Results 26 to 50 of 62
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06-18-2019, 02:37 PM #26
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- Jul 2014
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- 92
Agreed. A lot of companies have terrible default rates and never cared due to COJs. Once their books are re-evaulated under the new reality, all of those advances they never should've funded (if using sane underwriting guidelines) are going to come back to bite them. Their portfolio won't look profitable without the easy COJ collections.
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06-18-2019, 02:53 PM #27
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- Jun 2015
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- 3,322
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06-18-2019, 03:42 PM #28
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- Dec 2015
- Location
- Texas
- Posts
- 552
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06-18-2019, 03:47 PM #29
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- Jun 2015
- Posts
- 754
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06-18-2019, 03:53 PM #30
- Join Date
- May 2019
- Posts
- 60
Aren't we all basically COJ users on some level? A PSF is basically just an upfront COJ
All positions should be underwritten equally--like the way you would underwrite for a credit card. Credit card companies don't care if you have an Amex AND a Chase card.
First position with garbage credit-- shorter term
5th position with great cash flow and good credit-- longer term
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06-18-2019, 04:01 PM #31
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- Jun 2015
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- 754
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06-18-2019, 06:23 PM #32
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- May 2018
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- 70
The law prevents the filing of COJs, so it wouldn't surprise me if multiple funders mass-file COJs, even on performing accounts, right before the law goes into effect so they can perfect. Anyone who had a single NSF or any other technical default could easily be subject to this.
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06-18-2019, 06:34 PM #33
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- Jan 2014
- Posts
- 1,374
wouldnt lenders just set up offices in other states and file the COJ in that state if it gets banned in NY? not sure how COJ filings work
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06-18-2019, 06:54 PM #34
- Join Date
- Dec 2018
- Posts
- 21
Totally agree. I have a COJ in most of my contracts and I think I actually got paid because of the COJ two times total. IMO lots of funders only insist on the COJ now because there are certain other funders who use their COJ as a means to do whatever they want. If nobody has the power of COJ's the people with the most to lose are the ones who abuse it. The ones who use it rarely but have to have it to protect themselves actually gain from them being banned.
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06-18-2019, 10:29 PM #35
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- Apr 2014
- Posts
- 781
Partys over
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06-18-2019, 11:32 PM #36
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06-19-2019, 12:17 AM #37
- Join Date
- Jul 2018
- Posts
- 193
I hope this wont affect Mantis, stacking fundkite lol
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06-19-2019, 09:32 AM #38
- Join Date
- Apr 2015
- Posts
- 300
pray for mantis
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06-19-2019, 12:13 PM #39
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06-19-2019, 12:15 PM #40
what I want to know is if the date the law goes into effect is the date the COJ needs to be signed before or as of that date no more can be filed no matter when they were signed. Is the pile of COJ's that all these funders have for their existing merchants about to turn into a pile of toilet paper or will already signed COJ's for active merchants still be able to be filed
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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06-19-2019, 12:19 PM #41
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-19-2019, 12:23 PM #42John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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06-19-2019, 12:42 PM #43
- Join Date
- Jan 2014
- Posts
- 1,374
ohh wow I thought ones that have been signed were still good and going forward they would not be valid anymore. What happens if law passes then, merchants get wind and say F-U lender and default on everyone since lender can't collect now? Can't lender still sue then or does that become a wash as well since money is supposed to be unsecured and no collateral
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06-19-2019, 12:45 PM #44John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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06-19-2019, 12:45 PM #45
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Sachip24-If the client defaults because the COJ was deemed not legal, the finance company can certainly sue them to get their money back. A court would not take to kindly of somebody purposely defaulting on an obligation because part of the agreement contained an instrument that can no longer be used. They could likely get pinned for fraud.
KHKevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-19-2019, 12:56 PM #46
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Of course.... If a funder took a client to court who defaulted on their advance because a COJ was deemed not enforceable said funder would also be in a court room with everyone they stacked.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-19-2019, 12:57 PM #47
- Join Date
- Jan 2014
- Posts
- 1,374
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06-19-2019, 01:02 PM #48
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
If you think this is interesting..... Wait until some of the banks that are getting stacked start defending their agreements with customers. Some have been playing nice because the clients are still somewhat current, but that comes to a screeching halt if the lender that was stacked has a client go sideways on them because they were stacked. Default, accounts locked down, reporting requirements tightened, work-out, forbearance agreements, or files a judgement so they can collect.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-19-2019, 01:27 PM #49
- Join Date
- Jan 2014
- Posts
- 1,374
anyone know what time the two bills are hitting the floor to get passed or declined?
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06-19-2019, 01:57 PM #50John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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