Results 1 to 19 of 19
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04-19-2020, 12:29 PM #1
- Join Date
- Dec 2017
- Posts
- 17
Seeking FUNDERS with "BOTH FEET IN"
Seeking FUNDERS with "BOTH FEET IN"
Normally I am a "Scroller" not a "Poster" on DF but I feel like someone needs to post their funding experience over the last 3 weeks...surely this can be helpful to some out there that operate a salesoffice or have a team. Our office is in downtown Manhattan and our team has been working remotely since March 16. Here is what we have experienced over the last 30 days. Our largest relationships halted lending all around the same week where we have(or had) sizable renewable book -> Term Loans and LOCs - Bluevine,Kabbage , On 1st Pos side Principis, Rapid, SNAP, National, CAN and on the 2nd/3rd Pos side EBF, Lendini, YSC, Quicksilver, Pearl, etc. We were never a SERIAL stacker type of ISO shop so while we received hundreds of calls from pop up and overnight funders or Funders that MAY BE GREAT FUNDERS just never got the exposure , we have always simply just put those to the side. What can I say, we were busy and we have always preferred working with companies that have multiple levels within the organization which seemed to increase accountability and limited foul play. Our team has funded 48 Units in February (average deal size 50k), 27 in March (ALL NEW DEALS) and only 12 units in April so far. At the moment a large part of our business comes from existing book and we are still marketing for new business - had over 50 submissions this month so far (when we say submissions keep in mind we generate our own deals...we do not swipe, nor pose as direct funders (we do however service some deals directly for our inside reps).
I am proud that our core team is hustling and STILL FUNDING DEALS.....which is why we are seeking to build new/ additional relationships with lenders that DO NOT HAVE ONE FOOT IN and ONE FOOT OUT while accepting subs. I have more respect for those funders that have made decision to halt funding during this time than the many out there who are toying with their decision making.
Examples of One Foot in I have seen this past week.
"We're paying on renewals but only Fraction on net"
My response: And you want me to motivate our reps to make $500 on a $40k renewal at 1.42, how are you taking a haircut?
"We're paying on commssions but need to see how they perform"
My response: Yeah, thats the last deal you will get.
"They are not essential "
My response: So the fact that they have a spike in April, essential according to their local government and verifiable AR means nothing?
BOTTOM LINE - we are seeing deals THAT NORMALLY lenders would/should kill for but offering them chicken scratch will not HELP us OR YOU (the FUNDERS). PLUS many small ISOs like myself who have been in the game or made $$$ would rather fund short term and small numbers directly (Shhhh, don't tell my wife). If you are a FUNDER actively funding new deals and read this in its entirety than you should understand what were looking for, give me a call or shoot me an email.
Vadim
Tip Top Capital
212-252-2217
vadim@tiptopcap.comLast edited by funding221; 04-21-2020 at 11:02 AM.
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04-19-2020, 12:46 PM #2
- Join Date
- Nov 2018
- Posts
- 44
You forgot to mention us, 24 Capital, Vadim. We have been funding together even in these trying times and just funded the other day together. Have 2 more deals in contract with TIP TOP.
Feeling left out haha. Be safe and should be a good week for the both of us.
24 Capital still funding and paying normal commissions! brian@24capital.com
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04-19-2020, 12:49 PM #3
- Join Date
- Dec 2017
- Posts
- 17
BRIAN , you are the man!....why would I list funders that are already coming through. You're a diamond in the rough. P.S. Both deals will get done!
Hit Brian@ 24 Capital up.Last edited by funding221; 04-19-2020 at 12:52 PM.
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04-19-2020, 12:58 PM #4
- Join Date
- Nov 2018
- Posts
- 44
Appreciate it my man! Be safe and lets keep funding. Newer ISO's out there, please email me for more detail.
Brian@24capital.com
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04-19-2020, 07:01 PM #5
- Join Date
- Feb 2018
- Posts
- 1,349
they will tell you they can fund and when you see the offers you will fall out of your seat, or, you wont hear back from these so called one foot in "funders" - the reality is that every fintech turned to PPP for now vs MCA as a means to get customers, help them, and, make a fee income on the PPP loans. MCA is not the focus right now. Lending is one of the hardest hit industries during any recession and this one is one of the worst. If you recall the subprime mortgage era, many of those shops migrated to this industry when the bottom fell out. The million $ question here is will this bounce back to any resemblance to what it was pre Covid. If so, that will not occur anytime soon. Maybe try expanding to other products/services like equipment leasing. Now is the time to expand product services.
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04-22-2020, 10:22 AM #6Metromedia Funding Solutions LLC
55 Monument Circle Suite 745*
Indianapolis Indiana 46204
317-649-0110*
https://www.metromediafunding.com/
Like us on Facebook!https://www.facebook.com/mpmetromedia/
Rick@metromediafunding.com
Your friends in funding.
