[tgabcmca]

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.

[Michael I]

insane

[J.Celifarco]

Wow

[tgabcmca]

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!

[Funder Mark]

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.

[tgabcmca]

I told this guy to contact his attorney and the AG in his State.

[Chambo]

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?

[J.Celifarco]

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?

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

[Chambo]

1) who says they were a good paying client?
2) where does it say that they HAVE to renew?

[J.Celifarco]

1) who says they were a good paying client?
2) where does it say that they HAVE to renew?

look at the original post that is what I am using as my basis for good paying client

[Chambo]

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?

[Chambo]

I told this guy to contact his attorney and the AG in his State.

Contact the AG? And say what? "I wanted more funds and they decided they no longer want to do business with me because of my affiliations"?

They would be lucky if AG's office didn't hang up mid call

[HDF]

I told this guy to contact his attorney and the AG in his State.

On what grounds?

[tgabcmca]

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!

[tgabcmca]

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."

[Chambo]

Well, good luck

[tgabcmca]

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!

[Chambo]

he did the right thing, but got caught up with the wrong people

[Michael I]

he did the right thing, but got caught up with the wrong people

Can you honestly say you never had a default? Wrong people? Who's job is it to underwrite?

[Chambo]

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.

[Michael I]

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.

My issue is that they are telling that to the merchant and could be throwing a good iso under the bus.

[tgabcmca]

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.

[Davincinc]

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...

[Chambo]

My issue is that they are telling that to the merchant and could be throwing a good iso under the bus.

what do they care how good the ISO is, if they are getting rid of ALL ISO's anyway?

[snajieb]

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,

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