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05-18-2017, 05:14 PM #1
Is biz fi any good?
Is Bizfi any good for brokering out deals to. I have some B credit clients I want to send over.
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05-18-2017, 05:18 PM #2
Probably a bad time, considering the amount of staff they let go recently. I think it would make more sense to let things settle down.
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05-19-2017, 12:49 PM #3
they are only funding deals over 650 credit last i heard
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05-19-2017, 01:02 PM #4
- Join Date
- May 2016
- Posts
- 148
Bizfi
This is true- Bizfi is in turmoil right now. I wouldn't be surprised if they completely closed funding within the next month or two unless they get a merger/acquisition/buyout. That is pretty unlikely though given the state of their book. According to my contacts at Bizfi most of their employees are actively seeking new jobs.
That being said -I loved working with Bizfi, good people, its a shame it has come to this.
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05-19-2017, 01:27 PM #5
MCC was one of the biggest players back in the prime day$
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05-19-2017, 01:38 PM #6
I havent counted them out just yet.. I wouldn't bet against them landing on their feet, but thats me. They are still funding
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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05-19-2017, 01:50 PM #7
we will fund B paperwork here at SOS Capital send it to newdeals@soscapital.com
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05-19-2017, 01:47 PM #8
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
A lot of us got our start in this industry working at MCC/NLF (myself included). Hope they can get back on track.
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05-19-2017, 01:48 PM #9
- Join Date
- Feb 2015
- Posts
- 47
MCC was the absolute best. It is a shame to hear, see and witness what has happened. CAN Capital, now MCC, this industry is and always will be a 60/80 payment schedule, factored at a 1.45 paying out 8 percent to staff and knowing, full well, that 100 funded deals 8-12 of them will default, the other 88 deals will create profits. Facts.
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05-19-2017, 02:22 PM #10
I dont agree with this.. This industry was built on 5-9 month deals 1.34-1.45 and I think this will always be the sweet spot where funders can make money and the merchant isn't getting hit over the head too bad. Shorter then that is being greedy unless it is a very week file. The question is where do you go with pricing and term for the stronger files that makes sense for both bank and merchant
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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05-19-2017, 03:18 PM #11
- Join Date
- Feb 2015
- Posts
- 47
Two of the largest funders go under and sell, one is on the brink and the one public funder/lender's stock is pennies... You do not have to agree to anything, no one does, but when a trend starts then a trend begins. This is a trend that is happening now. You can either not agree, which I can see your point, or accept the trend.
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05-19-2017, 03:20 PM #12
- Join Date
- Feb 2015
- Posts
- 47
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05-19-2017, 03:23 PM #13John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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05-19-2017, 03:28 PM #14
- Join Date
- Feb 2015
- Posts
- 47
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05-19-2017, 02:27 PM #15
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
This is the high risk model for C/D paper. And the default rate is probably closer to 20%, not anywhere near 8-12%. There will always be a market for lower rate, longer term advances. They just need to be underwritten properly. Three month 1.45's hurt more merchants than they help which is why I don't peddle those deals.
Last edited by MCNetwork; 05-19-2017 at 02:32 PM.
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05-19-2017, 02:49 PM #16
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05-19-2017, 02:55 PM #17
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
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05-19-2017, 03:00 PM #18
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,509
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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05-19-2017, 03:02 PM #19John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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05-19-2017, 03:22 PM #20
- Join Date
- Feb 2015
- Posts
- 47
100% agreed. But you're talking about a very small piece of the market, which I would bet $10,000 that 60% or more of those deals are stacked, hence to show you the trend once again. You're right, default probably is closer to 20%, hence why the 60-80 payment structure works. You do not need to peddle, sell, fund, syndicate or broker any of those deals, but do me this at least, when was the last week or month you and your staff have funded 50 12 months deals vs. 50 4 month deals.
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05-19-2017, 03:27 PM #21
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
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05-19-2017, 01:49 PM #22
conversation is about will they fund B paper not the state of that company lets not try to get into that
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05-19-2017, 03:02 PM #23
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
The only reason why I see deals get heavily revised is if the Decision Logic or month to date activity comes back looking horrible, which is understandable. But I try to make sure to give my underwriters all the info upfront so they have enough data to make an accurate offer.
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05-19-2017, 03:23 PM #24
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
The largest funders are failing because their operations were too massive to support any type of downturn in the business. They were under pressure to originate deals just to keep paying their overhead, which is a recipe for disaster. The next iteration in this industry will result in boutique funders who are much smaller and leaner and much more selective with their deals. The 1.20s and 1.30s can still be profitable as long as expenses are kept in check and cost of money and client acquisition costs are minimized.
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05-19-2017, 03:26 PM #25
- Join Date
- Feb 2015
- Posts
- 47
A 1.20 will never be profitable, a 1.20 can never break even. 1.30? Maybe, at best break even. Why does AMEX charge 27% to 55 Million businesses annually. Why do banks not lend to anyone with a heart beat, same reason why a 1.20 or even a 1.30 do not work. Put 100 Funded deals in a hat at a 1.20 and 1.45 and I will take the 1.45 all day. The ONLY way a 1.20 or 1.30 can work is IF and only IF, they have an exclusive no stacking etc etc etc clause.
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