Who remembers second source funding lol?

**LendMarkCap** · 07-13-2013, 09:28 PM

Great learning experience lol

**isaacdstern** · 07-13-2013, 10:39 PM

Ya I learned what not to do and how not to run my business...lol

**Sean Cash** · 07-14-2013, 12:36 AM

Originally Posted by LendMarkCap

Great learning experience lol

I had to underwrite some of their deals... They could send over like 100 in a day.

**LendMarkCap** · 07-14-2013, 05:54 AM

Isaac I couldn't agree with you more but back In those days cash advances use to be so easy to pitch I personally use to submit 10 apps per day lol

**isaacdstern** · 07-14-2013, 02:39 PM

It's a different business today....I got to SS once the party was already winding down...there was a football field size sales room with 20 reps in it

**LendMarkCap** · 07-14-2013, 03:10 PM

I remember there were over 100 reps in that office. And I remember getting a lot of declines back then, where now you can practically fund anything. Last week got a 30k approval on a merchant with 125k in tax leans and he has no payment plan.lol

**isaacdstern** · 07-14-2013, 05:15 PM

Like I said its a different business today

**isaacdstern** · 07-14-2013, 05:15 PM

Completely different set of rules

**MCAVeteran** · 07-14-2013, 08:31 PM

aren't they called factor funding today?

http://www.myfactorfunding.com/index.php/contact/

**isaacdstern** · 07-14-2013, 09:47 PM

Yup that's them

**J.Celifarco** · 07-15-2013, 10:13 AM

Gotta love the old days.. Cash Advance was like the wild west.. And I started when it was already winding down

**CO1** · 07-15-2013, 10:34 AM

Its a roller coaster affect, but all the season people i ever meet doing MCA's all know about SS or has worked there personally. . .

**J.Celifarco** · 07-15-2013, 10:41 AM

never worked there, but definitely remembered them... Competed on deals against them often

**aych86** · 11-05-2014, 07:45 PM

That's where I learned everything. I was only 19. First Dina interview me then I came back and Meir and Yankee hired me on the spot. I had alot of fun and made lots of money at a young age. I won't say anything bad about them because I made more money fresh out of high school than all of my friends who completed all 4 years of college.

It was one of those jobs where if you where bringing in apps and closing deals, you were happy. If you weren't producing you just kind've looked like an unhappy loser. I'm not saying that to be mean because I'm actually shy, just good on the phones. To me it was black and white then. I barely had to deal with underwriting because my manager did for me. I just got the apps back , and closed. I didn't really start learning anything about the industry until about a year in. I didn't care to know. TBH i'm really grateful for my manager (i'll call him Mike) because he really protected me against alot of harsh realities of what was going on at 2nd Source. Maybe because I was so young and a female he just kind've looked out for me.

I made 3 lifelong friends and 2nd Source who are still close to me this day. They did alot of shady ****....but it's expected. For the shady **** they made alot of average people with no direction or options, lots of money.

It was amazing and still is amazing that I get to get up and sell money and make money at the same time.

This thread is old but I wanted to say something decent about my old stomping grounds.

**bizloanbroker** · 11-06-2014, 06:25 AM

What people need to remember about 2nd Source Funding was that it was owned and run by the industries most notorious scum bag SAM CHANIN. He literally screwed over everyone around him for millions and millions of dollars. I believe he owes the owners of Pearl (Abe and Meir) millions each.

I heard recently that he was either a pot dealer or a pot farm owner.

I think everyone can learn a really important lesson from Chanin about greed. If this guy had played it straight he would be the king of this industry.

**Zach** · 11-13-2014, 02:54 PM

Wait, do you mean the same Sam Chanin that owns Factor Funding?

**Jared_Weitz** · 11-13-2014, 02:57 PM

Originally Posted by MCAVeteran

aren't they called factor funding today?

http://www.myfactorfunding.com/index.php/contact/

Same guys, Sam put it under his brother Mendy's name this time........

**skideeppow** · 11-13-2014, 05:38 PM

^^^Really? 2nd source is FF. I do an occasional deal with them. But they changed their name now to Reliable Fast Cash, at least that is what is on the paperwork.

**Zach** · 11-14-2014, 12:27 PM

According to their LinkedIn, Sam Chanin is the managing member. More power to him.

I wasn't around during the era when all this happened... How exactly did he "screw" everyone over?

**Chambo** · 11-17-2014, 05:43 PM

do we really need to go down this painful alley? Those of us who worked there earned a valuable lesson. Learn and move on.

**funded** · 11-17-2014, 06:46 PM

Abe and Danny k where the smart ones now both are are ceo of the baddest cash company's out there

**Chambo** · 11-17-2014, 07:59 PM

I think Isaac did OK for himself, considering he came in as the house was falling apart.

I can say, several of the folks who came form there are doing pretty well for themselves in this industry now. Once you left there, you learned about all the other options out there and the possibilities. Sam kept that info hidden,

Don't get me started on the residuals he screwed pretty much everyone out of either. But like I said, live and learn.

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