[skideeppow]

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?

[Michael I]

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.

[Hedley Lamarr]

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?

Silly way to conduct business. I would much rather get a look so long as it it within the sandbox. Sometimes you find the great deals that way and also get some market intelligence.

[Chambo]

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?

[skideeppow]

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?

Ok, but funding 1/10? that is a 10% closing rate. Not that bad. If i had sent 100 deals and had none approved i could understand that .


sorry for not putting in the correct forum.

[KingCapBoom]

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?

Ive spoken to a number of ISO shops that this has happened to this year. From what i understand Funding circle is getting out of the US market

[skideeppow]

Ive spoken to a number of ISO shops that this has happened to this year. From what i understand Funding circle is getting out of the US market

Good to know.

[TedFundy]

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?

[snajieb]

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?

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

[dpFund]

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?

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.

[Michael I]

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?

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.

[omegafund]

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

[nrh1lp]

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.

They are tracking all submissions, doesn't matter if it has 100 NSF's/month or its a small detail in an overall perfect file. A decline is a decline and once your numbers are too one sided they cut you off.