So I submit the file to these characters last Friday morning, I get an offer for 25k from them via email, now prior to me sending them the file or any other lender I specifically instruct all Merchants to notify me asap if they receive any calls for funding: Write down the name of the individual/firm/#. So the Merchant couldn't understand the name of the firm but he gives me two #'s which are 718.301.0265 & 516.592.3079. I call up the 718 & the young kid was very evasive however he told me that he had funds ready for me but couldn't answer my question as to how he completed the Underwriting process for my file if I did not send him the paperwork directly, he did tell me that he was out of Brooklyn, hmm. Now the 516 # was a slam dunk in what I was trying to achieve: Hear the name of a firm that I had submitted to that were in the act of "backdooring" me. I call up & ask a couple questions, another young kid which sounded as if he was in the same room with the first one told me he had two offers for me, 25k & 20k, well look at that. I asked him why not just give me 45k in one contract do he told me he couldn't but one of his "business partners" was advancing me the other 20k. I then asked about fees, he told me it would be 5%, I stated that was fine as I was "accustomed to paying 10%", how did renewals work, once I paid down 40% I would be able to get more capital, he was eating up all my responses, so now came time for the KO punch. Nonchalantly I asked him the contract would be coming from which company, he told me he would send the first one from his company, I asked him the name of the firm now a 2nd time, he paused for about 5 seconds then in a spineless, thief of the night type of voice he said "Capital Funding out in Manhattan." I then said "you mean RAM Capital Funding correct?" He said yes, I then went on to say "you must feel proud of yourself doing this every day right!" "You magically have my bank statements & some other firms application but you aren't working with the ISO/Broker, instead you are going directly to the Merchant!" I could hear him gasp for air, stumbling for words he said "are you the broker on this deal", then clicked me. No more of my files to these thieves! Now I had heard that this firm was owned by John Braun of Richmond Capital Group, another place I had an idea of backdooring but I don't categorize firms or people, I usually give everyone a shot unless it's the obvious that you are evil. Thinking back, about three weeks ago I was going to be in NYC to see funders face to face, you all know who you are that I went to see in the NY/NJ area, when I asked Jack aka "Steve Reich", he told me he couldn't meet me all week, so I told him let's meet up the following week, he declined as well, that brought up a red flag, he didn't want me to see his face or see me eye to eye I presume, I should have caught it then...
Point of the story everyone, continue building relationships with the lenders you truly feel comfortable with & stay away from RAM CAPITAL FUNDING!