I have been a student and observer in this forum. I thank everyone for their contribution in sharing knowledge about the industry. I have learned quite a bit. Today, I am sharing my experiences in dealing with Ryan Cola & Viking Funding Group.

I submitted this merchant(a restaurant) to Ryan @ Viking on 4/13/2016. On the same day, they offered $35k on a split deal at 1.499 with 16% holdback. Contract was issued to client; client signed and sent back. Then I was asked to get the client to re-initial the first page, changing the 16% to 17%. I refused to do it. Ryan Cola called the client behind my back, getting the client to initial the first page, changing the heldback to 18%. I was upset.

Site inspection was scheduled on 4/18/2016, but because it there was some weather condition in Texas, it was rescheduled to 4/19/2016. On 4/19/2016, site inspection went well.

After passing the site inspection, merchant sent a DDA change request to the Processor to perfect the lockbox. Ryan & Viking stated as soon as they see the first batch hits the lockbox, they would fund the account.

Because of some technical issues from Processor, the first batch did not appear on the lockbox until 4/25/2016.

To this point, the readers probably think the client will get funded. I got excited too. Because Ryan told me I would also get paid on the same day; Client is happy and I am happy. But that's not the case. Ryan & Viking wanted to see the 2nd batch shown up on the lockbox. If if the 2nd batch did not show up on 4/25/2016, they would not fund.

I relayed the info to the client. They were pissed. They threatened to contact processor and reverse the DDA change, basically removing the lockbox.

Ryan got jumpy and said that he was able to convince management to overlook the "2nd" batch on the lockbox and get this funded by 3PM, Texas's time. I am in California, so two hours behind Texas; Ryan is in NY 1 hour ahead of Texas.


Well, at 2:23PM my time, which is 4:23PM in Texas or 5:23PM in NY, Ryan and his underwriter Kurt are in a meeting together, reviewing the file. See the text message dialogue for details; meanwhile, the client is sitting right next to his phone, waiting for the funding call from Kurt.

At 2:56PM my time or 5:56PM in NY, Ryan stated that Kurt, the underwriter tried calling the client but got through his voicemail. Who on earths try to fund a client at almost 6PM in New York!!! Meanwhile, the client sat and stared at his cellphone; there was no a single call coming in.

I apologize for such a lengthy post. I just want to share my experiences when dealing with Viking. I hope others will benefit when reading this.

Meanwhile, I am looking for another lender who can jump in and fund this client. I got both Wall and YSC offering $25k, but the client needs $35k. Please shoot me an email if you can close this deal: patrick@mtktcapital.com



Here is my text-message-log with Ryan Cola from Viking Funding Group; timestamp is based on California's time; so add 2 hours for Texas or 3 hours for New York.

http://www.mtktcapital.com/text-mess...ding-Group.txt