[helpinghand]

Anyone ever notice that "SWIFT" is the slowest moving lender in the game?

Piss poor responsiveness and deal moving. Or is it just me?

[Michael I]

Where have you been . That's been the joke for 8 years

[Sachip24]

there is nothing swift about Swift

[Austin@SCP]

11 days from contracts signed / stips complete to decline was our last experience and last submission they will get

[omegafund]

Anyone ever notice that "SWIFT" is the slowest moving lender in the game?

Piss poor responsiveness and deal moving. Or is it just me?

They renewed a client and paid decent points to us with no work so that alone is better than a lot of funders out there.
They can get the right deal done fast but it has to be vanilla no surprises

[biggr]

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...

[Regium]

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...

Many players do it this way. IMO, it's retarded

[iso@wallfunding]

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.

[brokerCompany]

that is great but you dont offer 1.19 rates

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.

[SCP]

Many players do it this way. IMO, it's retarded

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 -_-

[funda21]

All A Paper funders will generally do this and most are far superior to Swift

[funda21]

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

[CreditGuy]

All A Paper funders will generally do this and most are far superior to Swift

You need better A paper funders.

[JSL23]

there is nothing swift about Swift

I am smiling and shaking my head simultaneously right now...We have been saying that in my office non stop the last 2 weeks. They do give really nice offers but their process is a nightmare and communication is among the worst in this industry (or any industry).

[Funder Mark]

11

[BestLoans]

Word is they are going retail only and offering 1.12 factor rates. They are trying to put everyone out

[CreditGuy]

Word is they are going retail only and offering 1.12 factor rates. They are trying to put everyone out

That is the dumbest idea I've heard in this space.

[Michael I]

Word is they are going retail only and offering 1.12 factor rates. They are trying to put everyone out

they will actually have to fund in order to do that

[TheShitzuofMCA]

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).

[Zach]

Their portfolio will be decimated with those rates.

[omegafund]

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!