Activity Stream
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Older Activity
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03-05-2024, 01:06 PMhttps://ag.ny.gov/press-release/2024/attorney-general-james-sues-large-scale-predatory-lending-operation-targeting Thoughts?
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03-01-2024, 11:13 AMLooking For a MCA funder with an aggressive early pay discount. CA based jewelry manufacturer doing approximately $250k/mth in revenues, looking for a $40k MCA behind a $53k Shopify Loan and a $27k Paypal loan. Company also has a $480k SBA Loan and a $90k Bank LOC in place. Company will most likely payoff this MCA within 30-45 days - the primary reason for an aggressive early pay discount. Full submission package ready to go Let me know if you can fund this Rich Rose Rich@rainstarcapitalgroup.com 602 309-1007
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03-20-2024, 06:26 PMJustInCase started a thread Referred Bank LOCs w/PSF, Is this a shady practice or completely legit? in Merchant Cash AdvanceI called an ISO shop today about becoming an independent referral partner they constantly post traditional this, that and everything on fb. They have a lot of great google reviews regarding their traditional "banking" services and also do a lot of MCA they say. Anyway, I asked about the bank line of credit and was told they have friends in banking positions they refer qualified merchants to letting them keep whatever fees they make originating the lines through bank for themselves while the ISO is charging another 10% of total line off the line itself when funded by way of ACH/PSF. Is this legit? Might be idk. Is it legit as well to be charging PSFs for regulated bank related products without a license etc? It was out of the box to me just trying to see if legitimate in general.
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03-25-2024, 02:33 PMWho does not require a personal guarantee or would make an exception on a deal by deal basis.
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03-20-2024, 02:09 PMI have an offer from LENDR for 12 months right now but they are requesting a green card p- Who can assist with this file ? Pizzeria in California does $65k per month My offer with Lendr is $40k 12 months
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03-06-2024, 06:39 PMAs a write this a buddy of mine just got turned down by metropolitan when he told them that he planned on using the account to FUND
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03-12-2024, 04:47 PMLooking for a good B-C fuder? Theese guys have done great stuff for me Pathway funding - Subs@pathwayfunding.com 80-120 days SUPER QUICK SUB TO FUND LESS THAN 2 HOURS
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03-21-2024, 09:24 PMAnyone know of Funders who fund merchants with bad background?
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03-14-2024, 06:15 PMHi, I have a merchant took around $350k in advances, balances are close to $200k. he is making weekly payments of around $14k, banks are ok. He wants to consolidate to try and get his payments lower. I have been funding this merchant for over 15 years, and I syndicate or do 100% of the funding myself. He has no real estate to leverage. Let me know if you have any suggestions.
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03-07-2024, 07:18 PMHave a construction merchant making 800k- to 1 mil a month good daily ending balances over 7 years TIB can't seem to get a decent over $150,000 best offer i have is $150,000 1.23 12 months who can assist here (someone reputable)
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03-05-2024, 11:40 AMTo all my experience folks out there. If you were starting fresh today with no contacts how would you get started? What daily actions would you take to see your pipeline full in say the next 60-90 days? Thanks!
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03-06-2024, 09:05 PMHello, Does anyone have any good recommendations for A paper lenders that work with newer companies that also fund first position with flexible terms. Any suggestions are appreciated. Thank you
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03-05-2024, 04:49 PMOpen ended question - for your mid-risk clients, what non-bank lenders offer terms or LOCs with monthly payment options? As someone relatively new to brokering but not business lending, this seems to be the gap I'm having the hardest time filling. *And with an ISO program that is reasonably interested in working with independents or small shops.
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03-22-2024, 11:12 AMwhich funders?
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03-22-2024, 04:11 PMLiterally I sent 2 deals to test out, and I start getting hit up by Dynamic Capital. I only sent them the file and put my number on the app. Mind you I''ve funded deals with them before in the past. I think Jay is a good guy but they definitely have a leak in there. this has happend more than once.Hopefully they clean that up because i actually consider them to be a decent funder.
