[1StopFunding]

I have a client I submitted to our normal 3 last week: CAN, AmeriMerchant & GRP. I got offers from all 3 about the same day. Customer liked the offer from CAN, but wanted a smaller amount. I logged in to the CAN portal to get the numbers again so I could customize the deal and the deal had been moved back to review. On yesterday, my rep called and verbally gave me terms based on the amount the customer wanted, only to call me back to say the deal had been put back in review and not available. He calls today to say, another broker submitted the deal on Monday and it was funding which is why it disappeared from my pipeline.

Customer says I am the only broker he is working with and hasn't even made a decision on advance. (We are also getting him an SBA loan,so he has no reason to go elsewhere) He did say that he got a call from someone on Monday stating they offered short term funding and could get him funded.He swears he never sent anyone other than me his signed app and statements. Since CAN can't release name of the the ISO to me, I had customer call them directly. Customer had to leave a voice mail but said he said he recognized the name as being the person who called him Monday.

I don't know what the hell is going on. My CAN rep says he did not call customer and that he is 98% sure the deal originated from the outside. Whenever he and customer speak, he will get issue escalated so he can let customer know who submitted the file to them on Monday. Something fishy is going on.

[Chambo]

sounds like a typical back door job to me....

[Ryan Shiroky]

sounds like a typical back door job to me....

i agree... time to check up on your brokers...

[Zach]

Sounds like someone stole your deal.

Since CAN no longer has broker protection (until funding docs are in), it could have been anyone from GRP, Amerimerchant, OR CAN.

I recommend to only submit deals to one lender at a time, rather than shotgunning it out to 2-4 at a time. This way you can isolate where the leak came from. In addition this will improve your funding ratios, which typically gets you better treatment from lenders.

[Scott Williams]

Sounds like someone stole your deal.

Since CAN no longer has broker protection (until funding docs are in), it could have been anyone from GRP, Amerimerchant, OR CAN.

I recommend to only submit deals to one lender at a time, rather than shotgunning it out to 2-4 at a time. This way you can isolate where the leak came from. In addition this will improve your funding ratios, which typically gets you better treatment from lenders.

Agreed. Lenders are turning around submissions under 24 hours now so you will get a decline or approval quickly. If it gets declined or a bad approval, then move it to your second funder of choice.

[1StopFunding]

Thanks for advice! Well taken.

[skideeppow]

I wont do business with CAN. They are about as unethical as anyone out there. Let us know what you find out.

[isaacdstern]

Word on the street is that CAN is slowing funding down due to a spike in their default rate

[Sean Cash]

Word on the street is that CAN is slowing funding down due to a spike in their default rate

does that mean it's not low single digits?

[isaacdstern]

hah...lol....I really want to see how some of these folks calculate their "low single digit" default rates

[1StopFunding]

Well the darnest thing. I call my rep back and I say, Hey, so your new policy states that you will accept deals on a merchant from multiple brokers until you get a funding contract right? He says, yes. So I said, so my merchant is saying he hasn't signed anything, why was my deal taken from me? My rep states that he had requested a copy of contract and found there was not one(although he told me it was funding this week) and that the issue was more or less attributed to a computer glitch. In less than an hour, I got an email stating the deal had been reinstated to me.

[MCAVeteran]

That's ridiculous