Results 1 to 21 of 21
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09-13-2016, 05:57 PM #1
- Join Date
- Apr 2015
- Posts
- 159
Swift is slow
Anyone ever notice that "SWIFT" is the slowest moving lender in the game?
Piss poor responsiveness and deal moving. Or is it just me?
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09-13-2016, 06:02 PM #2
- Join Date
- Jun 2015
- Posts
- 3,325
Where have you been . That's been the joke for 8 years
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09-13-2016, 07:47 PM #3
- Join Date
- Jan 2014
- Posts
- 1,378
there is nothing swift about Swift
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09-13-2016, 09:48 PM #4
- Join Date
- Aug 2015
- Posts
- 30
Swift is slow
11 days from contracts signed / stips complete to decline was our last experience and last submission they will get
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09-13-2016, 11:24 PM #5
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
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09-14-2016, 09:50 AM #6
- Join Date
- Apr 2016
- Location
- Florida
- Posts
- 133
Had a few deals with them approved and then when we requested contracts the underwriting takes place and the deal killed... Is that the chicken before the egg or vice versa...
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09-14-2016, 03:16 PM #7
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09-14-2016, 03:22 PM #8
That is the exact opposite of the way we do difference. Every offer is sent after the underwriter does a background check, looks up the business website and location if possible, and is sure there is nothing that will bite us in the ass later. ISO's love us for having the fewest deals killed in final underwriting for problems which should have been caught of the front end of the underwriting procedure.
Wall Funding ISO Team
646-979-2161
partners@wallfunding.com
http://wallfunding.com/
30 Broad St, New York, NY, 10004
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09-14-2016, 06:29 PM #9
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09-23-2016, 05:42 PM #10
More and more it seems. Making a game out of # of apps in the door, sending out a generous pre-qual, only to be squandered later on in the process.
The last file we worked with Swift (albeit, it was larger) they took it to committee at the end of 11 days, and our rep gave us an ultimatum of "It's either going to be the full $500k or nothing at all" Guess which one it was? Lol. No re-pricing whatsoever, hah. Because a file that gets 99% of the way through the process at $500k certainly couldn't be worth $400k or $350k - let's just say $0 -_-RYAN RIDGWAY Managing Partner, Strategic Capital
Office: 800.440.6448 | Direct: 816.298.0966 | Fax: 816.298.0857
10551 Barkley St. Suite 403 Overland Park, KS 66212
rridgway@capitalwithstrategy.com | www.capitalwithstrategy.com
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09-24-2016, 01:57 PM #11
- Join Date
- Aug 2013
- Posts
- 72
All A Paper funders will generally do this and most are far superior to Swift
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09-24-2016, 02:00 PM #12
- Join Date
- Aug 2013
- Posts
- 72
Swift is slow
This isn't news Swift has been this bad for many years and don't expect it to ever change. I can't see how anyone uses them as a broker ever
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09-25-2016, 08:13 PM #13
- Join Date
- Sep 2014
- Posts
- 430
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09-27-2016, 12:05 PM #14
- Join Date
- Jan 2014
- Posts
- 283
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09-27-2016, 12:13 PM #15
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09-29-2016, 04:11 PM #16
- Join Date
- Sep 2016
- Posts
- 6
Word is they are going retail only and offering 1.12 factor rates. They are trying to put everyone out
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09-29-2016, 04:15 PM #17
- Join Date
- Sep 2014
- Posts
- 430
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09-29-2016, 04:28 PM #18
- Join Date
- Jun 2015
- Posts
- 3,325
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09-29-2016, 05:56 PM #19
Not sure how they make money at 12 factor rates. Its a strategy that can only go on for so long, there will be defaults even at that rate. Ive heard of non-profit lending companies like Easy Pay Finance. There is A-F paper in this industry meaning they will only take a portion of the market (those who qualify).
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09-29-2016, 07:41 PM #20
Their portfolio will be decimated with those rates.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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10-19-2016, 05:55 PM #21
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
just got another deal funded with swift 100k in 7 days. Yes a longer than some of the other funders but it was a decent rate over 12 months when the other A paper declined.
Just make sure you have your paperwork in order because they ask for everything!
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