[isaacdstern]

http://www.businessfinancialservices...ine-extension/

[MTY MSI]

Well I guess that puts to rest rumors of their imminent demise.

[Chambo]

Well I guess that puts to rest rumors of their imminent demise.

Saved in the 11th hour

[Jared_Weitz]

Saved in the 11th hour

yup!

[isaacdstern]

this is just a small band-aid and in no way saves them

[Andy]

this is just a small band-aid and in no way saves them

$125 mill is a small band-aid?

[Scott Williams]

They got their money from Wells Fargo. Wells Fargo is pretty conservative and I bet did strong due diligence on BFS before extending them 125 mil. I don't think BFS is in that much financial trouble if Wells Fargo is still working with them.

[isaacdstern]

They did not net $125MM...they netted $43MM

"The new credit line is an increase from the existing $82 million credit line that the company announced last year."

[Andy]

They did not net $125MM...they netted $43MM

"The new credit line is an increase from the existing $82 million credit line that the company announced last year."

Thanks for the clarification, must admit I did not read the article I just assumed it was new credit line based on the wording of the title

[Chambo]

They did not net $125MM...they netted $43MM

"The new credit line is an increase from the existing $82 million credit line that the company announced last year."

Ahhh, spin and PR with no accountability to the truth. Gotta love it

[bizloanbroker]

I have had a great experience with GBR. John is amazing but I will no longer deal with them since they screwed over Tony Syracuse. He was 2 weeks away from his year end bonus and the owner Mark Glaser (BFS) decided it made a lot more financial sense to fire him rather then pay him his hard earned bonus. I don't believe John was involved and on a personal note I like him but can no longer deal with a company that treats their employees like that.

[SimplyMark]

Isaac's correct. No amount of money can fix a broken company. I worked with BFS for about 8 years, facilitating their splits, helping them launch Canada, etc. Their a lost cause. Plus, they've burned too many ISO and employees over anything from renewals to pirating processing accounts internally. Cathy and Mark G. lost touch with what's actually going on.

[isaacdstern]

Well said Mark...i agree with every single point you made especially the fact that they burn iso's and employees and that they lost touch with whats really going on

Isaac's correct. No amount of money can fix a broken company. I worked with BFS for about 8 years, facilitating their splits, helping them launch Canada, etc. Their a lost cause. Plus, they've burned too many ISO and employees over anything from renewals to pirating processing accounts internally. Cathy and Mark G. lost touch with what's actually going on.

[Scott Williams]

What funder is Tony Syracuse now working at?

[J.Celifarco]

I will never understand how a company that size could be so short sighted and not think how the actions they are taking taking can and will negatively impact the future.. Did they think they could screw over iso's and employee's and not have it come and bite them in the ass. I am in this industry for a while now and it never ceases to amaze me the things people think are acceptable business practices

[isaacdstern]

Everyone knows Tony Syracuse was a huge asset to GBR and speaking from personnel experience he was always an absolute pleasure to deal with. I don't know the details of why he was let go, but something here does not smell right

[staten]

I will never understand how a company that size could be so short sighted and not think how the actions they are taking taking can and will negatively impact the future.. Did they think they could screw over iso's and employee's and not have it come and bite them in the ass. I am in this industry for a while now and it never ceases to amaze me the things people think are acceptable business practices

It has come back-they have been for sale for almost a year. No deal

[J.Celifarco]

It has come back-they have been for sale for almost a year. No deal

true enough

[Chambo]

It has come back-they have been for sale for almost a year. No deal

Sounds like MCC when they were being shopped around back in 2009, 2010

[channin19]

James is going to be receiving a lot of call in the next 24 hours

[SimplyMark]

James is probably well know amongst the UCC crowd already.

[Eddie.deangelis]

I have had concerns with BFS also. Sent a few huge files that received a million dollar approval and merchant said he for a call be next day from underwriting asking questions. Next thing I know merchant stopped taking my calls , then I find out finally after stalking the merchant he has a $1,000,000 approval @ 18% over 12 months. Point and a half a month. I have no proof as of yet so let me be clear on that, but I have wondered many many times. And this wasn't the first one

[Eddie.deangelis]

Merchant said he received a call from Underwriting next day

[SimplyMark]

It's no coincidence. We caught them red-handed.

[Eddie.deangelis]

It's such bad business and stupid to say the least. Lose an ISO that's submitting 10 plus deals a day for 1 deal. Not too intelligent