[Zach]

So I wouldn't normally do this, but its hysterical - WBL emails me and said " You must have had a bad experience with WBL and be Mis- Informed about our products " so i called him back instead of emailing and told him - First off i dont need WBL because we are direct - so he tries to explain why they are good....

ME : are you an asset based lender,
WBL he replies yes

ME: So do you ask for Business Bank Stmts
WBL: We look at them

ME: So Will you lend on the pure Equity of the Property and not the Business cash FLow
WBL: Yes ( I call BS On This)

ME: do you offer Interest Only Monthly Payments
WBL: No


For Those of you who dont know or have been mis guided, Asset based lending is purely based on the Equity of the property and not that of the business bank accts, In fact most of us ASSET BASED LENDERS dont require income verification since we lend on the asset, we only ask for a statement to see that you have 3 months reserves to service the debt - THATS it and we will provide you MONTHLY payments at a fixed Rate Between 8-11% with No pre Payment Penalty. So i have to ask - and i hope everyone will chime in, WBL sends me this price matrix and said " here are our rates", now do these look like anything ive described ? or does it look like Factor Rates ? WBL, Stick to MCA business - your out of your league when it comes to real estate.

Attachment 1707

Hi Jerry,

I appreciate your opinion and sentiments being displayed on this public podium. Perhaps it would be wise for me to explain our product in a bit more detail, to help our audience understand the niche we represent. Fair?

You mention you do monthly interest-only payments. That is wonderful! We certainly do NOT do that. Do you understand why? The reason why we don't offer your type of product is because that is not our intended client. We are not looking for perfectly clean deals. We deal with a substantially higher level of risk and therefore price in a commensurate manner.

Here is what we do that other hard money lenders do not do:

1. We lend against primary residences. Very few, if any, of our competitors will do this.
2. We lend up to 4th position against all property types except land.
3. We will utilize raw land as collateral.
4. We do not care about DTI's or financial statements.
5. We fund ANY FICO score.
6. We fund 45/50 states.
7. Up to 8% commission.

Now, Jerry, although I can't say that I enjoy your consistently disparaging comments towards my brethren here at WBL, does that shine some light on our niche in the space? Would you offer any of the 7 points above to your borrowers or brokers? If not, then I kindly suggest you... have a nice day.

Respectfully,

Zach