Results 1 to 25 of 50
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09-27-2016, 06:13 PM #1
- Join Date
- Sep 2016
- Posts
- 4
Closing big with PowerUp
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.
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09-27-2016, 06:41 PM #2
- Join Date
- Jul 2013
- Posts
- 352
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.
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09-27-2016, 07:30 PM #3
- Join Date
- Jun 2015
- Posts
- 3,322
Who do you work with over there . My guess is you work with Lapidus and not mayo
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09-27-2016, 11:54 PM #4
- Join Date
- Apr 2015
- Location
- Florida, First MCA sold in 85/ WS in 76. CFP/RIA, series 3,6,7,8,10,63,Ins218,220.
- Posts
- 554
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.
Last edited by John Galt; 09-27-2016 at 11:59 PM.
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09-28-2016, 12:02 PM #5
- Join Date
- Aug 2014
- Posts
- 194
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.
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09-28-2016, 12:20 PM #6
- Join Date
- Mar 2016
- Posts
- 657
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09-28-2016, 12:46 PM #7
- Join Date
- Aug 2014
- Posts
- 194
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.
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09-28-2016, 01:01 PM #8
- Join Date
- Nov 2013
- Posts
- 598
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.
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09-28-2016, 01:01 PM #9
- Join Date
- Mar 2016
- Posts
- 657
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09-28-2016, 02:35 PM #10
- Join Date
- Apr 2015
- Location
- Florida, First MCA sold in 85/ WS in 76. CFP/RIA, series 3,6,7,8,10,63,Ins218,220.
- Posts
- 554
I actually found out they stole 135k in funding and have no choice but to litigate.
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09-28-2016, 02:50 PM #11
- Join Date
- Apr 2013
- Posts
- 117
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09-28-2016, 03:22 PM #12
- Join Date
- May 2016
- Posts
- 148
Well in all fairness even in their advertisements they say that they supply the refi lol.
Powerup.png
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09-28-2016, 03:41 PM #13
- Join Date
- Jun 2015
- Posts
- 3,322
give them a call and ask which company is this and see if you can get an answer .
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09-28-2016, 04:09 PM #14
- Join Date
- Apr 2015
- Location
- Florida, First MCA sold in 85/ WS in 76. CFP/RIA, series 3,6,7,8,10,63,Ins218,220.
- Posts
- 554
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.
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09-28-2016, 04:11 PM #15
- Join Date
- Apr 2015
- Location
- Florida, First MCA sold in 85/ WS in 76. CFP/RIA, series 3,6,7,8,10,63,Ins218,220.
- Posts
- 554
Yes but without paying the broker or notifying them of the Refi.
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09-28-2016, 04:30 PM #16
- Join Date
- Jul 2013
- Posts
- 352
Google KBM worldwide. Google Curt Kramer blacklist. Google lapidus Cambridge home.
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09-28-2016, 04:33 PM #17
Let he who is without sin cast the first stone
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09-28-2016, 05:48 PM #18
- Join Date
- May 2014
- Posts
- 187
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09-29-2016, 09:07 AM #19
- Join Date
- Jul 2013
- Posts
- 352
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09-29-2016, 09:59 AM #20jotucker1983Guest
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.Last edited by jotucker1983; 09-29-2016 at 10:02 AM.
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09-29-2016, 10:24 AM #21
- Join Date
- Mar 2016
- Posts
- 186
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.
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09-29-2016, 10:28 AM #22
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09-29-2016, 11:17 AM #23
- Join Date
- Oct 2014
- Posts
- 257
Closing big with PowerUp
This is hilarious. You would think if someone was going to steal they would put a little more effort in.
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09-29-2016, 12:20 PM #24
Listen to Tucker...
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09-29-2016, 01:56 PM #25
- Join Date
- Apr 2013
- Posts
- 117
Tucker is correct....not only deals, commissions etc......be very careful who you chose to syndicate with....
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