[IamGrateful]

I like to know what is industry standard, on how long I should wait to get paid, when deals that I submit, close and get funded if I work from home as a sub mca broker, for a another broker.

If I am correct, typically, lenders pay commissions to brokers right away after a deal get funded, what percentage of of the main lenders brokers use pay within 24hrs ?

I have someone stating me that I will get paid 10 days after a deal gets funded, I am very uncomfortable with this agreement... Why should I wait so long after a deal gets funded.... I find it inappropriate and unacceptable at this point, just need your feedback on would you wait 10 days if you were a sub broker for another broker to get your money ????????

[cardinalequity]

Five Business days should be on the long side and 24-48 hours is more of a standard. Ten days means they're(your broker) floating money and need to hold on to as much as possible and for as long as possible. Do they take ten days on every deal or was it only on one particular deal?

[TheShitzuofMCA]

I know of a few who pay next day commissions. I would say general time is a week from funding, so if it was funded Friday you get it next Friday.

[Chambo]

I like to know what is industry standard, on how long I should wait to get paid, when deals that I submit, close and get funded if I work from home as a sub mca broker, for a another broker.

If I am correct, typically, lenders pay commissions to brokers right away after a deal get funded, what percentage of of the main lenders brokers use pay within 24hrs ?

I have someone stating me that I will get paid 10 days after a deal gets funded, I am very uncomfortable with this agreement... Why should I wait so long after a deal gets funded.... I find it inappropriate and unacceptable at this point, just need your feedback on would you wait 10 days if you were a sub broker for another broker to get your money ????????

Every fund is different

1) Some pay out same day as funding (those are fewer though)
2) Some pay out the next day
3) some funds pay out a couple times a week, so if they pay Teus and Thurs, let's say, if you funded a deal PRIOR to those days, the commission would go out the next "payday"
4) some funds only pay out once a week for deals funded the week prior. In these instances, it can sometimes be a week to ten days before commission is received....depending on day it is funded

[brokerCompany]

remember the old days Ondeck paid a month later after the 15th! Hah.
Most of the funders should pay same day or next day.

[LJH365]

Some of the smaller ISO shops I've worked at delay paying commission a few extra days to hedge against clawbacks. And then there are those who don't pay at all. Before you jump feet first into an arrangement and wind up getting jerked around on your deals, do your due diligence about the company you are working with. I'd ask around on this board (you can PM me if you like) and google the hell out of the company and the its principle officers/owners. I worked my ass off for Bizbrella on Long Island and wound up getting skunked out of $15k commission because I didn't realize the owners were crooks.

[skideeppow]

Total Merchant Services (who only funds though CAN) pays on the 19th of each month. So if you fund on the 9th or later, you are not getting paid for 5-6 weeks.
Great way to generate business.

[CreditGuy]

I approve a few dozens deals a day and fund a few dozen more, all with one lender. In total, it adds up to several million in funded volume a month. I get paid twice a month, on the 1st and 15th.

[EmpireRoth]

Please give me a call when you get a chance at 646 930 4338. I Give offers within 30 minutes of submission! Thank you

Nathan Roth-- direct lender
Empire funding 1022 Avenue M
Brooklyn NY 11230
Direct (646-930-4338)
email:nathan@empirefunding.com

[factorfinders]

We are primarily a factoring broker so are used to being paid once per month; generally between the 10th and 15th of the month after commissions are earned. Having said that, we have numerous co-brokering arrangements where we share our commissions with smaller shops. In this industry we occasionally wait 7-10 days before we issue co-broker payments to make certain that we are not going to be clawed back by the funder. Note, we only do this with co-brokers with whom we do not have a long established relationship.

[mcaguru]

At cresthill when someone emails me directly i push offer in 15-20Min (if its time sensitive) others wise a few hours. Commissions are paid automatically as in no need to ask or invoice, once the file is funded commissions are on Autopilot to go out.

[bdshaw]

Unlike brokers, as a factor, we pay commissions directly on or before the tenth of the month. Approving and initial funding takes between 4-7 business days with the client's flow of information being the primary reason.
Bob Shaw
rshaw@delanceyfunding.com
734-929-3800

[Karen37a]

wow broker company...you must be a oldie but a goodie


one month after the 15th ?? again wowsa

[premierecapitalfunding]

we have a pay day on Thursday.
So if you submit a deal till Wednesday you get paid following Thursday.
Approval within 4 hours. Funding within 24 hrs, some exceptions apply of course.

[Chambo]

I'd gladly pay you Tuesday....for a Hamburger Today!

[ridextreme]

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