Results 1 to 13 of 13
Hybrid View
-
03-10-2017, 10:24 AM #1
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
Funding Circle, WTF
So i have been sending a number of deals to these guys. Got one funded but the rest are declining. Lets say i sent 10 over there.
So i get a call yesterday from the rep saying they are terminating me because they dont like the deals i am sending over. If you dont like the deals i am sending, decline them.
I am not sending fraudulent stuff.
Anyway, what a way to do business. You dont like the deals you are getting so you terminate the ISO agreement?
-
03-10-2017, 10:30 AM #2
- Join Date
- Jun 2015
- Posts
- 3,325
I know someone who sent over 114 deals , funded 17 deals and had one default after 3 months, They cut him off and there was nothing he can do.
I personally have been funding 1 out of 5 and thank god no issue yet.
-
03-10-2017, 10:33 AM #3
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
-
03-10-2017, 10:35 AM #4
Funders are starting to track submission data more and more. They are looking into how many submissions vs how many funded vs default rate.
If you are sending a fund 100 deals a month & funding one, you are usignup and wasting their resources. They would rather you submit 10 deals a month you pre-qualified, and only fund one.
Most of their UW'ers are on salary, so it is an expense. You are taking up their time on deals that have a 1% chance of funding? What do they need YOU for?
-
03-10-2017, 10:55 AM #5
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
-
03-13-2017, 02:52 PM #6
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
As a direct funder I agree with Chambo's comment. It means A LOT when brokers learn what your funding parameters are and do their best to pre-qualify. I have to pay my staff thousands weekly to look at a lot of crap files where the broker is not paying the slightest attention as to whether the file is a fit. These brokers get very little of my attention since they are wasting my time and money.
On the flip side, I have other brokers who pay attention, look hard at what they are sending, and do their best to send quality stuff. Even if they get a decline, they still get my attention since they are sincerely trying to send quality files.
-
03-13-2017, 03:04 PM #7
- Join Date
- Jun 2015
- Posts
- 3,325
Are they tracking the difference between stupid submissions or meets basic guidelines one.
Example 1 if you do not pull credit and merchant says he has 650 credit and you get declined for under 650 . example 2 min. is 15k a month and they send you a 5k submission.
I personally send fc merchants that meet their criteria and still get only 1 out 5 approved for whatever bogus reason.
-
03-13-2017, 03:11 PM #8
- Join Date
- Jan 2016
- Posts
- 435
-
03-10-2017, 11:12 AM #9
- Join Date
- Mar 2017
- Posts
- 23
-
03-10-2017, 11:16 AM #10
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
-
03-10-2017, 12:15 PM #11
- Join Date
- Mar 2016
- Posts
- 335
Strange..... I got a call from Quickbridge this morning saying that they are not accepting any new ISO's. This was after I tried to contact them for a few weeks. I told them we a factor right across town with a CFLL. "NOPE we are good." I asked him what their niche was and he said it is construction. I told him we can realistically help probably 25% or more of his clients in default- let alone fund the ones that think the MCA is too expensive.
What gives?
-
03-10-2017, 03:56 PM #12
- Join Date
- Apr 2016
- Posts
- 103
TedFundy and Group,
LiftForward will pick-up where Funding Circle has left off in that We will lend up to $1M as a term loan with monthly payments. We have lower credit requirements, however our loans do require (Real Estate) collateral. If you have borrowers that are seeking a term loan product that can be funded quickly, give me a call directly to discuss.
Sean
LiftForward
917.477.6534
sean@liftforward.com
-
03-13-2017, 03:08 PM #13
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
We have used FC and recently funded 500k and 400k deals with them. They were very solid deals and process took about 2 weeks. Not sure about them leaving US market. You have to know what to send them. Dan has also very helpful and has a team who is very diligent on their UW process.
Though very few funders offer the rates FC does
Similar Threads
-
Accel in Funding Circle and Can Capital
By staten in forum Merchant Cash AdvanceReplies: 5Last Post: 01-16-2017, 12:02 PM -
Refinance Funding Circle
By brokerCompany in forum Deal BinReplies: 3Last Post: 06-11-2016, 10:42 AM -
Two Deals with Funding Circle - Looking for Competing Bids
By GlobalFinancial in forum Deal BinReplies: 5Last Post: 11-13-2015, 06:13 PM -
Funding Circle WOES...Looking for alternative Lender
By JHausen in forum Business LoansReplies: 12Last Post: 06-25-2015, 10:29 PM