Results 1 to 25 of 36
-
10-05-2016, 04:04 PM #1
- Join Date
- Nov 2015
- Posts
- 64
Fincom Capital is backdooring with a lender...
Robert from Fincom Capital just called a merchant I have a contract out with, offering him better terms...
If anyone can shed light, it would be greatly appreciated.
We need to put the snakes on blast and get them out of the industry...
-
10-05-2016, 04:06 PM #2
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
this is sad to hear. This is why I am extremely leery of signing up with any new funders. I only those who we have trusted in the past.
-
10-05-2016, 04:26 PM #3
- Join Date
- May 2015
- Location
- NYC
- Posts
- 197
Who was the file submitted to?
Tommy Stein
-
10-05-2016, 04:34 PM #4
- Join Date
- Nov 2015
- Posts
- 64
-
10-05-2016, 04:39 PM #5
Just to play devil's advocate how do you know the merchant isn't shopping around on their own.. I understand backdooring deals happens but it is not always the case sometime merchants talk to multiple companies.. I see it every day most deals now you will be competing on so to hear another ISO told them they can get them a better deal doesn't necessarily mean you are being backdoored. It is possible it is the case and you are but I just usually think normal competition and the merchant is shopping, before i think a bank I submit deals to regularly would screw me over
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
-
10-05-2016, 04:51 PM #6
- Join Date
- Nov 2015
- Posts
- 64
I can rule that possibility out because on my A/B papers I usually change the number on the app to one of my lines. (as many brokers do now a days) Robert happen to call that number asking for the owner by name. Only way he would have that number is if he had my application I submitted.
-
10-05-2016, 04:57 PM #7
OK possible that the merchant sent 1 application to multiple companies but I would have to say that makes it much much more likely that something screwy is going on..
Do that many people realy change #'s on applications? Are people really that worried that this happens? Why do you work with banks you dont trust completely?? I dont get it
MCOUPE- I hope you get to the bottom of it and get it worked out, the best advice I can give you though is work with banks you trust this job gives us enough to worry about that you should not have to deal with this nonsense. There are plenty of good trustworthy banks especially if you are talking about your A paper deals that you should not have to deal with thisJohn Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
-
10-05-2016, 05:13 PM #8
- Join Date
- Mar 2016
- Posts
- 186
Couldn't agree with you more, unfortunately DF isn't the place. Most here don't really give a **** and just side with the righteous funders. They"ll tell you to move to the next file. Also many brokers on this forum I know have been burned by douche funders but they say nothing-dont know why.
Regarding Fincom- my guess would be an inside sales op of one of the douche funders you sent to. I would suggest starting a separate website where all brokers could throw any dirt they have on the funders-Sean doesnt like the trash talking (on his site) and we should respect that.
Lastly, never think a funder is innocent.
-
10-05-2016, 05:22 PM #9
how many times have you been burned that you think like this.. I am in this industry since 07 and he amount of times I am been screwed over by a bank purposefully out to hurt me is too few to count. Leads sources. I have been screwed by other ISO's, ex-coworkers have all screwed me, banks I work with are the one part of the industry that I find are not out to screw me
McoupeBobby I would say the opposite, find a couple of good banks build a good working relationship and focus on funding your deals with them. If and when an issue comes up you will have someone you can talk to and work out the situation. To think all funders are wrong and out to screw you all the time is short sighted and will get you no where. Watch your back make sure people dont taken advantage of, but find the right partners and trust that they respect you and your business enough not to screw you over.. Maybe this is naive thinking but Ive been around a while and it has not done me wrong working the way I do so farLast edited by J.Celifarco; 10-05-2016 at 05:27 PM.
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
-
10-05-2016, 05:28 PM #10
- Join Date
- Nov 2015
- Posts
- 64
-
10-05-2016, 05:31 PM #11
- Join Date
- Nov 2014
- Posts
- 266
-
10-05-2016, 05:33 PM #12
- Join Date
- Nov 2015
- Posts
- 64
-
10-05-2016, 05:34 PM #13John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
-
10-05-2016, 05:35 PM #14
- Join Date
- Nov 2015
- Posts
- 64
-
10-05-2016, 05:36 PM #15
- Join Date
- Nov 2015
- Posts
- 64
-
10-05-2016, 05:43 PM #16
I doubt any funders, as policy, backdoor deals. I imagine that in 100% of situations it is a rogue rep. Still inexcusable, but easier to understand how it happens.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
-
10-05-2016, 05:53 PM #17
- Join Date
- Nov 2015
- Posts
- 64
-
10-05-2016, 05:55 PM #18
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
vette ur lenders better
Too many people claim lender status and are brokers and make this busy hell and no real way of collecting said commissions from people like this.
Call the client and just get them a better deal.
Always make sure their a lender or using their own money and not syndicating....
Good luck
-
10-05-2016, 05:56 PM #19
- Join Date
- Oct 2014
- Posts
- 260
-
10-05-2016, 06:01 PM #20
- Join Date
- Mar 2016
- Posts
- 186
Zach, I've had "reps" that are high up in their company, personally calling me (thinking I'm the merchant) trying to backdoor me. Pretty sure there was nothing rouge. Do you want the lenders name?
It shouldn't be easier to understand-this is not common business practice in any industry, even with the rouge agent claim, but I guess it comes with the perks of being unregulated.
Also, if we are on topic, is it legit/lawful for a funder/lender that honestly declined a deal, reach out to the merchant a month later to see if there has been any change in his banks? And then of course not pay the broker if the deal closes? Does the funder own the lead once the broker submits it?
-
10-05-2016, 06:04 PM #21
- Join Date
- Nov 2015
- Posts
- 64
-
10-05-2016, 06:07 PM #22
- Join Date
- Mar 2016
- Posts
- 186
-
10-05-2016, 06:09 PM #23
- Join Date
- Mar 2016
- Posts
- 186
-
10-05-2016, 06:13 PM #24
- Join Date
- Nov 2015
- Posts
- 64
Last edited by McoupeBobby; 10-05-2016 at 06:18 PM.
-
10-05-2016, 06:21 PM #25
- Join Date
- Jun 2015
- Posts
- 3,325
Similar Threads
-
MCA producers wanted- high payout & pay structure FINCOM CAPITAL
By FINCOM in forum Help WantedReplies: 0Last Post: 08-09-2016, 11:32 AM -
What is the best course of action If I just caught a "reliable funder" backdooring?
By mikem in forum Merchant Cash AdvanceReplies: 85Last Post: 07-28-2016, 05:31 PM -
Deals blowing out/Backdooring
By Karen37a in forum Merchant Cash AdvanceReplies: 2Last Post: 07-23-2016, 12:32 PM -
lenders backdooring deals
By Paperchaser in forum Deal BinReplies: 2Last Post: 03-23-2015, 10:30 AM