300k monthly deposits with judgments
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  1. #1
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    300k monthly deposits with judgments

    I have a merchant who is seeking $140,000 total (He will accept funding in increments of $20,000 to make lenders more comfortable) He owns a fresh food market comparable to A&P or Shop-rite. The business start date is December 2016, and does $250k-$300k in deposits consistently each month. (I have been to his business location because we are taking over his CC processing). The majority of his sales are on CCs, and is willing do enter into a daily ACH or CC Split/Lockbox agreement.

    The problem is the merchant has 2 judgments against him (MCA defaults). One dated June of 2017 for $44,762, and the other dated November 2017 for $43,900 both under different entities.

    Please advise if anyone is willing to learn more information on this file. Thank you in advance.

  2. #2
    Quote Originally Posted by wefundcap View Post
    I have a merchant who is seeking $140,000 total (He will accept funding in increments of $20,000 to make lenders more comfortable) He owns a fresh food market comparable to A&P or Shop-rite. The business start date is December 2016, and does $250k-$300k in deposits consistently each month. (I have been to his business location because we are taking over his CC processing). The majority of his sales are on CCs, and is willing do enter into a daily ACH or CC Split/Lockbox agreement.

    The problem is the merchant has 2 judgments against him (MCA defaults). One dated June of 2017 for $44,762, and the other dated November 2017 for $43,900 both under different entities.

    Please advise if anyone is willing to learn more information on this file. Thank you in advance.
    Call me at 212-221-3644. Ask for Michael

  3. #3
    Have the judgments been satisfied? If so, we can accommodate. 929.999.2700 Sal

  4. #4
    Senior Member Reputation points: 86605
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    Is the merchant wanting or willing to pay off the existing positions?
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    Office: 727-233-1111
    Skype: fc-financial

  5. #5
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    Sal and Dave - unfortunately the judgments have not been satisfied. The merchant advised that he had partners involved within that specific entity and things went south due to disagreements between owners. Merchant is the only owner of this specific business, and no longer works with those individuals. He does plan on satisfying those judgement in the near future.

    Michael - I will be calling you shortly.

  6. #6
    Senior Member Reputation points: 6957 ESE5020's Avatar
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    We can look at this
    East Shore Equities, LLC
    Tel: (516) 784-4298 | Fax: (516) 231-5590
    www.EastShoreEquities.com

  7. #7
    Senior Member Reputation points: 3229
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    submit to deals@mainstreetcash.com, I will give u 3 separate 20k deals if it works
    Direct Funder | MCA | Public Companies | Convertible Notes | Hard Money
    D. 516-667-6817
    paul@coolidgecapital.com

  8. #8
    Senior Member Reputation points: 27404
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    Quote Originally Posted by paulypubco View Post
    submit to deals@mainstreetcash.com, I will give u 3 separate 20k deals if it works
    3?

  9. #9
    Senior Member Reputation points: 503040
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    Quote Originally Posted by Davincinc View Post
    3?
    What?

  10. #10
    What is the best number to reach you on?
    Adam Ward
    911 Ave U
    Brooklyn NY 11235
    adam@Funding-Zone
    347-269-1598

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