[fundingsmbs]

post the leak name. let's have it. didn't TIGER get busted for doing this in the past

[mcaindustryveteran]

We work with a very tight knit network. Our files are not spewed all over the street to random or new funders. I've been told by one of the majors there is an issue and they are working on it with legal. All i am certain of is that information is getting pushed to a lead reseller fairly quickly. Unfortunately with larger companies there are many layers. So its hard and counterproductive to call out people who play no part in it. So i wont. Unless its blatant like Lendora as to which they are NOT one of my lenders and have never heard of them before until they told me they love to backdoor via text.

[fundingsmbs]

If you fund a deal with a funder, and, that funder sells off that deal through their own ISO they own or create because they want an early pay, is that considered stealing a deal? Is the ISO agreement protecting them by saying it's "our deal" once it's funded.

[J.Celifarco]

yes that is stealing a deal. If they want to sell it off they should contact the iso and ask them to try and move it. I have done this plenty of times for funders that asked me to move a deal

[LENDORA]

First off, I want to apologize, not to you, but the rest of the community for the late reply. Our account was not activated, and we could not reply to your message until today. We had a long conversation on the phone, and it seems you like to pick and choose bits of information in order to make them work to support your claims... If the MCA space doesn't work out for you, you can do well in the news media field. I explained to you very clearly that this was not a file submitted to us but rather a lead that was purchased. The agent that received this lead is trying to convince you to move forward with Lendora in that conversation you posted. Not one broker over here can tell me they would not do the same in order to convince a merchant to move forward with them rather than the other guy. This is the nature of the business. Everybody buys leads, those tend to be recycled, resold numerous times to different agents/ISOs and many agents in the field tend to cross each other while submitting or calling merchants. You asked me to release my lead broker information to you and if I didn't do so, you would "bash us" and try to affect our business by posting negative threads on daily funder... I said it to you once and I will say it again, I do not respond to threats. If there was any chance possible to back track the source of your lead, I might consider disclosing my lead broker, but you know very well that this is an impossible task. You are bitter because you evidently have a leak with the funders you work with. Let me make it very clear to this community, the man posting this thread is NOT an ISO with Lendora. I don't even know his real name; he would not identify himself nor disclose his company name. You claim to be a funder and broker... however syndicating a few thousand dollars here and there or getting a white label does not make you a funder. Why might you ask? Because a funder would not waste their time trying to find such a leak. That's what I explained to you. This is the space we navigate, unfortunately, and there are good and bad and that's that. You can try bashing us all you want and try and pin us as the bad guy, but the reality of the matter is that we are not the culprit. We purchased leads like everybody else in the industry does and it happened that your clients were in there. Think about it, why would an agent call your client two weeks after you submitted them to your funders (time frames you provided me)? If I was backdooring you, wouldn't I call your merchant immediately so I can fund him before anyone else does? How can I backdoor your company if you are not an ISO with us? I don't even know your real name or your company name... You are angry and upset and I understand where your frustration stems from however you are pointing the finger in the wrong direction. You need to reassess the way you do business. Out of the 3 funders you work with (information you provided me) one of them or maybe all of them is leaking your info. Maybe they are doing so knowingly or maybe someone at their underwriting department is making some extra $ on the side selling that info to lead brokers. One way or another you and Lendora do not have a relationship, those files were never sent to us, and we never tried to backdoor you. The ISO's we have relationships with know very well that we would never try to pull something off like that. We cherish our ISO's business too much to jeopardize it and our reputation, for a few dollars. Not to say that there aren't funders out there that do that, but Lendora's practices and vision of business are definitely not in line with those kinds of malpractices.
FYI you said it yourself on our call... "it is true that Sheri did not have the application and supporting documents since she was requesting them...". A lead was purchased, and a lead was called. Our agent did her best to get the business. From your words " Lendora was collateral damage". I told you all of that over the phone and frankly not interested in wasting any more time on this. I do want the rest of this community to know what was said and what the situation really is, not just your twisted, angry version of it.

