[JeffMulford]

Gave this merchant a position for 181/Daily 5k to help bridge the gap between vendors. A broker banged them over the head by over stacking numerous times, now I would like to help them get out the stacking positions, and place them into 1 long term deal. I suggest either a teir system approach, take out a couple, then move forward and take out the rest a few months down the line. Merchant has never missed a payment with any of the lenders .

Merchant has 5 positions looking to consolidate some of the positions if not all.
Looking for a direct lender who is looking to consolidate and help this merchant out. PM ME.
NO BROKERS!!!

Ledger of Positions:
Company 1 19589. Daily pay 169.85
Company 2 4046. Daily pay 226

Company 3 4417. Daily pay 89.95
Company 4 1632. Daily pay 181.25
Company 5 16850. Daily pay 250
Total 46,534 917.00 Daily

File Control Sheet
Bank Account -Avg Balance- Negative Days - Ending Balance - Bank Account # 2 - Avg Balance -Negative Days -Ending Balance
1
Aug-14- $38,476.36 - $3,623.89 - 3 - $6,915.83 - $3,420.00 - $6,648.53 - 0- $3,390.16
Jul-14 - $53,593.30- $4,121.40 - 2 - $3,519.65 - $9,513.05 - $4,839.10 - 3- $4,820.69
Jun-14 - $52,599.33 - $8,571.16 - 4 - $7,690.24 - $7,584.43 - 0 - $7,163.53
Apr-14 - $25,823.90 - $26,710.49 - 0 - $14,880.47 - $25,067.10- $14,747.96
Mar-14 - $79,619.09- 28406.59 - 0 - $40,880.68 -
----------------------------------------------------------------------------------------------------------------------------------------------------
$50,711.54 - $13,429.27 - 1.5 - $16,054.10 - $17,241.92 - $5,743.82 - 0.75 - $8,929.46


Kind Regards

Jeffrey Mulford

[CpepeWBL]

Jeff we are good in all 50 states now, so if they have real estate we can wrap everybody into one.

[1StopFunding]

FUNDMYPAYROLL.COM has a very unique new program for consolidation. I just did a merchant with 4 advances.. they consolidated 3 of them and saving my merchant $2800 a week. My contact over there is Steve or Keith.

[J.Celifarco]

did the merchant net any money on this deal or did they just consolidate????

[Steven M]

do you have a contact number for fundmypayroll.com?

[1StopFunding]

It was just a consolidation type deal. Merchant didn't net any money.
Stephen Halasnik
Managing Partner


My Direct Dial 973-917-2019

Main number: (862) 207-4118 x11
F (862) 207-4344
www.fundmypayroll.com

[Sean Cash]

do you have a contact number for fundmypayroll.com?

They advertise here. See the red box on the right sidebar. Payroll Finance Solutions:

http://www.payrollfinancingsolutions.com/isobrokers/

[Zach]

Core Financial can get consolidation deals done as long as they make sense. As long as their payments don't exceed 15% of their gross revenue and their retained earnings are there, we can usually get these deals done.

[Capital Stack]

The important thing a funder/lender needs to consider when consolidating, is whether the merchant will still stack you when another iso calls them offering more cash.

[Scott Williams]

The important thing a funder/lender needs to consider when consolidating, is whether the merchant will still stack you when another iso calls them offering more cash.

Exactly. 99.99% of merchants that would take 5 advances out at the same time will end up stacking on any consolidated funding. Funders will be out of business quickly if they do those types of deals.

[jason]

Gave this merchant a position for 181/Daily 5k to help bridge the gap between vendors. A broker banged them over the head by over stacking numerous times, now I would like to help them get out the stacking positions, and place them into 1 long term deal. I suggest either a teir system approach, take out a couple, then move forward and take out the rest a few months down the line. Merchant has never missed a payment with any of the lenders .

Merchant has 5 positions looking to consolidate some of the positions if not all.
Looking for a direct lender who is looking to consolidate and help this merchant out. PM ME.
NO BROKERS!!!

Ledger of Positions:
Company 1 19589. Daily pay 169.85
Company 2 4046. Daily pay 226

Company 3 4417. Daily pay 89.95
Company 4 1632. Daily pay 181.25
Company 5 16850. Daily pay 250
Total 46,534 917.00 Daily

File Control Sheet
Bank Account -Avg Balance- Negative Days - Ending Balance - Bank Account # 2 - Avg Balance -Negative Days -Ending Balance
1
Aug-14- $38,476.36 - $3,623.89 - 3 - $6,915.83 - $3,420.00 - $6,648.53 - 0- $3,390.16
Jul-14 - $53,593.30- $4,121.40 - 2 - $3,519.65 - $9,513.05 - $4,839.10 - 3- $4,820.69
Jun-14 - $52,599.33 - $8,571.16 - 4 - $7,690.24 - $7,584.43 - 0 - $7,163.53
Apr-14 - $25,823.90 - $26,710.49 - 0 - $14,880.47 - $25,067.10- $14,747.96
Mar-14 - $79,619.09- 28406.59 - 0 - $40,880.68 -
----------------------------------------------------------------------------------------------------------------------------------------------------
$50,711.54 - $13,429.27 - 1.5 - $16,054.10 - $17,241.92 - $5,743.82 - 0.75 - $8,929.46


Kind Regards

Jeffrey Mulford

What do you mean "bridge the gap between vendors?" I see that and immediately think they'd be a better fit with some kind of revolving facility.

