Need a Funder or Vendor? START HERE

Page 1 of 2 12 LastLast
Results 1 to 25 of 43
  1. #1
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    “New York Lawmakers Say State Must Stop Enabling Predatory Loans”

    “New York legislators are pledging to change laws that have allowed predatory lenders to use the state court system to seize the assets of thousands of small businesses across the country.

    Brad Hoylman, incoming chairman of the Senate Judiciary Committee, called the current situation “alarming” and said he’d try to enact changes during next year’s legislative session.”


    https://www.bloomberg.com/news/artic...redatory-loans

  2. #2
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    Meanwhile, this:

    Study Shows Small Business Loan Demand Highest Since 2012
    https://debanked.com/2018/11/study-s...st-since-2012/

  3. #3
    Senior Member Reputation points: 97075
    Join Date
    Jun 2015
    Posts
    754

    Assemblyman Kim, who represents part of Queens and is running for New York City public advocate, said in a statement that he will introduce a bill to criminalize confessions of judgment in the state and to cancel the debts of borrowers who have signed one.

  4. #4
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by SmartAdvanced View Post
    Assemblyman Kim, who represents part of Queens and is running for New York City public advocate, said in a statement that he will introduce a bill to criminalize confessions of judgment in the state and to cancel the debts of borrowers who have signed one.
    Wtf. That’s just insane.

  5. #5
    Veteran Reputation points: 157541 J.Celifarco's Avatar
    Join Date
    Oct 2012
    Location
    New York
    Posts
    2,504

    Quote Originally Posted by SmartAdvanced View Post
    Assemblyman Kim, who represents part of Queens and is running for New York City public advocate, said in a statement that he will introduce a bill to criminalize confessions of judgment in the state and to cancel the debts of borrowers who have signed one.
    things are getting interesting
    Last edited by J.Celifarco; 12-13-2018 at 10:39 AM.
    John 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

  6. #6
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    What industry is using COJs aside from MCAs? I just had a client who a COJ was filed on him from a private lawsuit having to deal with the government and some minimum wage issues. The NY court system had them sign the COJ as part of the settlement.

    From the filing:
    Plaintiffs filed an action against Defendants for violation offederal and state wage
    and hour laws in the United States District Court for the Southern District of New York on or
    about February 16,2015....
    .... After extensive negotiations, Plaintiffs andDefendants entered into a settlement
    agreement (the "Agreement"), which weis fully executed onorabout May 10,2016....
    ....Defendants simultaneously executed Affidavits of Confession of Judgment (the
    "Affidavits")....

    There's no way anyone will cancel already agreed-to legal documents Politicians know that they can't undo an established practice "cold turkey" and they for sure can't "undo" history. This is a political stunt.

  7. #7
    Veteran Reputation points: 134971 Chambo's Avatar
    Join Date
    Sep 2012
    Location
    New York City
    Posts
    3,174

    Heh,...I received a text from the head of a fund which stated, "The Feds are Coming, The Feds are Coming!" Not sure how serious or not he was about that....

  8. #8
    Senior Member Reputation points: 43599 brokerCompany's Avatar
    Join Date
    Aug 2015
    Location
    CALIFORNIA
    Posts
    927

    Assembly man kim also wants to cancel student loan debt.
    These political clowns are terrible

  9. #9
    Veteran Reputation points: 134971 Chambo's Avatar
    Join Date
    Sep 2012
    Location
    New York City
    Posts
    3,174

    Utilizing the loopholes in the law, the MCA lawyers have made the legislators look bad and foolish to their constituencies. Plus, other Congressmen from other states will be leaning on their NY brethren about this.

    Gov't doesn't like to be made the fool or taunted. EVERY SINGLE person or entity who has ever done this in the past has been brought down.

    They will find a way....

