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  • Kevin Henry-Seacoast's Avatar
    Today, 05:20 AM
    This is partly correct, but 99.9999% of the time an advance is taken without anyone checking with the UCC holder for permission. If there was a first right of refusal that was passed and allowed someone to obtain capital away from their original facility a inter-creditor or subordination agreement would have to be put in place. That NEVER....NEVER happens. I have never ever seen a subordination or inter-creditor agreement in place for a cash advance .... We have had clients come to us to replace their current LOC, ABL, or factor because they stacked an adavance or multiple advances with no agreements in place. There have been too many occasions to count where the stacking was so bad there was not enough availability on assets to pay off all the advances. We have put forward proposals in these instances and asked for subordination agreements and/or inter-creditor agreement from the staking advance companies and they flat our refused to enter them.
    58 replies | 2757 view(s) |
  • Onepointwhat's Avatar
    Yesterday, 09:03 PM
    What's crazy is that broker-dealer was fined $500k by the SEC for something completely unrelated two months later. https://insurancenewsnet.com/oarticle/sec-fines-dean-vagnozzi-and-his-firm-a-better-financial-plan-about-500000#.XzSQQBNKjs0 https://www.sec.gov/enforce/33-10802-s
    114 replies | 14355 view(s) |
  • Don Dolla's Avatar
    Yesterday, 08:17 PM
    pcfunder federal
    114 replies | 14355 view(s) |
  • pcfunder's Avatar
    Yesterday, 08:02 PM
    Man what a loser. “I’m sorry to say that coronavirus has caused us to go bankrupt... but GOOD NEWS! If you give me more money I will be profitable again!”. 3 months later gets arrested with multiple illegal guns, plans to leave the country and hide on a small island, millions in him and his wife's bank accounts, multiple houses and cars, and multiple threats to his own merchants about how he’s going to kill them if they bounce on one payment.
    114 replies | 14355 view(s) |
  • Shorebird's Avatar
    Yesterday, 08:01 PM
    Damn! The letter was intense. I still can't figure out who Jimmy was? Everyone is f@cked in this deal. I always thought that guys at Par were brilliant but now it appears it was all retiree's money they were living off of. I wonder now if Par ever turned a profit? Doesn't appear so.
    114 replies | 14355 view(s) |
  • Yankeeman07's Avatar
    Yesterday, 07:42 PM
    Yankeeman07 replied to a thread criminal backrounds in Deal Bin
    Would you write the check?
    4 replies | 130 view(s) |
  • SmartestGuyInTheRoom's Avatar
    Yesterday, 07:41 PM
    Bump. With 1% default rates, Covid shouldn't have killed them, but Par was insolvent in April. http://www.documentcloud.org/documents/7033639-April-2020-Letter-to-Investors-Mca.html Not looking good. https://www.inquirer.com/news/par-funding-joseph-laforte-sec-investigation-fbi-philadelphia-arrest-prison-20200811.html
    114 replies | 14355 view(s) |
  • Acajabon1212's Avatar
    Yesterday, 07:11 PM
    thanks sent you an email.
    6 replies | 377 view(s) |
  • shieldfunding's Avatar
    Yesterday, 05:59 PM
    shieldfunding replied to a thread criminal backrounds in Deal Bin
    drug sale armed burglary
    4 replies | 130 view(s) |
  • Chambo's Avatar
    Yesterday, 05:28 PM
    the issue with OWNER OCCUPIED is that if things start to go south on the deal, the tenant/owner can tie up collections for months with modifications. Then the whole business vs personal question comes in to play....if the merchant LIVES THERE, it is personal
    4 replies | 183 view(s) |
  • BB_Cooper's Avatar
    Yesterday, 05:25 PM
    Yes, but if a bank's client is staying within their covenants, generally banks accept they have a right of first refusal if future financing isn't going to take a borrower out of covenant. As example, purchase money equipment financing, etc. Most of the early anti-stacking clauses in the UCC language and ISO contracts alike were written such that the merchant had no right to gain any additional business credit, whether they were paying their senior lender or not. Banks understand covenants and different positions in the capital stack and don't generally take the position they hold their customers captive.
    58 replies | 2757 view(s) |
  • Chambo's Avatar
    Yesterday, 05:24 PM
    Chambo replied to a thread criminal backrounds in Deal Bin
    Merchant has a DWI, Poss of Narcotic, or Agg Assault? Or FORGERY and CHECK FRAUD?
    4 replies | 130 view(s) |
  • Slumdogmillionaire's Avatar
    Yesterday, 05:02 PM
    solutionscfinance@gmail.com
    4 replies | 183 view(s) |
  • Slumdogmillionaire's Avatar
    Yesterday, 05:01 PM
    solutionscfinance@gmail.com
    6 replies | 255 view(s) |
  • moneygreen's Avatar
    Yesterday, 04:32 PM
    moneygreen replied to a thread criminal backrounds in Deal Bin
    depends what they did and what the merchant does for a living
    4 replies | 130 view(s) |
  • shieldfunding's Avatar
    Yesterday, 04:10 PM
    who would fund regardless
    4 replies | 130 view(s)
  • Kevin Henry-Seacoast's Avatar
    Yesterday, 03:56 PM
    If he client has a bank line or someone else has filed a UCC......the same applies.