Product mismatch leads to stacking.

[Eric S]

They will stack again. Guaranteed. Lenders are playing musical chairs, someone will be left holding the bag.

[JeffMulford]

I saw SFS place an addendum in the contract for when they bought out two positions from a client, stating that the merchant would be in immediate default if they took more funding, and would be liable for the whole purchase amount plus $2500. I understand the legality process in collecting would be extremely slow, as was described in this issue of DF, however, there is a niche in this industry for clients that are over leveraged by stacking positions. I believe that consolidation should be done on a case by case basis, and if economically it makes sense, there should be a company that would be willing to do so. I appreciate your help guys. PM me, if anyone would like to look at the file and see if it makes sense.

[bdshaw]

Jeff- if this is still open you might consider a 2-5 year installment loan that is often used to payoff MCA's.

[golf2014]

consolidate?? u mean u got them a lower payment and stretched out the term and they are pay8ng double interest...so the 1.40 is now 1.80???

[JeffMulford]

@bdshaw it still is open. Files been shopped around like crazy. No one wants to touch it. Excellent credit, never missed a payment. Just an eccentric merchant.

[Chambo]

has NOTHING to do with credit. Merchant is a scumbag who doesn't honor contracts. They consolidate...and in three or four months when they need money, they will go out and stack again.

Nobody wants that exposure or headache.

[GRP Funding]

What a mess

[WhoisKingsley]

Unfortunately, I gave up on this deal as well. I worked with Jeff and another ISO who talked to the merchant constantly and she is just NEVER HAPPY WITH ANYTHING. She is mean and super emotional and no matter how much you sincerely want to help her, if it's not her way - she will try to make you feel like you did not try. She does go back on contracts and no matter what good info you give her to help her, she will not follow through. Jeff... we all tried. She needs to figure this out herself. P.S. If you do help her- DO NOT give her your cell phone number.

[JeffMulford]

@whoiskingsley haha lol.

[Finance1]

We just got a restructuring deal done for one of our clients with Payroll Financing Solutions. I have to admit, it was a pretty smooth process and everyone is happy (I was skeptical going in). I talked to one of the partners today and discussed various aspects of what they can do. Pretty interesting concept. Not just for restructuring debts but various needs based solutions across almost all industries.

They definitely aren't looking for banged up companies who are on the verge of bleeding out. The particular deal we got done with them was a make sense deal and I'm pretty impressed. It's just one deal so time will tell how things go down the road.

[JSL23]

consolidate?? u mean u got them a lower payment and stretched out the term and they are pay8ng double interest...so the 1.40 is now 1.80???

Ahh, the whole "double interest" thing. And what do you call paying multiple stacks?! Single interest?

Lets take the merchant in question as an example:

They are paying 5 positions, $917 daily, that's $4585 per week. You get them a consolidation deal for $80,000 which relieves them of all that debt. Unfortunately, they only net $35,000 but still; $80,000 @ 1.38(a factor I have sold on consolidations) 9 Month term that is about $585 daily, about $2900 per week.

So, the Lenders all get paid off, the Merchant gets more money and saves about $1700 per week in fees and we make a lot more money than if we had done a lousy $10,000 6th position 60 day 1.499 stack. The Lender who consolidates does their due diligence and adds an addendum that protects their investment. Everyone's happy. Sounds pretty good to me, much better then stacking. Risky, of course. But it makes sense and I am glad to see some Lenders are finally doing this(successfully).

[J.Celifarco]

Ahh, the whole "double interest" thing. And what do you call paying multiple stacks?! Single interest?

The Lender who consolidates does their due diligence and adds an addendum that protects their investment. (successfully).

What kind of addendum can the lender use to protect the investment. What will stop the 5 positions that got paid off from coming back and stacking again

[JSL23]

What kind of addendum can the lender use to protect the investment. What will stop the 5 positions that got paid off from coming back and stacking again

The one that stipulates that by taking more money you automatically default and must pay a fine. Yes, some will ignore it and I am sure collection will be a *****. I also think the sense of relief and gratitude would inspire loyalty by many of these Merchants. We have all made mistakes or used bad judgment in our lives. Some of us learn from it and correct ourselves, some don't. Consolidation is not a perfect solution, but it is a solution. One that can reduce stacking and legitimately benefit our clients.

[Scott Williams]

Brokers love pitching this idea of consolidation because it can be a bigger funding amount/commission. Everyone needs to look at deals on a personal level. If you had 80k to invest/syndicate on a business advance, would you invest it in a merchant that has 5 open MCA's. Hell no.......and that's why 99% of the funders out there will not do it too. Be smart with your money and invest it in better deals. Merchants with 3-5 open advances will ALWAYS stack again.