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03-13-2024, 02:44 PMConstruction , 40k monthly average rev except feb was 20K average of 4-5 deposits per month adb around $1500 2 years tib Has a signed contract from the city for a 1.5 mil project
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03-14-2024, 04:54 PMFBI raided home of Albany loan broker Roglieri a second time. https://www.timesunion.com/business/article/fbi-raided-home-albany-loan-broker-roglieri-19009724.php
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03-06-2024, 04:09 PMI have a client who owns three restaurants and a bar that are producing $175,000 in monthly revenues. She got talked into taking on 5 MCA's that total just over $500,000 with weekly payments of $24,000! She is making the payments but it is obviously affecting her bottom line. She is looking for a term loan or similar product to take out these MCA's. Time in business is 9+ years and she has a FICO of 683. She is not interested in a consolidation MCA-type product. A 5 year term loan at 10% would drop her monthly payment from $104,000 to $10,623. Tom Harrier Integrity Commercial Loans, LLC 407-928-8542 broker@tomharrier.net
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03-24-2024, 06:01 PMhttps://debanked.com/2024/03/new-york-state-bill-aims-to-recharacterize-factoring-leasing-revenue-based-financing-and-more/ What are people's thoughts on this? What direction are we really headed?
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03-15-2024, 11:21 AMRichie from bay advance is another one (or whatever your name is and what company you work for) Guys educate your merchants since this needs to come to an end. Real hard working Americans are losing businesses and getting screwed because greedy cowards are too soft to actually sell the product. We lose money from this so don't forget to tell all of your clients about these scams that are getting pitched to literally everyone. See attached.....
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03-04-2024, 10:42 PMIs Knight still funding? I heard a rumor that they were only funding through their SBA portal Ready Capital direct and are no longer offering an MCA product. Is anyone funding deals with them still or heard anything? thanks.
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03-20-2024, 05:14 PMMerchant is looking for 150K + term loan or LOC Has existing MCA with Lendr with 78K remaining. WILL NOT EVEN CONSIDER ANOTHER MCA 200K+ Monthly revenue. No NSF's and good ADB's 4 years time in business Does anyone have a LENDER in mind that might be willing to entertain this?
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03-12-2024, 04:47 PMThorCapitalGroup started a thread Attention Funders - Stay Away from the ISO Signature James Inc in Merchant Cash AdvanceJust like the title says... stay far away.
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03-06-2024, 02:22 PMWho does normal terms and rates on trucking for 1st, 2nd pos aside from samson, fintap, lg, rapid, wall?
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03-18-2024, 03:25 PMI have a borrower looking for a 2nd lien position on a motel in Washington state. As is vale $3m, 1st lien balance $700k fico 600 looking for $250-$300k bridge. Point me in the right direction please
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03-20-2024, 07:12 PMHey Guys, This is Thomas Chillemi - owner of Harvest Lending an ISO ...... I never updated my name or made a new one so it's still my old Diamond Capital Funding* my ISO Name before I moved office to NJ. I am not a lead seller, I have never sold leads, there is no other Thomas Chillemi (in my opinion) - I have been very vocal for a long time that I think any one who BUYS or SELLS *Backdoor packages* is a total loser. Those brokers suck, they're losers, drug addict moron garbage bozos and they never ever ever steal deals from me they only work to make me embarrassed when told on day 2 the merchant is getting all these calls. They suck. I believe whoever this is that is running "peach tree" is using the name "Thomas Chillemi" for multiple reasons - to attack my character, try to attach me to their likely illegal operation, to try and feed off of my name and reputation for unsuspecting victims, etc. Regardless, it is not me. I would never and have never sold leads - I have owned my own ISO for 8 years. I love this industry, I love sales - I think there's more than enough business for all of the good actors and hopefully the bad actors will get caught and weeded out. All of this is under the assumption that there is not intact another "Thomas Chillemi" if there is, I'd like to meet him - I do not believe there is one.....but if he really does have the same name as me - it is NOT me, and I should apologize for replying to one of the emails "yes I need leads" and then wrote "see attached lead order" - and attached several images of myself naked to make the imposter wish he was me even more. If he is real, idk why they won't verify when anyone calls them......probably total fake - don't but ANYTHING from a Thomas Chilllemi, or you can call me directly. 347 831 7014 CEO - Harvest Lending Inc (ISO)
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03-25-2024, 10:52 AMMca consolidation loan lender??
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03-19-2024, 06:05 PMJustInCase started a thread How to treat merchants in MCA responsibly in one easy & simple step... in Merchant Cash AdvanceYou don't have to be brilliant, rich, beautiful or perfect. You just have to care.