[dpFund]

Hi everyone,

I am admittedly just venting a bit here.

We have a file we've worked hard on for a trucking company that initially looked good from the client's self reported info, but their financials were inaccurate and once we got the corrected financials, we unfortunately had to decline since they were insolvent.

In an effort to be sensitive to the referring broker, I called him before notifying the client to let him know we had to decline, but it was not for lack of effort on our part.

I suggested that he may want to look at Power Up. He informed me that Power Up had declined it due to an open tax lien.

I was totally dumbfounded.

Neither the broker nor the client had told me about the open lien. We certainly would have found it once we engaged in full underwriting, which is clearly what Power Up had to do. But rather than tell me up front (which would have been an automatic decline)... he chose to let me and my analyst work hard on the file wasting time and money...I guess hoping we would not notice it (and trust me, we would have found the tax lien once we started doing searches).

That is slimy and deceitful. And stupid.

Now, if I ever agree to accept a deal from this broker again, I know that he is a liar and his files will go to the bottom of the barrel.

I work with a lot of great brokers/ISOs and the smart (honest) ones will tell you everything you should know up front to help everyone make an informed decision in the shortest amount of time. If you are one of these great business people, please reach out to me as I would love to do business with you.

But if you are one of the slimy ones, please take me off your list, as I want nothing to do with you.

There, done venting. :-) Curious to see what my esteemed colleagues think!

Best,

Dan Page
dan@fundingstrategypartners.com
Direct: (303) 938-8280

[John Galt]

Hi everyone,

I am admittedly just venting a bit here.

We have a file we've worked hard on for a trucking company that initially looked good from the client's self reported info, but their financials were inaccurate and once we got the corrected financials, we unfortunately had to decline since they were insolvent.

In an effort to be sensitive to the referring broker, I called him before notifying the client to let him know we had to decline, but it was not for lack of effort on our part.

I suggested that he may want to look at Power Up. He informed me that Power Up had declined it due to an open tax lien.

I was totally dumbfounded.

Neither the broker nor the client had told me about the open lien. We certainly would have found it once we engaged in full underwriting, which is clearly what Power Up had to do. But rather than tell me up front (which would have been an automatic decline)... he chose to let me and my analyst work hard on the file wasting time and money...I guess hoping we would not notice it (and trust me, we would have found the tax lien once we started doing searches).

That is slimy and deceitful. And stupid.

Now, if I ever agree to accept a deal from this broker again, I know that he is a liar and his files will go to the bottom of the barrel.

I work with a lot of great brokers/ISOs and the smart (honest) ones will tell you everything you should know up front to help everyone make an informed decision in the shortest amount of time. If you are one of these great business people, please reach out to me as I would love to do business with you.

But if you are one of the slimy ones, please take me off your list, as I want nothing to do with you.

There, done venting. :-) Curious to see what my esteemed colleagues think!

Best,

Dan Page
dan@fundingstrategypartners.com
Direct: (303) 938-8280

Don't hold back on how you really feel, Dan. Maybe brokers will heed the message.

[Funder Mark]

Cut him off entirely.

[Michael I]

dan i obviously will never do something like that . but do not confuse stupid with slimy and deceitful . this broker wasted his own time also because he is a moron as you are known for 1- 2 weeks of serious boarder line bank underwriting .
now if he falsified docs or advised the merchant how to play with financials and try to scam you , then burn him and let everyone know to blacklist

[TStein]

Sad reality but it is what happens as a funder. I've never had the intention to be a large funding house or a YSC. My business model is what works best for me.

I have a small network of ISO'S and outside of referral partners. When someone messages me on here and asks about my company I tell them upfront what I expect. I'm not a bottom-feeder, I don't deviate out of my funding criteria. If you continue to send me deals outside of my parameter, I will not work with you. I can't blame someone for sending me a file that has an issue such as a tax lien if the merchant doesn't disclose it, but in your case I agree it is an absolute waste of underwriting and diligence time and I'll bet you this is the type of broker who is adding on back-end fees.

Save the time and filter out the shysters. Time is money in this industry!

[omegafund]

From dealing Dan in the past you are upfront so should your brokers and disclose everything they can. You are not hurting for deal flow so I would cut him off or if you are merciful give him that 1 and only warning.

[dpFund]

dan i obviously will never do something like that . but do not confuse stupid with slimy and deceitful . this broker wasted his own time also because he is a moron as you are known for 1- 2 weeks of serious boarder line bank underwriting .
now if he falsified docs or advised the merchant how to play with financials and try to scam you , then burn him and let everyone know to blacklist

Thanks Michael - I am saying he is stupid since he has violated my trust.

[dpFund]

Ironically, I just received this email from a broker within the last five minutes:

I don't know if this matters but the majority owner (55%) is (name deleted for privacy) who has a 800 FICO. Can this file be reviewed based on (name) and not the other merchant.

The other owner's FICO is below 500.

I love it! My answer was yes, I can work with it and lets proceed. She (female broker) is held in high esteem in my book.

[AidanQS]

Amen Tommy couldn't have said it better myself.

[Michael I]

Ironically, I just received this email from a broker within the last five minutes:

I don't know if this matters but the majority owner (55%) is (name deleted for privacy) who has a 800 FICO. Can this file be reviewed based on (name) and not the other merchant.

The other owner's FICO is below 500.

I love it! My answer was yes, I can work with it and lets proceed. She (female broker) is held in high esteem in my book.

point proven , he is plain stupid , not because he violated your trust because he was born that way ,

[AdvanceFund]

point proven , he is plain stupid , not because he violated your trust because he was born that way ,

Well, if you are looking for a credible, quick funder in the 3rd-5th B-C space as well as consolidations please let me know.

[dpFund]

Well, if you are looking for a credible, quick funder in the 3rd-5th B-C space as well as consolidations please let me know.

UM...OK. I guess it really doesn't matter that you tried to hijack this thread to promote yourself since I was just sharing an experience with my colleagues and soliciting feedback. But it do you think it puts you in a positive light to do such a thing? Just looks low-brow to me.

[AdvanceFund]

UM...OK. I guess it really doesn't matter that you tried to hijack this thread to promote yourself since I was just sharing an experience with my colleagues and soliciting feedback. But it do you think it puts you in a positive light to do such a thing? Just looks low-brow to me.

Are you not looking for a credible funder to address the issues you brought up?

[J_B]

The title literally says "Brokers".

[dpFund]

Are you not looking for a credible funder to address the issues you brought up?

Of course not. I'm talking about a sleazy broker that other funders should avoid. Read the original post.

[skideeppow]

Are you not looking for a credible funder to address the issues you brought up?

Really? Are you an idiot? Did you not read his thread. Unreal.

[AdvanceFund]

Really? Are you an idiot? Did you not read his thread. Unreal.

Woops wrong post

[Michael I]

UM...OK. I guess it really doesn't matter that you tried to hijack this thread to promote yourself since I was just sharing an experience with my colleagues and soliciting feedback. But it do you think it puts you in a positive light to do such a thing? Just looks low-brow to me.

To make it relevant to your thread Dan . We will stick with the stupid theme , stupid brokers and some stupid lenders . Dave don't you start going to the Marcus Clapman school .lol