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07-19-2018, 04:22 PM #1
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- Mar 2016
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Largest Defaulted Merchant
Crazy, but true. Bumped into a file where the merchant recently had judgments filed in total of $11.4 Million, all from MCA companies.
Easily the most I've ever seen a single merchant screw over that many Funders.
Curious to know what the largest amount in defaults you've seen? Or the most amount of Funders in a given deal that popped?
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07-19-2018, 04:24 PM #2
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- Jun 2015
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- 3,318
wow 1.75 million is the largest i saw
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07-19-2018, 04:27 PM #3
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- Mar 2016
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- 657
16 different judgement amounts. It's possible more will show, but HOLY CRAP! How do merchant's get away with taking out this much and Funders not catch on to it?
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07-19-2018, 04:28 PM #4
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- Nov 2016
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- 90
Question is, who will be next to stack it?
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07-19-2018, 04:40 PM #5
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- Feb 2017
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- 3,395
There's a $12.8mm one now out right now as of last week. Look up Dual Diagnosis.
(It's an MCA deal structured as a factor, don't get confused!)
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07-19-2018, 04:42 PM #6
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- Mar 2016
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07-19-2018, 04:43 PM #7
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- Mar 2015
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- Boynton Beach
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I have seen two recently both of which will be in trouble sooner than later and there is a bank or factor ahead of all the advances. $12Mil and $9Mil. I have seen both of these deals multiple times from multiple sources.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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07-19-2018, 04:53 PM #8
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- Apr 2018
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- 178
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07-19-2018, 05:22 PM #9
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- Oct 2016
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07-19-2018, 05:24 PM #10
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- Oct 2016
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07-19-2018, 05:26 PM #11Karen37aGuest
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07-19-2018, 05:29 PM #12
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- Dec 2013
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- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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07-19-2018, 05:51 PM #13
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- Mar 2016
- Posts
- 657
Business name: Namr 2617
Defaulted on the following including judgment amounts:
-24 capital $403K
-24 capital $532K
-Lex $441K
-Lex $632K
-Accel Capital $2.04M
-Accel Capital $2.03M
-Accel Capital $1.2M
-Accel Capital $236K
-Ace $292K
-Viceroy $460K
-Viceroy $836K
-Richmond $278K
-Richmond $320K
-RAM $630K
-ADDY Source $524K
-Mzeed $545K
Again- all these judgments were filed recently so I'm sure the list will grow in the coming days
but JEEEEEEEEZZZZZLast edited by NoBigDeal; 07-19-2018 at 05:51 PM. Reason: typo
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07-19-2018, 05:58 PM #14
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- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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07-19-2018, 06:04 PM #15
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- Apr 2013
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- NY
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- 203
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07-19-2018, 06:11 PM #16
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- Mar 2016
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- 657
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07-19-2018, 06:22 PM #17
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- Mar 2016
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Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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07-19-2018, 06:22 PM #18Karen37aGuest
If that is who I think it is . That guy is a pric*. he is all smug on the phone and has his girlfriend mistress trailer park woman laughing at his jokes sitting next to him, saying yeah ill take more money. I hope they arrest him for fraud.
amazing he slipped byLast edited by Karen37a; 07-19-2018 at 06:25 PM.
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07-19-2018, 06:33 PM #19
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- Mar 2016
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07-19-2018, 06:49 PM #20
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- Aug 2016
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"by mistake" aka Richmond
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07-19-2018, 06:50 PM #21Karen37aGuest
Business name: Namr 2617
Defaulted on the following including judgment amounts:
-24 capital $403K
-24 capital $532K
-Lex $441K
-Lex $632K
-Accel Capital $2.04M
-Accel Capital $2.03M
-Accel Capital $1.2M
-Accel Capital $236K
-Ace $292K
-Viceroy $460K
-Viceroy $836K
-Richmond $278K
-Richmond $320K
-RAM $630K
-ADDY Source $524K
-Mzeed $545K
Why would anyone want to pay this back? Business name Namr 2617
default
reincorporate under Namr 2618
default
2619
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07-19-2018, 06:54 PM #22Karen37aGuest
This is not supposed to be a game of who can get the most advances out and default...anyone can do that
its who can get the money back turn a profit ...do it again
this is actually embarrassing
Then some wonder why I hate defaults...that guy is laughing at youLast edited by Karen37a; 07-19-2018 at 06:59 PM.
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07-19-2018, 07:31 PM #23
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- Oct 2016
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Great job, Accel.
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07-19-2018, 07:41 PM #24
- Join Date
- May 2014
- Location
- California
- Posts
- 341
It actually makes my day when I see funders who have no qualms about backdooring an ISO get burned.
I have learned in life what comes around goes around.
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07-19-2018, 07:47 PM #25Karen37aGuest
lol
Then you have to listen to some of them playing finance...like Trump game monopoly board . with their industry jargon
Well I am not sure if "algorithms" is your" core competency", we can" flash" the idea around to see if we can get a "buy-in", it seems like this company is on the "bleeding edge" and this is not one of our "verticals"...we will put out some "feelers"...but I think you guys are drinking the" kool-aid" do you think they have the "human capital" to get this done, let us get our "ducks in a row", we cant work in "silos" and meet the deadline., but ill get back to you.
short response
In other words you are broke...get off my phone...dial tone
--
Well that wasn't very lady like or professional
It actually makes my day when I see funders who have no qualms about backdooring an ISO get burned.
I have learned in life what comes around goes around.Last edited by Karen37a; 07-19-2018 at 07:50 PM.
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