[LoanFunder]

I guess those "larger than average" approvals didn't work out too well for them...

[Funder Mark]

For what it is worth, we consolidated a client last Thursday (Nov 3rd) and wired payment to Knight. It has been a week and they still cannot find the payment and credit it to the client's account, and they continue to debit him.

Thats really sad. Been getting alot of Knights business lately, guess this is one of those reasons.

[NoBigDeal]

Thats really sad. Been getting alot of Knights business lately, guess this is one of those reasons.

Same

[ridextreme]

does anyone have any updates on Knight funding deals?

[Funder Mark]

Or for CAN?

[Fund_It]

does anyone have any updates on Knight funding deals?

Knight is still slow and extremely hard to get anyone on the phone, and CAN is at a 5 day delay in regards to funding still

[aredmond]

I am sure it has to do with pledging assets to their financial backer. Sometimes you cant fund deals because you are not "out of money" but rather you don't have to liquidity to pledge on a day to day basis to back a new origination loan.

[Funder Mark]

I am sure it has to do with pledging assets to their financial backer. Sometimes you cant fund deals because you are not "out of money" but rather you don't have to liquidity to pledge on a day to day basis to back a new origination loan.

That still works out to not having money available to get deals funded, and if you dont have solid customer service, aka ISO support, you will not have repeat customers.

[ridextreme]

Or for CAN?

CAN is still slow, but I have much more faith in them atm than Knight, who does riskier deals. CAN is a pioneer in the industry.

[aredmond]

That still works out to not having money available to get deals funded, and if you dont have solid customer service, aka ISO support, you will not have repeat customers.

Knight Capital has never been known for their "customer service". You can put them in the same bin as Comcast Cable haha

[Karen37a]

The dreaded Funding Allocation

[fundpayments]

Have you had any deal funded with Knight Capital or do you know what's going on with them?

[mcaguru]

Thats really sad. Been getting alot of Knights business lately, guess this is one of those reasons.

How do you know its from Knight?? ? We are growing like crazy at mantis/Cresthill but have no "real" way of knowing directly if its new business or picking up another companies flow >?!!

[Funder Mark]

How do you know its from Knight?? ? We are growing like crazy at mantis/Cresthill but have no "real" way of knowing directly if its new business or picking up another companies flow >?!!

Not sure, maybe its because ISO's are complaining about the service, and know we have a higher funding max, longer max terms, and better service?

[soscap]

Is it true that CAN is capped at 3mill a week?

[mcaguru]

Is it true that CAN is capped at 3mill a week?

Sounds to little our space we got players doing that amount

[Chambo]

Is it true that CAN is capped at 3mill a week?

I heard that CAN's financiers capped them as well. Turned the faucet WAY DOWN

[mcaguru]

If i was writing an article about them the headlines would be "can can capital...

[ridextreme]

I heard that CAN's financiers capped them as well. Turned the faucet WAY DOWN

does this mean they're going to be a lot more picky on approvals

[soscap]

does this mean they're going to be a lot more picky on approvals

I'm sure that if they only have 3 mill to utilize they will only pick the best of the best

[jake2276]

I'm sure that if they only have 3 mill to utilize they will only pick the best of the best

they have stopped all D paper.

[anonymous]

does this mean they're going to be a lot more picky on approvals

It means you're no longer selling 1.21's to a guy with 500 credit and half a dozen negative days lol. I watched for the past year as they wrote these [beyond] ridiculous deals. Only a matter of time, pioneer or not.

[anonymous]

they have stopped all D paper.

so they're out of business then? are you suggesting that Knight offers A-B paper?

[soscap]

they have stopped all D paper.

CAN never did D paper. At least not the definition of what I think D paper is. What do you consider D paper?

[soscap]

It means you're no longer selling 1.21's to a guy with 500 credit and half a dozen negative days lol. I watched for the past year as they wrote these [beyond] ridiculous deals. Only a matter of time, pioneer or not.

That's always an issue wth outside investors; the need to push money out the door to increase your numbers... when in truth the only increase that'll occur that counts is in the default rate.