[ericempire]

So cutting to the chase, I have a pretty good understand of the MCA business, but lack experience and so I turn to you. I reached out to a merchant who has amazing bank statements, but has 7 positions and instead wants to consolidate 150K. Can anyone point me in the right direction, if possible, as far as a lender who would be willing to do this. Thanks in advance!

[NoBigDeal]

So cutting to the chase, I have a pretty good understand of the MCA business, but lack experience and so I turn to you. I reached out to a merchant who has amazing bank statements, but has 7 positions and instead wants to consolidate 150K. Can anyone point me in the right direction, if possible, as far as a lender who would be willing to do this. Thanks in advance!

The only thing "amazing" I could say about this file is at least he's talking to you and not a debt restructuring company
Don't see the juice being worth the squeeze on this file

[brokerCompany]

amazing bank statements but merchant was an idiot and got 7 positions. LOL
Unless merchant has some assets north of $500k this one is trash. You will make more money trying to finance a resort in the Caribbean's

[WestCoastFunding]

If you ever take Viagra and end up with a 4 hour erection, no need to contact a doctor reverse the problem. Instead, simply look over a file where a merchant is seeking a consolidation of 7 advances.

[jotucker1983]

So cutting to the chase, I have a pretty good understand of the MCA business, but lack experience and so I turn to you. I reached out to a merchant who has amazing bank statements, but has 7 positions and instead wants to consolidate 150K. Can anyone point me in the right direction, if possible, as far as a lender who would be willing to do this. Thanks in advance!

- What is the combined total of the balances?

- What is his gross annual sales volume?

- How does his level of NSFs/Overdrafts look over the previous 3 months?

[Fly]

how is anyone giving more than a 4th pos. Must be brand new players to the industry. Call those funders that came in at 4, 5, 6, and 7 and tell them that they lit their $ on fire and screwed over the first 3 positions out of any profit they might have made.

[Karen37a]

Once someone has that many stacked positions they look very very very very risky to underwriting. Most feel like if they consolidate the positions, the happy stacker will go out and over leverage himself again and go bankrupt. ( Even though they swear they wont, they learned their lesson, etc )

It states in the contract that they are not supposed to stack so I understand their viewpoint.

The best advice for newbies is to learn how to get past the "low hanging fruit" on to real deals that can be funded

[CreditGuy]

Today I Learned: Karen doesn't know what the term "low hanging fruit" means.

Agree with everyone on recidivism. Someone that has that many positions will almost certainly have that many again. The borrower knows the game and there are 7 other lenders/funders/brokers that know they are willing to play it with them. Move on.

[Karen37a]

Today I Learned: Karen doesn't know what the term "low hanging fruit" means.

Agree with everyone on recidivism. Someone that has that many positions will almost certainly have that many again. The borrower knows the game and there are 7 other lenders/funders/brokers that know they are willing to play it with them. Move on.

What ever the heck you are stating credit guy...I am assuming you are stating the same thing I just did in a different way.

Id like to know when the day comes that you actually get on the phone and close a sale. If you ever want to make a bet $$ on who out closes who from dead start to finish let me know.

Do you follow me around to argue with me ? I feel like I divorced you in a past life., get over me....If you have suggestions or advice for newbies, give it. Stop waiting to counter me.



"A woman is like a tea bag - you can't tell how strong she is until you put her in hot water." Eleanor Roosevelt

[Franklin]

Low Hanging Fruit = Merchant willing to engage you/do anything you ask, because he's so desperate and knows he has no chance
anywhere, so any hope is better than no hope (in the context of this conversation, that was the meaning that was implied).

It's low fruit because it takes no skill on the agent's part to produce "fake activity" that generates no results and no revenue, when that agent should be learning how to close a "real" merchant, who is generally both interested and skeptical, who will choose who he decides to work with, requiring skill/training/experience/credibility (pick one) to board him and convert to a source of repeat revenue.


It seemed pretty obvious what Karen meant.

Today I Learned: Karen doesn't know what the term "low hanging fruit" means.

Agree with everyone on recidivism. Someone that has that many positions will almost certainly have that many again. The borrower knows the game and there are 7 other lenders/funders/brokers that know they are willing to play it with them. Move on.

[OF_Funder]

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[WestCoastFunding]

FYI: Directed at nobody in particular. But I do think we need better screening on this forum to ensure that the so-called 'experts' actually have a stake and currently work in this industry.

Yes, let's screen each commenter by making them provide an 8821 as well as bank statements showing deposits for recent commission checks.

[OF_Funder]

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[WestCoastFunding]

How do you know that people on here are washed-out, though? Yes, this forum can have a little drama here and there, there can some poorly-informed comments at times, but compared to most internet chat rooms/message boards/posting forums, this place is about as substantive as it gets for the internet.

