Has anyone had any experience with Finneo? They are one of the tech enabled CRE brokerage firms. They have given me an offer but there is not a ton of information online, their tech looks great but I have no insight into culture and broker support, etc. Anyone have experience or heard from someone else about them? Thanks.
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I interviewed with them. I thought their platform was pretty solid for being a debt brokerage shop; however, I had no interest in joining a shop that purely exists as a 3rd party intermediary when I'm already w/ a name that has an agency license & other sheltered correspondent relationships with life companies.
We didn't get into discussing their specific economics, but it's likely a small draw / no salary w/ a ramp period where you either sink or swim. Almost like a tech-enabled, kinder (Canadian) debt version of M&M but w/ less brand recognition & no legacy teams.
lol, they spoke to me as well and I have a similar background as you. They speak to everyone and there is a reason why they get turned down often. It all comes down to pay and the brand.
I got an offer for VP about a year ago, turned it down. Happy to answer any questions.
What exactly is so "AI" and machine learning about their platform? Their platform mentions they leverage these AI and ML tools to seek better financing for their clients.
I've seen some of their materials that they provide to the market, and it seems similar to what other debt brokerages provide in terms of brochures, and quotes from Banks, Life Companies, etc.
Their internal "lead generation" and "lender generation", interface was very interesting. Aggerated data to show a potential client what/who would be the best lender for their financing. Sat throught the demo for like 45 min, an hour. I was impressed.
Shervin - thank you for being willing to help. After having had a few good conversations with Finneo's kind people, I now got a feeling that they do not offer any base salary but commission upon deal closing. I respect the company's business model if so, but is my gut feeling right? Your timely insights are highly appreciated because they would like to proceed with me expeditedly.
Almost all debt brokerages will offer commission only in their sales roles (associate or assistant VP+) unless you're very new. Its the same thing on the property sale side as well with firms like CBRE, JLL, etc.
By the way, those larger firms more likely to offer you a "draw" when you are starting out. Its essentially a salary that you have to pay back through deal commissions, and once you get passed your salary, you start getting the commissions.
If you're new, you can ask something similar from Finneo and see if they play ball. Careful about the wording of the Draw clause though, sometimes you're liable to pay it back even if you don't close a deal, although a lot of the times they waive that.
/ personal opinion only /
I'm sorry, i wrote to you on the app, it didn't come through.
I would advise against taking the role unless you have nothing else. This is just my gut from the role, and your messages in this site. Nothing else
I talked to a few of their employees in Toronto at an event before. Also had recruiters hit me up the LinkedIn dms. Their platform seems new/rough still as they just plug in a few figures and assume a lender is a good fit. My general sentiment on them is a pass though.
Yeah someone I know there posts LinkedIn updates that are like rates were at here last week and this week they're 2 bps difference. Reach out about any of our insights, like people don't know what's going on in the market and can't do a quick google search? There's nothing useful about it and makes me think they're bottom rung and not the smartest people. Like sketchy, sleezy guys even lower than Marcus and Millichap.
RUN. They’re beyond sketchy. Got an offer from them as well.
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