[WestCoastFunding]

Essentially informing people about CAN and mentioning that other funders are going to have their lines reviewed by banks.

[J.Celifarco]

Essentially informing people about CAN and mentioning that other funders are going to have their lines reviewed by banks.

West can you post it or forward me the email I would like to see it please

[anonymous]

so quick update on this...yesterday's subs were up close to 40 percent and today the same and the day is not over yet.

Waiting for this weeks MON-FRI figures

Although not only sustaining, but increasing the trend through Friday, 1st of the month, is def a good sign... That said, carry over, deals being killed at other shops on last day (looking for a quick replacement and lets be honest, who better given certain constraints, namely time), and a number of other factors may attribute to that. Or you guys could just be kicking ass and taking names, I guess we will find out for sure soon enough!

[Sean Cash]

CAN has not named a new CEO, CFO or CRO. The chief legal officer is currently serving as the "acting head." I think it is entirely possible at this point that those 3 execs could return to active duty in early 2017 after whatever situation occurred is addressed and resolved, assuming they didn't engage in any kind of wrongdoing.

I am also inclined to think that this was an issue unique to CAN, not something that originated at Wells Fargo and that all the rumors that Wells Fargo is going to go around canceling everyone's lines is probably overblown.

[mcaguru]

CAN has not named a new CEO, CFO or CRO. The chief legal officer is currently serving as the "acting head." I think it is entirely possible at this point that those 3 execs could return to active duty in early 2017 after whatever situation occurred is addressed and resolved, assuming they didn't engage in any kind of wrongdoing.

I am also inclined to think that this was an issue unique to CAN, not something that originated at Wells Fargo and that all the rumors that Wells Fargo is going to go around canceling everyone's lines is probably overblown.

I keep reading how everyone believes these issues are industry-wide ...Lets look at it like this: Bestbuy and circuit City both had identical business models from a consumer-view...One is profitable and Circuit went bankrupt! same with Linen N things went under while Bed bath and beyond is striving and the list goes on and on (TWA vs all operating airlines)...


MCA no different! Some will win some will fold!

[WestCoastFunding]

West can you post it or forward me the email I would like to see it please

Here you go:

"I am sure you saw the CAN stories last week stating the shakeup of senior management and the fact that they will not be accepting any new applications for at least the remainder of the year. There is bound to be a ripple effect in the market and I am sure banks will be reviewing other competitor’s lines of credit.
With that said Principis is solvent and has been advancing money. We have been through audits this year and our book is preforming above expectations.
I know many of you used CAN for you’re A paper, I would ask that you give us a try. If the applicant scores well in our model the offer is very competitive, and we will be around to provide more capital come renewal time.
Have a great week and keep us in mind for any A paper along with CAN renewals."

[MCNetwork]

Don't see anything wrong with that...

[ridextreme]

How are they so sure "banks will be reviewing other competitor’s lines of credit"?

Also, one lender is suggesting the ISO's of another lender should violate their ISO agreement:

Have a great week and keep us in mind for any A paper along with CAN renewals."

[Happy Horse Shit]

How are they so sure "banks will be reviewing other competitor’s lines of credit"?


I guess I have to take this down as Game of Groans over there has a limited sense of humour
Also, one lender is suggesting the ISO's of another lender should violate their ISO agreement:

I guess I have to take this down as Game of Groans over there has a limited sense of humor

Blah Blah Blah has reorganized and will now be known as Can't Capital Blah Blah Blah

You gotta love the resilience--it is the American Way--Let's All Make America Great Again !!

[Funder Mark]

The entity formerly know as Can Capital has reorganized and will now be known as Can't Capital They will accept your applications and they will make a nice buck selling the info on the side to 100's of ISO's.

You gotta love the resilience--it is the American Way--Let's All Make America Great Again !!

And this post will be deleted in 3,2....

[Karen37a]

Lol he is joking

[Karen37a]

That might be true Sean but wells fargo has gotten into regulatory trouble numerous times over the last few years.

5000 people fired for creating fake accounts under peoples names ( fake bank accounts created to win a spiff contest that is crazy, thats fraud).....they over changed for student loan fees and were fined for that as well.

They settled 1 billion for false info for Fha bad loans

They were sued for discrimination ...they use to call the loans "ghetto loans" and I stated from the beginning that I think Regulators are all over them like white on rice.Do you think Regulators are going thru wells with a fine tooth comb and saying ..hmmmm fdic loans / mca.

The FDIC closed over 450 banks from 2008-12.When regulators step in you do not have a choice. Which is why I am against regulation. People thought they were knocking the blkn zoot suits competition out of the mix, I said it would topple A lenders. Because you cannot do business with rates that low, no profit.

People trying to spout off about higher rates etc....there has to be a profit margin and who the hell is doing this for free. I love it when people chime in and say Isos/brokers shouldnt get a certain amount of money, when there is a risk associated with just touching an application...that and costs of acqusition of clients .I have no clue what happened but this bad behavior ( by Wells Fargo ) could have someone tracking a trail of money that they think is too risky considering their "current climate" to be politically correct. And I am speculating.

Wells Fargo forced to open books, in order to keep the line, open your books.All I know is Something terrible has had to happened

[BankComplianceGuy]

CAN has not named a new CEO, CFO or CRO. The chief legal officer is currently serving as the "acting head." I think it is entirely possible at this point that those 3 execs could return to active duty in early 2017 after whatever situation occurred is addressed and resolved, assuming they didn't engage in any kind of wrongdoing.

I am also inclined to think that this was an issue unique to CAN, not something that originated at Wells Fargo and that all the rumors that Wells Fargo is going to go around canceling everyone's lines is probably overblown.