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04-22-2020, 10:31 AM #7
- Join Date
- Dec 2017
- Posts
- 17
Update, This weeks Experience so far:
Funded with ONDECK, FUNDWORKS, 24Cap all FUNDED FAST and PAID FAST.
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05-21-2020, 09:00 PM #8
- Join Date
- Mar 2019
- Posts
- 253
Hey Vadim,
You definitely have some very valid points and I can see how frustrating it can be for a broker. In the examples you provided, the funders seem to be acting very selfishly. As a funder, I can understand being selective in the funding but not paying full or on time commissions seems extreme.
My question for you is, what would your response be to a funder that tells you "I am willing to give offers, fund deals, pay normal commission on new and renewal deals in their regular pay period BUT my approvals are going to be a bit shorter and a bit more conservative than normal". In other words, I will have updated Covid guidelines.EPIC ADVANCE
Mark@epic-advance.com
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05-22-2020, 09:06 AM #9
- Join Date
- Jan 2020
- Posts
- 88
Many people on DF who have reached out in the past 2 weeks have either funded with us or have received offers. Brokers and Funders alike. I’m sure some on here can vouch.
Chromecapitalfunding.com
Newdeals@chromecapitalfunding.com
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05-22-2020, 12:11 PM #10
- Join Date
- Apr 2016
- Location
- Ft Lauderdale
- Posts
- 57
You forgot to mention Flash Advance who funded your deal in 2 hrs. Although we are in the dating stage I think you can vouch for the commitment we provide. We should be funding your 2nd deal of the week today
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05-22-2020, 12:20 PM #11
- Join Date
- Aug 2019
- Location
- United States
- Posts
- 72
Madison doesnt only have both feet in, rather completely jumped into the pool.... looking to fund fund fund
All I do is FUND FUND FUND no matter what...
Madison Capital Fund
Josh - Senior Funder
862-323-1780
josh@madisoncapitalfund.org
Apply:madisoncapitalfund.org/applynow
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05-22-2020, 02:50 PM #12
- Join Date
- Aug 2018
- Posts
- 730
We are funding with Chrome. They are pushing out a fair amount of offers right now and the stips are pretty much the same as before: none.
I think they are signing up new ISOs. If you have a problem you can private message me, I have great relationship for years with David.
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07-08-2020, 05:49 PM #13
- Join Date
- Dec 2016
- Posts
- 49
whats the update which 1st position funders are actually funding now
qspot, ondeck, rapid replacements
lendini ebf replacements
ysc replacements
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07-08-2020, 07:26 PM #14
- Join Date
- Jun 2019
- Posts
- 34
I really enjoyed your post for some reason, I also respect the hustle and truth. We actually stopped all funding from March until May because we didn't want our ISO's to waste time sending to us. Now that we're open again, we are taking funding serious. We fund 2nd-5th position deals. Our buy rates can go as low as a 1.28, terms up to 8 months, commission sent the same day a deal funds, only DL/VC/AR/Bank verification to fund. We have an insane bonus this month too because we are hungry to fund. 2 bonus points on the first deal a new ISO funds with us, 1 bonus point for every 50k+ deal, and 1 bonus point on the total amount funded if 4 new deals fund.
Feel free to email me matthew@riveradvance.com for more info or our ISO agreement.
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07-08-2020, 08:03 PM #15
- Join Date
- Jun 2019
- Posts
- 59
Noble Funding Group is funding!
If you haven't signed up contact me at,
David@noblefundinggroup.com
CC - underwriting@noblefundinggroup.com
A-D paper
2-6 positions
Previous Defaults
6 months in business
20k MIN Revenue
NO Restrictions on industries.
WE ARE NOT WHITE LABELED ALL IN HOUSE!!!
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07-10-2020, 10:23 AM #16
- Join Date
- May 2019
- Posts
- 85
Joseph Cerullo
Main Street Cash
360 Motor Parkway, Suite 200B
Hauppauge, NY 11788
631-791-9626
jcerullo@mainstreetcash.com
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07-14-2020, 04:12 PM #17
- Join Date
- Jul 2019
- Posts
- 12
Par is all in especially over the last few weeks. Our reverse consolidation program is back as well and we're putting out STRONG offers.
The only restriction is trucking under $50k as it's always been. Modifications and low revenue due to Covid-19 does not disqualify a merchant either!
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07-15-2020, 04:39 PM #18
QFS Capital is all in. Send me an email or call and I'd be happy to sign you up.
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07-16-2020, 02:41 PM #19
- Join Date
- Jul 2020
- Posts
- 5
Radium is back to pre-covid underwriting. Pretty basic guidelines - If a business is generating consistent revenue we will entertain the deal. No issues with states/industries.
If you've seen us in statements you'll know our underwriting style is creative and we love to compete. Feel free to shoot us a message/email/call for an introduction.
Tom Prescott
Phone: 631-517-0059 / Submissions@Radium2capital.com
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