I am wishing you again all the best in your future business and hope you get to find your "leak" but if I can give you a little piece of advice, don't waste too much time on it you are not the first that have tried and won't be the last jumping into that rabbit hole. Concentrate your efforts on your future business and finding funders that cherish your business and that you can trust without a doubt that they would never backdoor you.

[mcaindustryveteran]

Very eloquently written. But facts are facts.

[J.Celifarco]

if you are working with funders where you are worried about giving them a clients contact info than you are working with the wrong funders.

[J.Celifarco]

people really do this where they submit files without contact information of the merchant? I thought people did it maybe when starting with a new lender but all the time? That is crazy to me

[mistamca]

Pretty much every single funder has done it to me. It isn't backdooring necessarily. 3 months go by and then they send it to their broker shop or put it in a drip campaign. For example, a very large funder shoots over all their applications to their sister company for a mortgage.

I also firmly believe that most backdoor cases are not coming from management. Typically, it is a rogue employee. I wish it didn't have to be this way but it is.

[Kevin Henry-Seacoast]

My two cents: Every advisor and every institution has their own style and requirements. The certainty of closing a transaction is highly reliant on the amount of information reviewed and work done up front. If the appropriate work is done up front by the advisor they SHOULD know what can be done and who will do the deal. If you send a deal to someone who does little work up front, the chances of the deal closing goes down or time is wasted because something came up in review.

Follow the simple rule of closing clients: Know your customer, Know your advisor, and Know your sources of capital.

I personally have a low tolerance of "advisors" calling with "deals" that have done zero work only to waste our time and resources. "I got a guy that needs money" just doesn't cut it in this environment.

[FlexibleCapitalSolutions]

My two cents: Every advisor and every institution has their own style and requirements. The certainty of closing a transaction is highly reliant on the amount of information reviewed and work done up front. If the appropriate work is done up front by the advisor they SHOULD know what can be done and who will do the deal. If you send a deal to someone who does little work up front, the chances of the deal closing goes down or time is wasted because something came up in review.

Follow the simple rule of closing clients: Know your customer, Know your advisor, and Know your sources of capital.

I personally have a low tolerance of "advisors" calling with "deals" that have done zero work only to waste our time and resources. "I got a guy that needs money" just doesn't cut it in this environment.

Perfectly stated, thank you for shining a light on this subject for us. Needless to say, I agree with everything you say, always.

[Raymondgrand]

I got a decline from EBF "This merchant is not eligible to be funded"

We now brought in updated statements a month later and saw EBF funded the deal 2 days after that decline.

[SNO]

I got a decline from EBF "This merchant is not eligible to be funded"

We now brought in updated statements a month later and saw EBF funded the deal 2 days after that decline.

Lol I got a decline once saying "Management is not interested in working with this merchant."

[PullFee]

That's only 10% of the time when they don't pick up on a default lol

[rickrndcapital]

I back this claim

[rickrndcapital]

Screen Shot 2022-09-10 at 9.40.24 AM.png
Screen Shot 2022-09-10 at 9.41.25 AM.png
After funding call, we find that the merchant has already been funded by ForwardFinancing, and Lendora still hasn't underwritten an offer after about 36 hours. Waited for them to beat current offer after sending them the offer by the other funders.
They claimed the same thing on why they couldn't underwrite the file quick enough "we work with 100's of brokers".
After doing the bank login come to find out after getting the wire from Forward, the merchant also sent a Zelle payment, which he claimed he would do for myself after funding him.

Riddle me this

[closer129]

Back dooring has been part of this industry and will probably always will be here. Even if the funders get caught some will just change there name and do it again. Or the ones that are doing it are just brojkers that are getting white labeled from the funder so newer iso's that do not have to many connections will keep sending files over to them.

I been back doored as a rep by an underwriter and it sucks and even before that i would never do that to my iso's. My iso's trust me and the company to do the right thing by them. That is why they put all the information needed on the app and not fake info. Even with the fake info you can go online and get the business phione number maybe home and cell number iof yiou are really good at that. So not putting the real info on the app will maybe dter some people from trying to steal your client but not everyone and not everyone like myself would even try to do that.