[jbrown]

Thanks for responding to this. So it looks like these deals can be done. With no COGS to deduct, it sounds like a very thin margin business. Do you need to see some sort of license or permit in the underwriting process? How do you verify that it's legitimate or enough to suffice?

Good questions Sean. Like everything else in MCA, there is a lot of underwriter judgement. Definitely we get the copy of their current license. We also ask about their supplier - to make sure they are legal there also. Sometimes we look at tax returns too, depending on the amount and the length of the term, strength of the bank statements, etc.