[Karen37a]

I screen the garbage files that the brokers send me and then I Still only get 30-80% approved depending on the Lender.

Did you lend this money yourself or did you syndicate? I cant see them getting past underwriting .

5 out of 7? No shot that an experienced ( cheap and conservative) underwriter let those get by unless you did them yourself

[HDF]

Its a high risk business..People need to understand our factor rates are to cover for these events. Regarding bad ISO's..we had some that had higher default rates but never did we cut an ISO and most with higher defaults eventually by keeping to fund for them overtime numbers cleanse themselves.

Pretty sure everyone already knows why rates are what they are. Thanks for the PSA. And frankly, if you could say no to an over-leveraged business owner and their often over-zealous greedy broker every once in a while, rates might come down just a tick. You think?

Although I firmly agree that it is what the market will bear, and if a business owner knows exactly what he/she is getting into, then it is what it is..

[soscap]

I screen the garbage files that the brokers send me and then I Still only get 30-80% approved depending on the Lender.

Did you lend this money yourself or did you syndicate? I cant see them getting past underwriting .

5 out of 7? No shot that an experienced ( cheap and conservative) underwriter let those get by unless you did them yourself

7 funded out of over 100 submitted.
We don't lend we FUND this isn't a loan. Y wouldn't they get past underwriting? There was nothing wrong with these deals.
not sure you understood the story here...

[Karen37a]

over 100 submitted 7 funded 5 defaulted..I understand.

Glad you have it handled. Gl with the collections I think there are a few posts on here about the process.

[Jstarr]

I can tell you on the real estate side, if we decide to fund the deal we assume all the risk, it isn't the brokers fault they just submitted the file and cant speak on the behalf of the borrower - we performed the diligence and made the decision, i can say that its possible that this ISO is telling the merchants to stop paying and hes making money off the debt restructuring company and in that case you should call him out !!

[Michael I]

Big difference between just going bad and all using a restructuring program

[ridextreme]

This guy is probably a broker for both businesses, and has someone else in his office call them representing the "restructuring" company. I wouldn't be surprised if they even use it to close someone "Take the money, we'll show you after you fund how to save most of the payback amount".

They probably never realized they would start getting cut off from the lenders, these kinds of people are narrow minded and they don't think that far ahead.

[AndyYSCISOdept]

This guy is probably a broker for both businesses, and has someone else in his office call them representing the "restructuring" company. I wouldn't be surprised if they even use it to close someone "Take the money, we'll show you after you fund how to save most of the payback amount".

They probably never realized they would start getting cut off from the lenders, these kinds of people are narrow minded and they don't think that far ahead.

I second your thoughts. When you see such a high percentage of funded deals all going "bad" following the same MO there is more to it than coincidence. just my opinion though.

[mcaguru]

Attachment 1547


Determine for yourself!

I cant base off that snap shot..you can get on the bandwagon of the many Underwriters that submit to our company just for the sake of getting a read on how to price a file (its an assumption on my part, gmail, yahoo emails , etc). ...I am not bragging but believe we underwrite files like an F16 Pilot on the side on Air-Force ONE on a rainy night (over Baghdad if i may add ).

I am kidding please don't