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06-25-2018, 10:12 AM #1
- Join Date
- Dec 2016
- Location
- Brooklyn N.Y.
- Posts
- 428
Why fund defaults?
Hi Everyone.
We recently pioneered a new concept in the MCA space, it's called "second chance funding". We give merchants who defaulted on other MCA companies, or on other lenders in general, a second chance to build back some payments history. After paying us off the merchant can qualify to get better terms and rates, and a second chance to get funding.
We recently funded a $100k deal on this program (the merchant was very happy that we gave him a chance, after getting declined everywhere).
In order to separate the default program from the other midnight deals, we designated a separate team, with new emails and different underwriters.
In recent weeks the deal flow has skyrocketed, after a lot of ISOs heard about this program. We are trying to keep up with the flow, and calling for all ISOs who are interested in giving this a shot to email us at: defaults@secondchancefunding.com to request an ISO package or more info.High risk paper
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