Results 1 to 10 of 10
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05-24-2019, 02:31 PM #1
Reputation points: 8177
- Join Date
- Apr 2017
- Posts
- 96
Insane - this lender did this last minute at funding table
Last minute after the tax guard came back scored 0/100, Vital still pushed out their MONSTER of an approval of $300,000 SMACKEROOS straight to the merchant.
Thanks Ron! I should have known for you to be our go to funder! Looking forward to throwing ALL our business your way! VITAL CAP , VITAL CAP, VITAL CAP
vitalcapfunds.com
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05-24-2019, 03:02 PM #2
Reputation points: 25752
- Join Date
- Apr 2015
- Posts
- 300
0/100 yikes what did the tax guard say
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05-24-2019, 03:06 PM #3
Reputation points: 8177
- Join Date
- Apr 2017
- Posts
- 96
the merchant might have had a few hundred thousand outstanding in tax liens
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05-24-2019, 04:05 PM #4
Reputation points: 6626
- Join Date
- Dec 2018
- Location
- 48 Wall St. New York, NY 10005
- Posts
- 271
Thanks for the shout out! We do like to get deals done, smoothly!!
Jeff Pecori
ISO Relations manager
VitalCap Fund
48 Wall St. New York, NY 10005
P. 850.630.7509
F. 646.219.7949
jeff@vitalcapfund.com
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05-24-2019, 09:32 PM #5
Reputation points: 198007
- Join Date
- Mar 2017
- Location
- Nunya
- Posts
- 830
So what’s the point of requiring the 8821 if they’re going to ignore it?
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05-25-2019, 01:23 PM #6
Reputation points: 44875
- Join Date
- Aug 2018
- Posts
- 837
This is odd, im not saying its 100%, but i will figure it out, but I've been noticing when i send my deals to vital in my rotation, my merchants either blown up, or the submissions resubbed to vital right away (typically when i have an approval with them that no one else matches).
I am going to figure it out, i hope i am not getting backdoored, but if i am, which doesn't shock me, since I've caught a paper shops, i promise i am gonna let it explode in vitals face, on this forum.
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05-27-2019, 06:28 PM #7
Reputation points: 6626
- Join Date
- Dec 2018
- Location
- 48 Wall St. New York, NY 10005
- Posts
- 271
Hello Zonefund, I can appreciate your concern. The most important aspect of our company is the integrity we maintain with all of our business practices. We have no inside sales team and we've never had one. You are welcome to visit us and see our operation in your eyes. If you have a concrete concern, please don't hesitate to reach out to us directly so we can provide you with the appropriate information.
Thanks,
Jeff Pecori
ISO Relations manager
VitalCap Fund
48 Wall St. New York, NY 10005
P. 850.630.7509
F. 646.219.7949
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05-28-2019, 10:24 AM #8
Reputation points: 31326
- Join Date
- Apr 2018
- Posts
- 178
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05-29-2019, 12:25 PM #9
a score of 0/100 simply means that the client has unpaid tax liabilities, that aren't in a payment arrangement.
sometimes you will find that there is a recent payment arrangement, but tax guard can not see the record of it yet.
anyway - THE POINT of pulling a tax guard is that you can actually see the transcripts for IRS filings on the merchant & the business going back 1-7 years.
helps with proving ownership, helps with showing other businesses, helps with proving accuracy of tax return, helps show revenue (gross/net etc) for prior years.
those factors are more important than the client having a federal tax lien.
on a 300k deal, if the merchant has 500k in federal tax liability for example, what is the likelihood that anything is actually going to happen any time soon? (levy of bank acct?) close to 0%.Anthony Diamond
Underwriter
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05-29-2019, 12:45 PM #10
Agree with this, we have funded merchants that can at least provide a letter from a CPA or attorney stating and proving that they are in negotiations with the IRS. I dont know all the details on the deal so I am not sure about 300k on a deal like this (also depends on length of term), but in concept its feasible IMO.
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