[WestCoastFunding]

Yesterday an ISO copied me on a submission, along with 6 other funders who compete in my general area.

Haha. Is copying multiple funders on a submission a thing now? They didn't even BCC? That's hysterical.

[Michael I]

Haha. Is copying multiple funders on a submission a thing now? They didn't even BCC? That's hysterical.

This is the main issue, even halfway trusted lenders when they see 6 cc they will be more tempted just to screw the moron iso.

[J.Celifarco]

they have a 1 in 6 chance of funding the deal. If Iso's want loyalty they should show some and submit to 2 or 3 funders instead of 6.. There is no excuse for stealing deals ever but we as ISO's want loyalty we should show some in return and try to submit where we think the deal will fund

[dpFund]

they have a 1 in 6 chance of funding the deal. If Iso's want loyalty they should show some and submit to 2 or 3 funders instead of 6.. There is no excuse for stealing deals ever but we as ISO's want loyalty we should show some in return and try to submit where we think the deal will fund

I totally agree with you on this John.

As a direct funder, I pay thousands of dollars a month to my analysts, pre-qualifying deals that come through our office. It is not unusual to spend hours working on a deal prequalifying it, getting me in a direct meeting with the client, moving it up to the chain for full underwriting, only to find out that the ISO sent it to six other lenders and they decided to go with someone else.

When I find this out, the ISO drops onto my **** list since they wasted my time and money. A little honesty up front goes a long way.

If an ISO wants to shop the deal to six lenders then have at it. When the client balks at price, daily payments or some other reason they won't bite, then bring it to me and we will see what we can do. Just be straight with me and don't bull**** me.

[MCNetwork]

As a direct funder, I pay thousands of dollars a month to my analysts, pre-qualifying deals that come through our office. It is not unusual to spend hours working on a deal prequalifying it, getting me in a direct meeting with the client, moving it up to the chain for full underwriting, only to find out that the ISO sent it to six other lenders and they decided to go with someone else.

It should only take up to 15-20 minutes to prequalify a deal. Some funders can do it in 5 minutes (run credit, plug revenue numbers in a calculator, spit out pre-approvals). Funders know that only 10-20% of their approvals will fund so they deploy most of their underwriting resources AFTER the signed contracts are in-house. If you're spending hours on a prequal then you're doing it wrong.

[dpFund]

It should only take up to 15-20 minutes to prequalify a deal. Some funders can do it in 5 minutes (run credit, plug revenue numbers in a calculator, spit out pre-approvals). Funders know that only 10-20% of their approvals will fund so they deploy most of their underwriting resources AFTER the signed contracts are in-house. If you're spending hours on a prequal then you're doing it wrong.

Ha! Yep, I bet that is how Dealstruck, Can Capital did their underwriting. And we can see how it worked out for them, can't we? I'll bet they (and you) never looked at a P&L or Balance Sheet.

We look first at the P&L to determine true net income. Then we look at what the monthly payment would be for their desired level of funding. If they cannot afford the payment, it is a decline. That part takes ten minutes. If the client meets that threshold, it is all the work behind that which takes the time. Funders who do not do their homework go out of business.

[MCNetwork]

We look first at the P&L to determine true net income. Then we look at what the monthly payment would be for their desired level of funding. If they cannot afford the payment, it is a decline.

So P&L's are required for the initial submission? You're probably the only MCA funder that asks for that upfront. And instead of declining a merchant if they don't qualify for the desired amount, why don't you approve them for a lower amount instead? It's the broker's job to manage the merchant's expectations and sell the lower approval amount.

[Michael I]

Ha! Yep, I bet that is how Dealstruck, Can Capital did their underwriting. And we can see how it worked out for them, can't we? I'll bet they (and you) never looked at a P&L or Balance Sheet.

We look first at the P&L to determine true net income. Then we look at what the monthly payment would be for their desired level of funding. If they cannot afford the payment, it is a decline. That part takes ten minutes. If the client meets that threshold, it is all the work behind that which takes the time. Funders who do not do their homework go out of business.

Not at all, they did zero underwriting after and that is why it worked out that way .

look at sfs, bfs, swift ,rapid advance they all get back with a prequel quick and then you go to hell and back with stips after you get signed docs.

[J.Celifarco]

I totally agree with you on this John.

As a direct funder, I pay thousands of dollars a month to my analysts, pre-qualifying deals that come through our office. It is not unusual to spend hours working on a deal prequalifying it, getting me in a direct meeting with the client, moving it up to the chain for full underwriting, only to find out that the ISO sent it to six other lenders and they decided to go with someone else.

When I find this out, the ISO drops onto my **** list since they wasted my time and money. A little honesty up front goes a long way.

If an ISO wants to shop the deal to six lenders then have at it. When the client balks at price, daily payments or some other reason they won't bite, then bring it to me and we will see what we can do. Just be straight with me and don't bull**** me.

all this said if the bank tries to backdoor the deal that makes them automatically wrong no matter how many banks the ISO submitted to. If a bank doesn't like an ISO's process turn them off and dont work with them. This doesn't mean the bank has any right to try to fund the deal on their own

[NoBigDeal]

Haha. Is copying multiple funders on a submission a thing now? They didn't even BCC? That's hysterical.

I had one even better. ISO Rep in Funder A was sending out a promotional email blast to their network of ISO's...forgot to BCC the group. My ISO forwarded the email to me and said, "I know Funder A is in your space, Happy ISO Hunting"

I felt like it was CAN Leak 2.0 (on a smaller scale, there were only about 50 ISO's on the email blast)

[BrennanCapitalPartners]

Haha. Is copying multiple funders on a submission a thing now? They didn't even BCC? That's hysterical.

That's like telling your wife that your girlfriend is pretty...