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10-04-2017, 05:47 PM #1
- Join Date
- Feb 2015
- Location
- New York City
- Posts
- 44
Life after MCA Recovery?
Hello-
Just came across a merchant who has an Issue at one point with YSC, ended up entering into a MCA RECOVERY program, paid them back In full. Is this a death sentence in our space of finance, or does anyone know any lender willing to consider funding a merchant who has completed such a program.
Thanks.
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10-04-2017, 05:53 PM #2
why would anyone want to fund a merchant who defaulted? If MCA Recovery is involved, it means they blew off the funder long enough to have to send to collections
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10-04-2017, 06:00 PM #3
- Join Date
- Feb 2015
- Location
- New York City
- Posts
- 44
Makes sense. Thanks.
Simple Choice Capital
Info@simplechoicecapital.com
www.SimpleChoiceCapital.com
(o)1-646-829-1999
(C) 1-347-733-3115
(f) 1-347-448-5414
"The Business owners Liaison to Finance"
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10-05-2017, 10:10 AM #4
- Join Date
- Jun 2017
- Posts
- 2,049
LoanMe doesnt care about defaults
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10-05-2017, 10:33 AM #5
- Join Date
- Nov 2016
- Posts
- 16
Yep, they don't care about defaults...or much else....
https://www.merchantmaverick.com/reviews/loanme-review/
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10-05-2017, 11:30 AM #6
and a lot of brokers don't care about anything at all.
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10-10-2017, 08:04 PM #7
Sounds a lot like a rep sending a zero balance letter for an account that defaulted and has a judgment against it. "But theyre paid off..." Doesnt matter that they eventually restructured and paid, what matters is that they defaulted.
There are funders out there however, that will fund a client who defaulted whether they do it knowingly or unknowingly.
I've seen some top leaders in the B paper space fund $500k into a deal that defaulted years ago and I am sure this was done unknowingly.. I've seen others knowingly offer 5k @ 1.75 @ 20 pmts to "rehabilitate" the client.. you just have to know who to go to.Anthony Diamond
Underwriter
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