Sounds like an independent investigation is being conducted to determine whether there was any wrongdoing. Stop new funding to stop any new issues from arising and send senior leadership home so you don't have any undue influence on the investigation, have a conclusion by the end of the year and go from there.

[Comma]

Here is a news article. Any ongoing news is greatly welcome and appreciated. Thank you.

https://www.wsj.com/articles/can-cap...ess-1484339531

[GSilverman]

Book of Heavy Attrition being shopped around town like a Piedmont Park CrackHo. Johns only willing to pay $20 for fear of what's under the hood.

[GSilverman]

This is a Huge Story....and not a spec of news for a month now...AMAZING!

[fundmcas]

This is a Huge Story....and not a spec of news for a month now...AMAZING!

What does that mean? does this mean they are not coming back?

[GSilverman]

coming back? Are you serious?

[GSilverman]

Rip

[GSilverman]

Town Hall meeting this week confirmed we are the only profitable playa.

[Michael I]

Town Hall meeting this week confirmed we are the only profitable playa.

who is we?

[GSilverman]

Mike, it was a joke.

LET'S all chip in to purchase a roadside plastic white cross and mixed silk flower wreath to place on the office door.

[GSilverman]

Crickets

[GSilverman]

Breaking News

Newly departed of what's left of CAN Capital.... but not forgotten

Trenton Favor
National Sales Manager at CAN CAPITAL
CAN Capital Kennesaw State University
Kennesaw, Georgia 500+ 500+ connections
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An accomplished, results-oriented professional with proven hands-on experience in all areas of finance. An
exceptional communicator with excellent presentation skills and the ability to foster long-term profitable relationships with key stakeholders. Strong persuasive abilities, recognized for consistently meeting or exceeding sales quotas. Thorough knowledge of financial industry rules and regulations. Consistently maintain high ethical standards while providing the highest level of service possible. Areas of expertise include:• Facilitation of Sales On-boarding Techniques/Strategies• Evaluation and Prioritization of Growth Opportunities• Appropriate Solutions Implementation• Relationship Building• Business Development• Account / Partnership Management• Client Pipeline Development• Retention Strategies• Risk Management• Sales Best Practices• Negotiations• Industry Trends• Account Intelligence• Reporting – KPI & SLAs• Territory Alignment
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Late lunch to avoid the crowd = time optimization 🤓
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My father always used to say, “Don’t raise your voice. Improve your argument.” Good sense does not always lie with the loudest shouters, nor can we say that a large, unruly crowd is always the best arbiter of what is right. – Desmond Tutu
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Little Black Dress Finalists and Winner Announced for $1000 Prize
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Should I fire him? I have an excellent sales person that works all hours and keeps our many customers happy. He has worked his way up, presents well and is engaging. He is earning about £74000 plus expenses. Problem is that he has been offered another job. It is for only a few days per month but pays him almost 10 times his current annual salary. He says that he want to keep his job with us and there will be no conflict of interest. To be frank, I am a little disappointed having trained him to this level. But I am concerned that the other job will distract him from serving our clients. Our job is more than full-time. I also think that he would not have been offered that job unless he had served time with our company. I am also concerned that information will leak about our activities to the new job and that I will lose him anyway. A couple of questions? Should I keep him? Should I revisit his employment contract which states that he has to devote all his working time to our company? Or should I just terminate the contract now and cut my losses? Keep or terminate (your view please)
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Really inspiring quote that I came across today: “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” – Steve Jobs, Co-founder, CEO, Chairman Apple Inc. Enjoy your weekend and Happy St. Patrick's Day.
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Our interview with fintech leader and CEO of LendingPoint, Tom Burnside
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Experience
CAN Capital
National Sales Manager
Company NameCAN Capital
Dates Employed2016 – Present Employment Duration1 yr LocationKennesaw, GA
Manager of the National Sales Partner Management Team:

o Develop roll-out strategies on new products and identify new emerging markets.
o Promote and share business development tactics / best practices.
o Build and oversee the performance incentive plan for relationship managers.
o Analyze and report on partner profitability through KPI’s / P&L.
o Ensure teams productivity and performance.
o Build Strategies and plan for marketing campaigns.
o Primary point of contact for escalated partner issues, and growth initiatives with key strategic partnerships.
o Workforce management, Change management, General people management
See less See less about National Sales Manager, CAN Capital
CAN Capital
National Sales Relationship Manager (Strategic Accounts)
Company NameCAN Capital
Dates Employed2011 – 2016 Employment Duration5 yrs LocationKennesaw
See description See more about National Sales Relationship Manager (Strategic Accounts), CAN Capital
CAN Capital
Retention / Renewals Relationship Manager
Company NameCAN Capital
Dates Employed2010 – 2011 Employment Duration1 yr LocationKennesaw
See description See more about Retention / Renewals Relationship Manager, CAN Capital
CAN Capital
Retention / Renewals Relationship Manager
Company NameCAN Capital
Dates Employed2010 – 2011 Employment Duration1 yr LocationKennesaw
See description See more about Retention / Renewals Relationship Manager, CAN Capital
Bentley Investments
Relationship Manager
Company NameBentley Investments
Dates Employed2009 – 2010 Employment Duration1 yr LocationDunwoody
See description See more about Relationship Manager, Bentley Investments
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Education
Kennesaw State University
Kennesaw State University
Degree Name Bachelor of Business Administration in Finance Field Of Study International Trade and Finance
Dates attended or expected graduation 2003 – 2008
International Trade and Finance

[WestCoastFunding]

Not sure the point of that.