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06-26-2018, 11:18 AM #1John 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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06-26-2018, 11:51 AM #2
Reputation points: 179851
- Join Date
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- 2,049
That makes no sense to me.
If someone screws over ATT&T and gets sent to collections does Sprint repay ATT&T when customer goes to open an account? No.
If the Merchant is a default on YOUR books, and you then move them as you explained thats prob a little different, as you stated, but if he didnt default with you and you can then send them to midnight - i dont see the problem.Last edited by ryan $; 06-26-2018 at 11:53 AM.
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06-26-2018, 11:55 AM #3John 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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06-26-2018, 12:13 PM #4
Reputation points: 236065
- Join Date
- Feb 2017
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As long as you don't hide the fact from the new funder that there was a default, or the funder can do their own due diligence somehow. Don't send a file knowing that there's real criminal history to a funder hoping it'll get funded. At the beginning when every dollar counts, maybe. However, relationships are important. Packaging a loan is part of the broker's job.
I recently had a client who defaulted on 5 different funders in an old LLC (I found out after running biz credit on the old entity), he created a new LLC, and got funding from 5 other funders. One of the old ones he defaulted on was coming out of a separate account he set up just for that funder to pull from.
After lowering payments on the 5 stacks he had, I had a $450,000 term loan (secured by collateral) ready for him. After telling me that he was willing to do a controlled default to be ready re-fi (read: tortuous interference), and I told him no, running biz credit and seeing 5 judgements is what made me run the other way. (Yes, I tattled on him to the lender who he was funding on the new LLC and defaulted on the old one.)
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06-26-2018, 12:16 PM #5
Reputation points: 14335
- Join Date
- Aug 2017
- Location
- New York City
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- 199
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