[jotucker1983]

GENERAL THOUGHT: People who have quit selling in this industry are wholly inappropriate to be offering advice. Most especially if their exit stems from their inability to provide a financially high income career.

I agree, if a guy opened an office, burned through all of his capital and didn't generate a profit/steady stream of deals, then I'm not sure what "advice" he would have to offer.

FYI: Directed at nobody in particular.

Well, I'm sure it was directed at "somebody" or you would not have made the statement. Let's not be passive-aggressive here lol, if you feel like someone on this forum is positioning themselves as an "expert" when they are in actuality a complete "failure", you should directly address the content/commentary of said individual(s).

But I do think we need better screening on this forum to ensure that the so-called 'experts' actually have a stake and currently work in this industry. I am getting a strong sense recently of lonely, creepy trolls thinking this is their playzone. Destructive and embarrassing to all who respect the industry and DF. And hold it in such high regard.

This is funny, only because if the industry actually took this stance on how we recruit into the industry itself, it would help clean up a lot of the unethical actions going on from commissions not being paid, back-dooring, 8 position stacks, and so on. The Daily Funder is important, no doubt, but it would be much more efficient if this focus was put on how the industry recruits people, rather than on who can sign up for a Username on Daily Funder.

[Karen37a]

Of-Funder ..I agree
John,

Commissions not being paid have nothing to do with the "so called" uneducated new brokers entering the industry and asking questions .

I remember when I wandered onto wall st, took the train with my resume saying I was a top sales manager from another industry, and my computer science degree..scared to death walking into a building and thinking " I am not going home until I get hired". Sat in the lobby some snotty secretary told me to come back another day ..i said I would wait until the sales manager goes home and chase him thru the streets telling him how good I was and to give me a shot even though I didn't know ANYTHING about Wall st or Finance.He made me wait, 2 hours later he called me in and said " you nutjob, I think you might make it as a stockbroker since you wont take no for an answer".

New Brokers are not the demise of the industry. Everyone starts from somewhere.What I think you are trying to say is the non payment of commissions by lenders has to be addressed and the supervision of brokers and compliance by lenders or individual Isos who still submit to Lenders and adhere to their underwriting requirements.

Westcoast
And yes DF has alot of good info on it, networking opportunities etc. Not everyone is going to get along or have the same opinions and will stick to their guns or sink low in an argument when proven wrong.

**PS. I believe 90% of the time the merchants are not loyal to the broker and the newbie broker or non street smart one doesn't realize the merchant just went with someone else.

[jotucker1983]

John,

Commissions not being paid have nothing to do with the "so called" uneducated new brokers entering the industry.

Well, a broker being "uneducated" is a problem all into itself, I was referring more to the fact that we don't do any background checks on who is recruited in. A guy could have been a complete crook in a prior life and nobody would know, because most funders/lenders hire anybody with a pulse without doing any background checks.

And a lot of these new guys (who are really brokers, submitting through some established funder/lender that didn't do a background check) are marketing to other guys to send them deals. Said guys will send the broker a deal, the broker funds it, and never pays a dime in commission to the man that sent the deal to him.

If the industry continues with a Wild Wild West approach, you will continue to get Wild Wild West results from time-to-time.

New Brokers are not the demise of the industry.

I never said they were.

What I think you are trying to say is the non payment of commissions by lenders has to be addressed and the supervision of brokers and compliance by lenders or individual Isos who still submit to Lenders and adhere to their underwriting requirements.

Yes, this is one of the things I'm certainly saying . But the only way to do that Karen is to promote industry regulation, with some sort of centralized authority or regulatory board. But you don't like regulation lol.

[OF_Funder]

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[OF_Funder]

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[Karen37a]

John ..I get your points. I do not think regulation can conquer them, it just restricts money...but we beat this topic to death

.Of-Funder ..I agree with most of what you say.And if you are an Alpha man over 45( good looking) and produce that 8821 as well as bank statements and can afford a 3 carat ring, we can be the first Dailyfunder Marriage (dont reject me in public, my ego)

Drop close...not playing hard to get

( this is a half jk before I get attacked)

[WestCoastFunding]

HINT HINT: (w/o passive tone) In other words, if you are not still selling in this industry, then delete your profile.

Would the guy that runs this website meet your criteria?

[OF_Funder]

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[WestCoastFunding]

West... Again. Unintelligent. I was speaking to a person in sales. Who posted he left the industry a long time ago. Quite obviously DF has many industry insiders who do not sell that offer tremendous value. Most of which provide much more value than someone in sales.

Very poor job attempting to take a snippet or sideways assumption to carve it into something Shawn would take personal offense to. If you are in sales, I hope you use a script, pitch book, or something. If you freelance, you are financially starving with little kiddie attempts like above. Find a mentor and protect yourself.

You mean, Sean, right?

[Karen37a]

West there you go again with you trying to poke at someone.

Good thing I outdebated you so you flipped out instead of me. lol

[OF_Funder]

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