  10. #10
    Senior Member Reputation points: 54975
    Join Date
    Dec 2013
    Posts
    4,713

    https://www.nytimes.com/interactive/...e-housing.html

    I think they should look into every industry to make sure bad actors dont take advantage (and that's selling beer and ciggs to young teens and etc) but i have community leaders (who chat with a lot from back home) telling me the BIGGEST ISSUE nowFACING NYC is the low to middle income people left dead-broke after paying rent (many cant afford that!)... I think NYC for the first time is going to be left with tens thousands of people NOT being able to pay rent. so lets not loss focus on the real issues the voters had in mind when electing leaders to be their true saviors.

    But an investigation by The New York Times illustrates how the Orbach Group and other mega-landlords exploit a broken and overburdened system. In one of the busiest courts in the nation, errors often go uncaught and dubious allegations go unquestioned. Lawsuits are easy to file but onerous to fight. Landlords have lawyers. Tenants usually don’t, despite a new law that aims to provide free counsel to low-income New Yorkers.

    Landlords rely on what amounts to an eviction machine. A cadre of lawyers handles tens of thousands of cases a year, making money off volume and sometimes manipulating gaps in enforcement to bring questionable cases. Punishable conduct is rarely punished.

    Process servers, required to notify tenants that they are being sued, sometimes violate the law. Among tenants whom servers had supposedly talked to in person, The Times found several who were abroad at the time. One had been dead for years.

    Judges sometimes unwittingly ordered the eviction of tenants who had no idea they had been sued.

    “When they sent the marshal, they never gave us no notice,” said Zanden Alzanden, a Yemeni immigrant who was evicted from his home in the historic Dunbar Apartments in Harlem when he was in the hospital in January 2017. “Nothing on door, ever. Only that day, the marshal coming in, my son and an old guy sitting in there: ‘Boom boom, get the hell out of here.’”
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    ——————————————————————————
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  11. #11
    Senior Member Reputation points: 54975
    Join Date
    Dec 2013
    Posts
    4,713

    The Eviction Machine Churning
    Through New York City

    Housing court, a system created to protect tenants, has become a powerful tool for landlords.

    About 232,000 cases were filed last year against tenants, roughly one for every 10 city rentals. Most tenants were accused of owing back rent. But in many cases, tenants were sued for rent they did not owe. Sometimes they had paid, only to have landlords claim that the checks mistakenly remained uncashed or had been lost in the mail; sometimes they were sued for money owed by a government program. Sometimes, tenants withheld rent only because much-needed repairs had never been done.

    People want a story of UNJUST here is one: 232,000 cases!!!!!!!!!!!!!

    https://www.nytimes.com/interactive/...e-housing.html
    Last edited by mcaguru; 12-13-2018 at 01:16 PM.
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    ——————————————————————————
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  12. #12
    Veteran Reputation points: 157541 J.Celifarco's Avatar
    Join Date
    Oct 2012
    Location
    New York
    Posts
    2,504

    Quote Originally Posted by mcaguru View Post
    About 232,000 cases were filed last year against tenants, roughly one for every 10 city rentals. Most tenants were accused of owing back rent. But in many cases, tenants were sued for rent they did not owe. Sometimes they had paid, only to have landlords claim that the checks mistakenly remained uncashed or had been lost in the mail; sometimes they were sued for money owed by a government program. Sometimes, tenants withheld rent only because much-needed repairs had never been done.

    People want a story of UNJUST here is one: 232,000 cases!!!!!!!!!!!!!

    https://www.nytimes.com/interactive/...e-housing.html
    what does one thing have to do with the other???
    John 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

  13. #13
    Senior Member Reputation points: 54975
    Join Date
    Dec 2013
    Posts
    4,713

    One can read the NYT story and be like lets put a halt to the court system and end the landlords abilitys to use the Marshall
    Last edited by mcaguru; 12-13-2018 at 01:19 PM.
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    ——————————————————————————
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  14. #14
    Senior Member Reputation points: 158630
    Join Date
    Jul 2015
    Posts
    1,202

    Quote Originally Posted by mcaguru View Post
    Nothing at all.
    Then stop filibustering every time the truth comes out on how you screw brokers and outright lie.

