[renewcap]

I was just turned on to these guys about a month ago and they are fast becoming one of our largest funding sources. Professional operation, quick turnaround and they have always delivered on their promises. Met with the owner last week, very impressive.

[channin19]

Great timing considering the thread from earlier today. Seth Kramer is owner and they are based out of Great NeckMake sure you do background on this guy. Shady mortgage fraud in background and other red flags. Follow up with clients after a decline because they are definitely being called if the file is strong.

[Michael I]

Who do you work with over there . My guess is you work with Lapidus and not mayo

[John Galt]

Wait till they're on the books for awhile and Charlie Mayo rewrites them and doesn't pay you. Caveat Emptor! Scum operation. Thieves. Mayo even told me they would absolutely not rewrite 125K account and called her direct to rewrite on renewal.

[MCABroker]

Power up strikes AGAIN!

After losing a ton of capital on ****ty "consolidations" they give you a BS reason to decline your file and then proceed to backdoor it.. I've never seen so many excuses, not to mention we can see each time you open or forward the submission email. There has been so many cases of brokers being screwed over by the great people over at power up, don't be the next fool.

[NoBigDeal]

not to mention we can see each time you open or forward the submission email.

What kind of software do you use? That sounds like a really great tool to have

[MCABroker]

Its the best, a lot of CRMs have it as an option. I know hubspot has a free trial called sidekick. So after you file gets declined and you see the funder is opening up the email a bunch of times you can go ahead and cut them out of your lender sheet. Its also great as a selling tool, you know the merchant is taking that max commission offer when they open the offer email 5-6 times at 2am.

And I'm only ****ting on Powerup because they personally cost me over 30k in commission this year... so yeah I'm butt hurt about it.

[FCF Fund]

Lessons learned, caveat emptor. I never funded a deal with them but wouldn't be surprised to be getting back doored right now on "declined" deals, seems to be a common practice at most funders for various reasons.

This is why I always stick to 1-2 funders per tier (A-C) for this reason, loyalty thats reciprocated with transparency is such an undervalued asset in this space.

[NoBigDeal]

Its the best, a lot of CRMs have it as an option. I know hubspot has a free trial called sidekick. So after you file gets declined and you see the funder is opening up the email a bunch of times you can go ahead and cut them out of your lender sheet. Its also great as a selling tool, you know the merchant is taking that max commission offer when they open the offer email 5-6 times at 2am.

And I'm only ****ting on Powerup because they personally cost me over 30k in commission this year... so yeah I'm butt hurt about it.

I'm definitely gonna check this up. Thanks MCABroker

[John Galt]

I actually found out they stole 135k in funding and have no choice but to litigate.

[staten]

I actually found out they stole 135k in funding and have no choice but to litigate.

Litigate what? One always has a choice in regard to litigation. If you committed an illegal act.....you settle

[FundingCzar]

Well in all fairness even in their advertisements they say that they supply the refi lol.


Powerup.png

[Michael I]

give them a call and ask which company is this and see if you can get an answer .

[John Galt]

Yes settlement is always preferable and occurs most often, but a demand letter to Powerups atty which went out today might yield nothing, therefore that's why there are courts and lawyers. It is not illegal to not pay commissions (might be unethical, immoral but a court will decide illegal) and their contract is a bit strange in that it says they can determine whether to pay commissions.

[John Galt]

Yes but without paying the broker or notifying them of the Refi.

[channin19]

Google KBM worldwide. Google Curt Kramer blacklist. Google lapidus Cambridge home.

[Chambo]

Let he who is without sin cast the first stone

[Jonathon]

Let he who is without sin cast the first stone

get on with your bad self Jesus!!

[channin19]

Let he who is without sin cast the first stone

That's fair enough. I think you lose the benefit of the doubt when there is a history of incorrigible business practices.
Know who you're doing business and don't be surprised if the results are less than desirable.

[jotucker1983]

This is why I always stick to 1-2 funders per tier (A-C) for this reason, loyalty thats reciprocated with transparency is such an undervalued asset in this space.

I do the same thing. I get emails, LinkedIn requests, etc., from new "funders/lenders" literally every week and I stay with the same people I've been using give or take for years.

While my people aren't perfect by any means, I know that they aren't going to cheat me on deals, cheat me out of commissions, backdoor/steal my deals, or do any of this other stupid crap that these newer funders/lenders (who many times are just brokers) are doing out there.

My advice if you are a new funder/lender, is to try to establish as much credibility as possible. Because many of the established brokers won't even consider working with you due to the stigma attached to these new crop of people coming in.

This industry is hard enough as a one man shop, I don't have the patience, the time, nor the energy for stupid people trying to steal deals or cheat me out of commissions.

[mikem]

I received a $150K offer from Power Up last week. Sent Merchant contract.
within 12 hours merchant received an almost identical Power up contract from another "broker" named "Amazon", undercutting my offer by 2%.
The second contract had the same ID number as mine. I wonder who Amazon is.

[Funder Mark]

I received a $150K offer from Power Up last week. Sent Merchant contract.
within 12 hours merchant received an almost identical Power up contract from another "broker" named "Amazon", undercutting my offer by 2%.
The second contract had the same ID number as mine. I wonder who Amazon is.

Not suspicious at all.

[anydealfunded]

This is hilarious. You would think if someone was going to steal they would put a little more effort in.

[TheShitzuofMCA]

Listen to Tucker...

[staten]

Tucker is correct....not only deals, commissions etc......be very careful who you chose to syndicate with....