Results 1 to 25 of 26
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03-17-2017, 12:20 PM #1
- Join Date
- Oct 2016
- Location
- Cherry Hill, NJ
- Posts
- 73
Funding Circle - Denies Good Standing Customer Renewal due to broker Defaults
I am asking everyone their opinion or if they have experienced something similar:
Client X is with funding circle and is 18 months into 36 month program. Paid all 18 monthly installments on time and some early. Has never been late, never asked for payment amendment...nothing detrimental to the account. When he tried to get the renewal/refi, he was told the broker he used had too many other accounts default. Due to this, they would not offer him the opportunity. Flat denial due to the broker referring him to Funding Circle.
Anyone else experience this? Is it me or is this crazy? Please share your opinions and experiences with me.Thad German
America's Business Capital
www.americasbusinesscapital.com
Toll Free: 1-888-426-0377 x 022
Direct : 856-782-3801
tgerman@abcmca.com
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03-17-2017, 12:25 PM #2
- Join Date
- Jun 2015
- Posts
- 3,325
insane
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03-17-2017, 12:31 PM #3
Wow
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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03-17-2017, 12:32 PM #4
- Join Date
- Oct 2016
- Location
- Cherry Hill, NJ
- Posts
- 73
Thank you Michael I. It is insane to punish a good standing client with some fluff, nonsense reason! I truly think they never want to renew or refi good standing clients. It is a lie to sell their programs!
Thad German
America's Business Capital
www.americasbusinesscapital.com
Toll Free: 1-888-426-0377 x 022
Direct : 856-782-3801
tgerman@abcmca.com
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03-17-2017, 12:33 PM #5
Isn't Funding Circle trying to get out of the US market? Maybe they are cutting down on any deals sent in by brokers with bad records, although this is insane, to kill a clean renewal.
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03-17-2017, 12:35 PM #6
- Join Date
- Oct 2016
- Location
- Cherry Hill, NJ
- Posts
- 73
I told this guy to contact his attorney and the AG in his State.
Thad German
America's Business Capital
www.americasbusinesscapital.com
Toll Free: 1-888-426-0377 x 022
Direct : 856-782-3801
tgerman@abcmca.com
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03-17-2017, 12:36 PM #7
1) they are weaning off the US Market anyway
2) they are getting rid of brokers
STILL THINK your submission data doesn't mean anything with these funds?
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03-17-2017, 12:54 PM #8
Chambo I 100% agree submission date matters way more then people think, but a bank shouldn't punish a merchant for that. You want to cut the ISO off every bank has that right if they want to. That said why would you punish a good paying client. They did nothing wrong in the situation. Punish the ISO not the merchant in these situations
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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03-17-2017, 12:58 PM #9
1) who says they were a good paying client?
2) where does it say that they HAVE to renew?
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03-17-2017, 12:59 PM #10John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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03-17-2017, 12:59 PM #11
they would usually work to renew to keep ISO relationship alive...but if they don't care about the relationship anymore, the merchant was shaky to begin with, and they want out of the US market?
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03-17-2017, 01:01 PM #12
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03-17-2017, 01:07 PM #13
- Join Date
- Jul 2015
- Posts
- 1,202
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03-17-2017, 02:00 PM #14
- Join Date
- Oct 2016
- Location
- Cherry Hill, NJ
- Posts
- 73
CHAMBO, he is in good standing, never missed a payment! All 18 of 36 paid on time, several 10 days early due to his A/P schedule. Dream client! When deals were sold to clients, Funding Circle was adding that "renewals were available half way through term." In this case 18 of 36 months. Actually, reps from Funding Circle were telling clients they could looking for different rates after 6 months!
Thad German
America's Business Capital
www.americasbusinesscapital.com
Toll Free: 1-888-426-0377 x 022
Direct : 856-782-3801
tgerman@abcmca.com
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03-17-2017, 02:08 PM #15
- Join Date
- Oct 2016
- Location
- Cherry Hill, NJ
- Posts
- 73
I saw online for this person's state, on Funding Circle website:
"Laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Civil Rights Commission administers compliance with this law."Thad German
America's Business Capital
www.americasbusinesscapital.com
Toll Free: 1-888-426-0377 x 022
Direct : 856-782-3801
tgerman@abcmca.com
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03-17-2017, 02:16 PM #16
Well, good luck
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03-17-2017, 02:23 PM #17
- Join Date
- Oct 2016
- Location
- Cherry Hill, NJ
- Posts
- 73
Just feel bad for the guy, he doesn't deserve it! Did the right thing as he was told for him to get the opportunity and they pull the rug out from under him!
Thad German
America's Business Capital
www.americasbusinesscapital.com
Toll Free: 1-888-426-0377 x 022
Direct : 856-782-3801
tgerman@abcmca.com
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03-17-2017, 02:26 PM #18
he did the right thing, but got caught up with the wrong people
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03-17-2017, 03:02 PM #19
- Join Date
- Jun 2015
- Posts
- 3,325
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03-17-2017, 03:16 PM #20
This has nothing to do with me. The fund decided that they won't renew a merchant....for whatever reason. They are not OBLIGATED to purchase future receivables from anyone. Just like buying a stock. Nobody can tell you that you have to buy X stock.
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03-17-2017, 04:14 PM #21
- Join Date
- Jun 2015
- Posts
- 3,325
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03-17-2017, 04:17 PM #22
- Join Date
- Oct 2016
- Location
- Cherry Hill, NJ
- Posts
- 73
There are no Future Receivables in their contracts. Totally different agreement than BCA or MCA. This is peer to peer lending where there is actually a loan marketplace and investors choose to buy the merchant's qualified loan. Merchant signs personal guarantee and lien is filed day the loan is funded. It is not an advance. You enter a loan contract with the investor, facilitated and administered by Funding Circle.
Thad German
America's Business Capital
www.americasbusinesscapital.com
Toll Free: 1-888-426-0377 x 022
Direct : 856-782-3801
tgerman@abcmca.com
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03-17-2017, 04:31 PM #23
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
Go over the reps head who's declining it... this sounds like an internal issue and they don't want to pay the broker. Switch file ownership to submitting ISO or inhouse...
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03-17-2017, 04:32 PM #24
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03-20-2017, 05:43 PM #25
- Join Date
- Apr 2016
- Posts
- 103
Term Loan / LOC Options
Thad,
Emailed you our guidelines. Give me a call as time permits to discuss how we can assist in this much needed lending segment.
Sean
LiftForward
917.477.6534
sean@liftforward.com
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