[J.Celifarco]

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.

If the other company still has an open judgment will you still consider the file? Do you payoff the company that the merchant screwed over in the first place?

[MidnightAdvance]

If the other company still has an open judgment will you still consider the file? Do you payoff the company that the merchant screwed over in the first place?

We like to see a satisfaction of judgement. If there's no SOJ we will either request payoff letters or investigate / find out what happened, why they defaulted, how much did they pay in, before they defaulted (if the merchant simply took money and blocked payments, we won't fund. If the merchant paid off 4 renewals and got screwed in the end.. that's a different story).

[J.Celifarco]

We like to see a satisfaction of judgement. If there's no SOJ we will either request payoff letters or investigate / find out what happened, why they defaulted, how much did they pay in, before they defaulted (if the merchant simply took money and blocked payments, we won't fund. If the merchant paid off 4 renewals and got screwed in the end.. that's a different story).

didn't answer the question though if they did not fully payoff the default advance with the previous funding company will you fund the deal? Will you payoff that balance out of the advance? Do you decline and not fund? Defaulted but satisfied the debt and defaulted and screwed the funding company are 2 very different things just trying to see which ones you fund