Results 1 to 13 of 13
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02-07-2018, 11:09 PM #1
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
Default program
Since we started this program, a lot of ISOs have requested more information. These are our current guidelines for the default program.
We now offer a “default program” for merchants who defaulted on MCA in the past and are looking to build back their payment history and credibility. There’s minimal underwriting required as follows:
• Approvals range between $5,000 - $20,000
• Maximum term: 40 days @ 1.49
• Min revenue $50,000 a month, with semi decent balances
• Good AR, national bank, and credit cards are always a plus
• 4 points commission, charge your fee on top
We will not fund if:
• Merchant has a questionable/illegitimate business
• Merchant defaulted out the gate
• Merchant defaulted in the last 3 months
• Merchant has no explanation on the default or COJ filed
• Merchant is heavily still paying other advances
If you have a file that is good for this program please send to:
: defaults@midnightadvance.com :
you can send together with DL and VC so that we can already generate contracts as we approve the file. Please sell our offer before submitting. These files move quickly to the funding gate.
About Midnight Advance: we fund high risk paper, as you can see us in statements. We are (realistically) funding as high as $250k, same day, no stips. Renewals can reach $500k.
The default program is not our primary focus, we focus on funding good deals that need quick, big, no-pain approvals. The default program is for ISOs who want to turn their defaults into small quick commissions.High risk paper
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02-12-2018, 02:05 PM #2
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
We just funded a $20k deal, defaulted in the past, paying 4 points to the ISO. That's $800 more than $0.
High risk paper
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02-13-2018, 05:15 PM #3
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
This program is blowing up our inboxes, it's amazing how many defaults come around!
High risk paper
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02-15-2018, 09:30 PM #4
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
Edit
Last edited by MidnightAdvance; 02-16-2018 at 01:04 AM.
High risk paper
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02-21-2018, 08:09 PM #5
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
We're now paying from 4 up to 10 points on the default deals. Depending on the deal.
Please guys make sure you're screening these deals to meet our guidelines. Don't just dump it in our inboxes.Last edited by MidnightAdvance; 05-31-2018 at 12:40 AM.
High risk paper
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05-31-2018, 12:42 AM #6
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
We just did a $50k renewal on a default deal. Great deal, COJ was filed years ago and satisfied. We offered the merchant $100k on the next round, let's see how he does.
High risk paper
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05-31-2018, 09:51 AM #7
- Join Date
- Dec 2017
- Location
- San Diego, CA
- Posts
- 45
Your email does not appear to be working. I emailed you at defaults@midnightadvance.com, it bounced back and I received this message: "Starting May 16: For all default deals please email: defaults@secondchancefunding.com." The secondchancefunding.com site appears to be under construction.
We have a couple files that look like they would fit your program.
Please advise.
Thanks.
Alex P
alex@LendrzHub.com
855-262-2996
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05-31-2018, 10:03 AM #8
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
Send over your files to defaults@secondchancefunding.com and you will get a response within 20 min. We are looking to fund more of these deals, the underwriting is quick, all we need is signed docs.
We switched over to "second chance funding" as to not confuse this default program with our regular business. The SCF staff is separate and designated for these types of deals.High risk paper
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05-31-2018, 10:19 AM #9
- Join Date
- Dec 2017
- Location
- San Diego, CA
- Posts
- 45
We did not get a response from the other email.
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05-31-2018, 10:58 AM #10
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,982
They have an IT Issue with there mail server:
C:\Users\Administrator>TRACERT MAIL.SECONDCHANCEFUNDING.COM
Tracing route to mail.secondchancefunding.com [107.180.56.178]
over a maximum of 30 hops:
1 <1 ms <1 ms <1 ms router.belkin [9.1]
2 12 ms 10 ms 11 ms 10.205.240.1
3 11 ms 18 ms 21 ms ten0-0-1-2.tamp84-ser2.bhn.net [72.31.92.14]
4 18 ms 16 ms 17 ms ten-0-1-0-8-5.tamp20-car2.bhn.net [72.31.236.45]
5 17 ms 22 ms 18 ms hun0-1-0-9-tamp20-cbr1.bhn.net [72.31.2.217]
6 20 ms 23 ms 21 ms 10.bu-ether15.tamsflde20w-bcr00.tbone.rr.com [66.109.6.96]
7 12 ms 16 ms 12 ms ae-9.bar1.Tampa1.Level3.net [4.68.72.205]
8 57 ms 58 ms 59 ms ae-21-3621.ear1.Chicago3.Level3.net [4.69.141.158]
9 53 ms 50 ms 49 ms 4.53.100.70
10 60 ms 62 ms 71 ms ip-184-168-6-83.ip.secureserver.net [184.168.6.83]
11 58 ms 59 ms 67 ms ip-184-168-6-83.ip.secureserver.net [184.168.6.83]
12 * * * Request timed out.
13 * * * Request timed out.
14Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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05-31-2018, 01:06 PM #11
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
Relax, it’s all good now.
High risk paper
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06-11-2018, 09:12 PM #12
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
We just funded 7 deals today. We're ready to start doing even more, our goal is to do at least 50 of these a day. It's the easiest deals to fund, minimal underwriting, super easy to get it funded.
For ISOs who throw away their default deals, why not send it to us? You can generate some more revenue for your shop. (Our offers are steep, but remember these are defaults!)High risk paper
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06-29-2018, 01:03 PM #13
- Join Date
- Nov 2017
- Location
- Atlanta GA
- Posts
- 20
send me an iso submissions@farmerscapitalonline.com
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