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05-03-2019, 11:47 AM #1
- Join Date
- Jun 2016
- Posts
- 19
Signing coj's
I have a client with multiple hotels. He came to us for consolidation of 600k. We put the offer out there and we required him to sign a Coj. He refused. He claims that he never signed a COJ and never will.
He has balances with american express, CFG, and national funding.
Do you know if these companies file a COJ? I want to get this done but the client is being a hard ass.
No negative days, brings in 500k a month on average, credit is above 700 and owes 297k in balances.
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05-03-2019, 11:59 AM #2
- Join Date
- Feb 2017
- Posts
- 3,456
"Us" as in direct or broker?
AmEx and National don't do COJs
CFG doesn't on case-to-case, Lior will tell you. With such a file, probably unlikely that he did.
If you want to make money on a client with a 700+ FICO, there are other ways out there that don't pay as much as an MCA, and at least you'll get paid.
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05-03-2019, 12:10 PM #3
- Join Date
- Jul 2017
- Posts
- 548
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05-03-2019, 12:17 PM #4
- Join Date
- Nov 2018
- Location
- San Diego, CA
- Posts
- 75
Abfunders is correct; AMEX and National do not require COJs. And from my experience with CFG it would be an outlier for them to file a COJ on a file like this even for a 3rd because they consider heavily who the first two positions are and whether or not they've filed a COJ.
That's a quality consolidation you're offering.. what company are you with?
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05-03-2019, 04:45 PM #5
- Join Date
- Mar 2015
- Posts
- 90
I had to call CFG to verify a zero balance and was told they do not make their client sign COJ's but if you see a UCC filing from them then 9 out of 10 times the merchant defaulted
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