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09-14-2016, 11:25 AM #1
Reputation points: 17587
- Join Date
- Sep 2014
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- 720
YSC is one of the most "necessary" funders out there to those who are unable to adequately do their job. At the end of the day, we find the most suitable capital provider for businesses who are seeking capital - "brokering" a transaction. If as a broker, you need to send your file to another (better) broker to get it approved, you are pathetic and have no business doing this for a living. Furthermore, you are just adding in additional fees to a product that is already under scrutiny to begin with. That said, YSC does have in-house funds (as everyone knows) and without the fees, coming from Andy, the offers (for those merchants, given qualifications) are strong to very strong. So it is tough to label them as good or bad, as there are several aspects to their business. Again, barrier for entry would eliminate co-brokering (for the most part). Not going to comment on debt traps as that isn't going anywhere on this thread. But if you wipe away all the fees and bad press, there is legitimate value in YSC.
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09-14-2016, 11:32 AM #2
Reputation points: 24139
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
You can't ignore the debt traps because that is the battle everyone in any "high cost" space needs to defend. If you read any of my entries, there is at least one point that is constant: taking Yellowstone or any other expensive product ONCE is not, nor will it ever be, a "problem" -- they can support a fantastic segment of the market that way. It's the part of the argument you are looking to ignore that is going to create the problem for them and many others.
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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09-14-2016, 11:37 AM #3
Reputation points: 17587
- Join Date
- Sep 2014
- Posts
- 720
I'm not looking to ignore it in the least bit, just don't think you'll get the answers you're looking for out of this thread. And if you didn't (with the time and effort put into the posts/examples), I don't think I'm getting anywhere. So rather ravaging the same topic to no avail, thought it might be a good idea to highlight a couple other points. I DO NOT disagree with you at all Carl.
...in fact, I reached out to do business with you about a month or so back after following your posts for a while. Never heard anything back. ....dick lol
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09-14-2016, 11:41 AM #4
Reputation points: 24139
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
Fair enough... my fault, I misunderstood you intention and do appreciate and understand your points. In general, all I'm asking for is for folks to clean up their products, do sufficient underwriting and math to ensure the product is not likely to destroy a business, and try to offer the best product they can. It benefits everyone in the space, not just the lender/cash advance company that cleans up their product.
To your second point, that would be very bizarre if you didn't get a response from us, my sales guys are very responsive. ssafirstein@breakoutfinance.com heads up the group. direct dial 703-852-6013. My sincerest apologies, I will see what happened.Last edited by Cfairbank; 09-14-2016 at 12:12 PM.
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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