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03-08-2019, 11:09 AM #1
- Join Date
- Sep 2017
- Location
- New Jersey
- Posts
- 6
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.
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