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04-06-2017, 09:28 AM #1
- Join Date
- Mar 2015
- Location
- Boynton Beach
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- 3,493
Why does this happen???
Ladies and Gentleman,
Please explain why the following happens:
Broker refers a deal to a lender. Broker also refers to other "lenders". Client refuses to release any requested documents because all of a sudden they are getting unsolicited phone calls from 'lenders" asking if they need money. The client fears that their personal information is now flying around to God only knows who.....
Meanwhile....the client has a need that can easily be met. Instead of going down the path of choosing the right lender....does nothing because of fear and frustration.
Best,
KevinKevin 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
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04-06-2017, 09:43 AM #2
- Join Date
- Jun 2015
- Posts
- 3,325
2 things kevin
1. yes unfortanetly a lot of people in this industry are strugling and turned to "stealing"
2.Your client is probably hiding something and there is a reason he does not want to give the doc, I see that all the time
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04-06-2017, 09:52 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
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04-06-2017, 09:54 AM #4
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
I have also heard cases where a lender receives a deal for their firm and brokers the deal out to collect a commission "under the table" from a competing firm. All my years in capital markets if anyone got caught referring business out the door that was a fit for our firm, you would get ejected out of your seat so fast it would make your head spin. That goes for sharing prospect information as well.
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
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04-06-2017, 11:37 AM #5
- Join Date
- Oct 2016
- Posts
- 4,318
I've told this story before, but I've gotten within a day of funding a merchant through an "A" lender, only to have them decline because they "received word" the merchant is funding elsewhere. Come to find out the merchant funded with a "B paper" funder because the "A paper" brokered it out. And I only found out by chance because I have a good relationship with the "B funder" and they told me exactly what happened.
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04-06-2017, 11:46 AM #6
- Join Date
- Oct 2016
- Posts
- 4,318
Because 90% of brokers are clueless. Broker comes to me asking if I can help get his client a $2M conventional term loan. He says to me, "Ok, I've got his application and Three months bank statements..." I mean, come on.
Didn't feel like dealing with that crap, but I guarantee he sent it off to Pearl, Mantis and YSC. And the client was looking for a traditional facility.
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04-06-2017, 11:57 AM #7
this is what happens when you have young, eager, but not educated or patient, sales reps trying to get deals funded at any cost....because they are commish only
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04-06-2017, 12:38 PM #8
- Join Date
- Mar 2016
- Posts
- 657
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04-06-2017, 01:26 PM #9
I am suggesting that maybe a lil training on the different funds, not letting reps go willy nilly with submissions to every and anyone
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04-06-2017, 01:32 PM #10
combined untrained with commish only and you get sales reps who shotgun deals to 20 different funders.. Chambo is 100% right on this one.. And yes I said that Chambo is right
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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