  15. #15
    Senior Member Reputation points: 54975
    Join Date
    Dec 2013
    Posts
    4,713

    What r you talking about. We are known to protect our ISO’s !
    Last edited by mcaguru; 12-13-2018 at 01:31 PM.
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    ——————————————————————————
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  16. #16
    Senior Member Reputation points: 158630
    Join Date
    Jul 2015
    Posts
    1,202

    The Clap.JPG

    An ISO literally today mentioned that he was surprised that you broker out files without informing them. You are a blight on the industry - all channels. Sadly, you don't care.

  17. #17
    Senior Member Reputation points: 54975
    Join Date
    Dec 2013
    Posts
    4,713

    We hide nothing. Mantis is our direct funder/ ISO's have the ability to request a mantis offer ONLY.
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    ——————————————————————————
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  18. #18
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by mcaguru View Post
    We hide nothing. Mantis is our direct funder/ ISO's have the ability to request a mantis offer ONLY.
    Mantis-only should be the default unless the ISO asks for you to broker the file. Not the other way around.

  19. #19
    Senior Member Reputation points: 54975
    Join Date
    Dec 2013
    Posts
    4,713

    Quote Originally Posted by WestCoastFunding View Post
    Mantis-only should be the default unless the ISO asks for you to broker the file. Not the other way around.
    Yep. we have a very diffrent model and cant get into it but i can tell you the people who send us deals may not focus on MCA and come to us for anything outside the box they deal with.
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    ——————————————————————————
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  20. #20
    Quote Originally Posted by HDF View Post
    The Clap.JPG

    An ISO literally today mentioned that he was surprised that you broker out files without informing them. You are a blight on the industry - all channels. Sadly, you don't care.
    i knew i was not wrong shame on mantis

  21. #21
    Senior Member Reputation points: 158630
    Join Date
    Jul 2015
    Posts
    1,202

    Nobody cares about your "model" when it comes to deceptive practices. You have no right to play god with files these unaware brokers send in under any "model".

  22. #22
    Senior Member Reputation points: 337045
    Join Date
    Mar 2015
    Location
    Rock Ridge
    Posts
    3,453

    Hedley Lamarr......That's Hedley

  23. #23
    Senior Member Reputation points: 86751
    Join Date
    Feb 2018
    Posts
    1,346

    Small Business Finance Association supports these bills. So, if you live off commissions for seconds+ and COJ's, Small Business Finance Association is essentially behind the end of the practice, which could end funding and commissions for said brokers. This is a slippery slope.

  24. #24
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    Quote Originally Posted by fundingsmbs View Post
    Small Business Finance Association supports these bills. So, if you live off commissions for seconds+ and COJ's, Small Business Finance Association is essentially behind the end of the practice, which could end funding and commissions for said brokers. This is a slippery slope.
    https://debanked.com/2018/12/sbfa-an...-fairness-act/

  25. #25
    Senior Member Reputation points: 60165
    Join Date
    Jun 2018
    Posts
    462

    Quote Originally Posted by mcaguru View Post
    Yep. we have a very diffrent model and cant get into it but i can tell you the people who send us deals may not focus on MCA and come to us for anything outside the box they deal with.
    you cant get into it because you haven't come up with a proper bs answer

    you've been exposed

Similar Threads

  1. New York State Is Probing*Abuses in Small-Business Lending
    By channin19 in forum Merchant Cash Advance
    Replies: 30
    Last Post: 12-05-2018, 09:18 PM
  2. Replies: 0
    Last Post: 10-10-2018, 12:36 PM
  3. Replies: 0
    Last Post: 06-12-2018, 01:14 PM
  4. Need funder Debt collection New York state
    By David35 in forum Deal Bin
    Replies: 3
    Last Post: 02-16-2015, 10:29 AM
  5. Direct funder needed for Debt collection New York State
    By David35 in forum Merchant Cash Advance
    Replies: 0
    Last Post: 01-28-2015, 02:18 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY