Articles by Todd Stone

rss feed

Visit Todd Stone's Website

Bitty Advance Opens Office in NYC

June 6, 2019
Article by:

Eddie Siegel, CEO, Bitty Advance Bitty Advance has expanded to midtown Manhattan. The company’s first location, in Fort Lauderdale, FL, will remain intact as the corporate office. “We wanted to have a New York presence to hire sales talent, underwriters and, of course, raise more capital because obviously this is  the mecca for finance,” said […]

ForwardLine, One of the Original Funding Companies, is Back

June 5, 2019
Article by:

Steve Carlson, CEO, ForwardLine ForwardLine Financial originated well over $65 million in loans in 2018, according to CEO Steve Carlson. ForwardLine would not share its origination numbers, but Carlson said the company is comfortably on the deBanked list of top originators. ($65 million is the lowest origination number on the list). Last week, the company […]

CFA Report Shows Increase in US Factoring Volume

May 30, 2019
Article by:

The Commercial Finance Association (CFA) recently published a report on asset-based lending and factoring which showed a 10.4 % increase in domestic factoring volume in 2018 compared to 2017. While the increase isn’t enormous, it is consistent with a gradual growth in factoring, according to Jeff Goldrich, CEO at Princeton, NJ-based North Mill Capital, which […]

Liquid FSI Partners With Stackfolio

May 28, 2019
Article by:

Frank Capozza, CEO, Liquid FSI Liquid FSI announced today that it has entered into a joint venture with Stackfolio, an online loan marketplace, which allows small banks, hedge funds and credit unions to buy and sell loans. Liquid FSI funds mostly doctor’s offices, as a factor, and it also builds financial technology products to make […]

Does The Borrower Even Exist? Image Algorithms, Site Inspectors Spot The Fakers

May 24, 2019
Article by:

snapshot

Their product research lab was the real deal. That’s what a business seeking capital hoped to convince a lender of when they snapped a photo of a $450,000 microscope and sent it over to underwriting along with two dozen other photos of their warehouse. Most of the pictures were genuine, but the microscope was not. […]

BFS Capital Joins ILPA

May 23, 2019
Article by:

Ruddock

Mark Ruddock, CEO, BFS Capital The Innovation Lending Platform Association (ILPA), a group of online small business financing and service companies, announced today the addition of BFS Capital.  ILPA is known for creating the Straightforward Metrics Around Rate and Total Cost (SMART) Box. “We believe that transparency matters,” Ruddock told deBanked. “BFS Capital is committed […]

The Road Back to Residual Commissions

May 17, 2019
Article by:

money making machine

Phil Dushey, President, Global Financial Services “We’re still getting resids from a company 14 years later.” That’s what Phil Dushey said about a factoring client he has at Global Financial Services, a New York-based financial brokerage firm he founded. He was speaking at deBanked’s “Broker Fair” to a room filled mostly with MCA brokers. Years […]

How To Scale Your Broker Shop

May 15, 2019
Article by:

Broker Fair 2019

Above: Will Murphy, Everlasting Capital When it comes to hiring, it’s quality over quantity. That’s what the co-founders of Everlasting Capital Josh Feinberg and Will Murphy told a packed room at deBanked’s Broker Fair last week. They presented a panel called “How to Scale Your Broker Shop,” where they shared tips on how to do […]

Merchant Relationship Status: It’s Complicated

May 14, 2019
Article by:

merchant relationship status

Brokers will often say that building strong relationships with their merchants is critical to their success. John Celifarco, Managing Partner at Horizon Financial Group, a five person ISO in Brooklyn, said that the advantage they have over larger competitors is the relationships they’ve developed with their merchants. Celifarco’s office is even in a streetfront store, […]

Broker Fair 2019 Makes Major Splash in the Heart of Manhattan

May 10, 2019
Article by:

Broker Fair Crowd

If a tiny ray of light were created from every conversation about small business financing, then the Roosevelt Hotel in midtown Manhattan would have been tantamount to the sun on May 6th. It was the site of deBanked’s 2nd annual Broker Fair and the grand old lobby was abuzz with brokers, funders and vendors from […]

OnDeck Slips To #3 in Tight Pack of Top Small Business Lenders

May 3, 2019
Article by:

falling

With most 2019 Q1 earnings in for public companies, the industry’s biggest lenders are off to the races. Square reported on Wednesday that Square Capital, its business lending arm, originated $508 million in loans in the first quarter of the year. Meanwhile, OnDeck originated $636 million this quarter, according to its earnings report released yesterday. […]

OnDeck Originations Slide in First Quarter

May 2, 2019
Article by:

OnDeck

OnDeck’s originations dipped in the first quarter of this year to $636 million, down from $658 million in the previous quarter. “We made some adjustments to credit policy mid-quarter to pull back in certain areas and our funding advisor channel volume decreased sequentially as a result,” said OnDeck CEO Noah Breslow. In other words, OnDeck […]

College Students Abandon Student Loans, Offer Share Of Their Future Income Instead

April 29, 2019
Article by:

purdue university

At Purdue University, home of the Boilermakers, there’s a brick bell tower that stands high above everything else on this handsome campus of stately college buildings and green lawns. Paul Laurora, a senior Chemical Engineering student, said the bell rings on the hour and at 20 minute intervals throughout the day, as that’s when classes […]

Lending Club Calls It Quits On Underwriting Small Business Loans

April 23, 2019
Article by:

Scott Sanborn, Lending Club CEO

The company is the latest fintech player to exit small business lending. Lending Club will no longer be underwriting small business loans, according to Lending Club Head of Communication VP Anuj Nayar. The company will still accept applications for them, but will direct them instead to Opportunity Fund and Funding Circle in exchange for referral […]

SEC Finding Said that Prosper Misled Investors

April 22, 2019
Article by:

Prosper Marketplace

From approximately July 2015 until May 2017, Prosper excluded certain non-performing loans from its calculation of annualized net returns that it reported to its investors, according to an SEC order released last Friday. The order found that Prosper reported overstated annualized net returns to more than 30,000 investors on individual account pages on Prosper’s website […]

When Merchants Defraud Lenders

April 17, 2019
Article by:

online fraud

Back when lenders used to visit the site of a merchant’s business, a “doctor” once hired actors to play nurses and patients to give the illusion of a thriving medical practice when the lender came to check in on the business before financing it. The doctor’s office looked legitimate, it got funded and the fraudster […]

Online Lenders Square Off, Offer The Kabbage In Brooklyn Food Court

April 10, 2019
Article by:

square pos

In a fast gentrifying section of Downtown Brooklyn, online lenders are waging a silent turf war. Each day, hungry consumers flock to DeKalb Market, a subterranean hipster food court where lunch and a drink can cost $17. The maze-like space with retro neon signs and rustic wood countertops offers a dizzying array of cuisines, and […]

Marketplace Opens for New Student Financing Investments

April 5, 2019
Article by:

edly

Edly, a new online marketplace that connects Income Share Agreement (ISA) investors, announced last week that a prestigious software engineering school in San Francisco listed $2 million in inaugural ISA trades via the Edly marketplace. The school is called Holberton and offers only two payment programs, an ISA or pay it all upfront. LinkedIn CEO […]

Computers Continue to Fine Tune Underwriting

April 5, 2019
Article by:

algorithm

What’s the present role of computers in the underwriting process? “It’s faster and more accurate,” CEO of Kapitus Andy Reiser said of the company’s new AI process. “We get thousands of pages a day of bank statements, and we can digitally read it through [our system] and then manipulate that data and analyze it.” Co-founder […]

Give Up Equity In Your Business?! Try Alternative Funding Instead

April 4, 2019
Article by:

One thing you can’t get back is your company. Clearbanc Co-founders Andrew D’Souza and Michele Romanow Michele Romanow, a judge on Dragon’s Den, Canada’s version of Shark Tank, realized from the show that a lot of companies should not be pursuing venture capital at all. She recalled a company that was willing to give an […]