will forget about this. Wow is he lucky that posted when it did and not a few hours earlier. There is nothing that can be said to justify that. Definition of predatory.

Truth be told, if you are using a high risk company (yes, even the king of high risk companies and no one seems to questions them) you will see similar fees. Marcus and his team got the job done quick and easy. Do we all agree with fees? No. But we have a job to do here.

Also note that I updated my original post.

[MCNetwork]

And the cover-up begins...

[Karen37a]

I think its a bank only ach fee and its $399$ or 10%

and a legal fine of $10000

These can get costly

yeah no wonder Marcus is always lollygagging about...picks up a rock to throw it at him

[TStein]

And the cover-up begins...

MCAGURU/ TSTEIN Cover-up of 2016. The next Area 51.

[Michael I]

Can you ethically ask a merchant to sign that , with the verbal promise that they won't charge it all and just 299 .

[MCNetwork]

IMG_4382.jpg

[TStein]

Can you ethically ask a merchant to sign that , with the verbal promise that they won't charge it all and just 299 .

Great point, in most cases...I would say no. Our company is built on integrity and I've always spoken out against putting merchants in bad situations on DF in the past. If our underwriting team gauges that their is a risk that the business is on its way out, or a cash advance will have a negative impact...we'll pass. Simple as that.

So in this case, the merchant applied on our website. Our underwriter declined the file because it was out of our parameters. We sent it to the usual suspects (YSC, PEARL, CH) only to have CH provide the sole offer.

The merchant got funded 1 day before applying with us. They run a school and were looking to buy a bus for Summer Session to bring on an additional group of students. The company that funded her before (surprise) took a large fee and she didn't net enough to buy her bus.

She had an plan to use the capital for and a guaranteed revenue stream once she received the money to buy the bus. CH funded her, and per our follow-up she had the bus and already paid off the original advance.

Is this a rare case? Yes. But the merchant was actually knew how to run a business and in this case, the advance worked out perfectly.

--Anyhow... have a good weekend and I will see you all Monday!

[mcaguru]

Guys it was 299.00. For a fact!! I would be happy to show everyone. After the weekend but need to block name of merchant.

[Karen37a]

I am joking about the rock ...i am outta here its Friday !!! have fun everyone