    58 replies | 2757 view(s) |
  • Yankeeman07's Avatar
    Yesterday, 03:48 PM
    You are " given a "do not stack" clause on the ISO contracts, _ Whomever funds 1st has collateralize ALL FUTURE SALES until the Merchant Cash Advance has been repaid. A funder is purchasing an asset " the business owner's future receivables
    58 replies | 2757 view(s) |
  • FUND3R1's Avatar
    Yesterday, 02:46 PM
    FUND3R1 replied to a thread TikTok in Everything else
    Good I'm not a big TikTok fan anyways.
    3 replies | 243 view(s) |
  • fundingsmbs's Avatar
    Yesterday, 02:42 PM
    good previous point on first position funders who have a direct sales arm that sends deals to the very companies who are under a microscope in order to generate revenue- there is a level of hypocrisy in this. they want to say oh, we don't stack but we sure as hell well send stackers paper to make money. no need to name names but yes, a large % of revenue for funders is brokering out deals.I have heard as high as 40% of paper flows out to high risk, stackers from first pos funders. So, on one end, you have these companies lambasting high risk funders as bad apples, yet, they themselves send them deals to make money. You cant cast a stone and in the same breath accept commissions from the bad apples. whether you want to classify a funder as A, B, F, Z, Q, everyone is in the same industry. so, regulation has to address everyone across the board. also, using a middle man bank to export rates above usury, does that really make you better than those who don't? no. it just means a loophole was found and those companies executed that loophole. its still an expensive loan.
    58 replies | 2757 view(s) |
  • J.Celifarco's Avatar
    Yesterday, 02:02 PM
    ^^^^^^^^^^^^^^^^^^What he said^^^^^^^^^^^^^^^^^^^^^^^^^^^
    26 replies | 1215 view(s) |
  • Yankeeman07's Avatar
    Yesterday, 01:52 PM
    Appears Amex is going to purchase Kabbage at a healthy premium
    58 replies | 2757 view(s) |
  • SCCNY's Avatar
    Yesterday, 01:48 PM
    Does anyone know if this accurate, is Ondeck funding renewals and new deals?
    32 replies | 1384 view(s) |
  • QFSCapital's Avatar
    Yesterday, 01:45 PM
    Yes we are. Give me a call anytime to discuss.
    7 replies | 385 view(s) |
  • pjfunds's Avatar
    Yesterday, 01:33 PM
    They are located in NYC, my brother used to work for them.
    5 replies | 333 view(s) |
  • ralph's Avatar
    Yesterday, 01:32 PM
    WE ARE FUNDING MAX DOLLAR AMOUNT OFFERS MAX TERM – 20-100 DAYS NO FUNDING RESTRICTIONS FUNDING WITH MINIMAL STIPS DL VC TR OR POO 1st POSITION - 6th POSITION PREVIOUS DEFAULTS MARK@BRIDGEFUNDINGCAP.COM
    26 replies | 1215 view(s) |
  • Don at MT's Avatar
    Yesterday, 01:30 PM
    Wouldn't it be great if your clients could stay in your ecosystem and also process bank statements in seconds for less than a dollar per file with MoneyThumb. Very high degree of accuracy without releasing your documents to an outside agency. Let me show you how - Don Campbell 858-215-5862 don@moneythumb.com www.moneythumb.com
    0 replies | 60 view(s)
  • capaxess's Avatar
    Yesterday, 01:29 PM
    There is an argument to be made about the distorted incentives in our industry which lead many to poor decisions and abused merchants. It's also wrong to collectively punish an entire industry every bit as much as to ban casinos because some gamblers don't know when to stop but they keep making their bets. Regulation is tricky because it's hard to balance the benefits with risks for abuse and therefore best not left to politically appointed bureaucrats that have no nexus to the industry. These issues require a scalpel used by experts that have skin in the game, not an axe used by idiots imho.
    58 replies | 2757 view(s) |
  • Don at MT's Avatar
    Yesterday, 01:28 PM
    Wouldn't it be great if your clients could stay in your ecosystem and also process bank statements in seconds for less than a dollar per file with MoneyThumb. Very high degree of accuracy without releasing your documents to an outside agency. Let me show you how - Don Campbell 858-215-5862 don@moneythumb.com www.moneythumb.com
    0 replies | 92 view(s)
  • BB_Cooper's Avatar
    Yesterday, 12:20 PM
    This seems very analogous to how New Car Dealer groups have used the state level Dealership Laws to make it more expensive and harder for B-Lot Used Car Lots & BHPH Lots to operate. Is this not largely an outgrowth of ILPA's/RLBC efforts to introduce regulation into the marketplace that favors their members' products and the expense of the MCA side of the business?
    58 replies | 2757 view(s) |
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