Results 1 to 19 of 19
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06-18-2019, 05:03 PM #1
Some Questions For When COJ'S Go Away
Here are some but I am sure there are many many more things I haven't even thought of
Will COJ's signed before the law goes into effect be able to be filed or will the date of the law mean the end of filing COJ's for the industry? No clue
How far out will companies be comfortable going without a COJ? I think no father then 3rd maybe some crazies will go 4th
How many companies with small to no collections departments will now see their overheads scyrocket because they need collections people when before they just had a lawyer file the COJ? This will be a problem or I think so anyway
Will split deals make a comeback when companies are unable to stack bank accounts anymore? Yes I think there will be more
How many ISO's go out of business because they don't know how to generate 1st and 2nd position business? Lots
How many funders lose their lines because their numbers were based on using COJ'sJohn 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, 12:55 AM #2
- Join Date
- Jun 2015
- Posts
- 754
Guys. Seriously: COJs are good for 1% of the money.
The other 85% pays
And 14% gets collected without a COJ
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06-19-2019, 07:05 AM #3
- Join Date
- Apr 2014
- Posts
- 781
Does the coj enhanxe the percwntage of paybacks, will that change yes
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06-19-2019, 09:30 AM #4John 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, 09:32 AM #5
- Join Date
- Apr 2015
- Posts
- 300
Business as usuall
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06-19-2019, 10:53 AM #6
- Join Date
- Jun 2014
- Posts
- 541
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06-19-2019, 10:58 AM #7
- Join Date
- Jun 2015
- Posts
- 754
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06-19-2019, 11:00 AM #8
there are a couple of funders who do high risk deals without a COJ but not many. I personally dont think you will see anymore of the crazy 6th 7th 8th position deals. If collections is going to be based on UCC's like it used to be before COJ's came into play companies will not be able to do these type of deals, the risk will be too high
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, 11:36 AM #9
- Join Date
- Mar 2016
- Posts
- 657
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06-19-2019, 11:41 AM #10John 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, 12:00 PM #11
- Join Date
- Jun 2013
- Posts
- 293
Today is like a holiday. I'll mark it down on my calendar and celebrate it each year as the day predatory lenders, abusive funders and sham artist finally caused enough carnage that the government stepped in and bailed out the other guys. The ones who decided to keep their hands in their pockets when everyone else was grabbing without cause. Without legal right. Do I think COJ's are to blame? No. I only blame the guys that decided to use it as a weapon. COJ's have been around a lot longer than Yellowstone and Richmond Capital and served a more important purpose in an MCA than fraudulently filing them to cash and grab from already desperate merchants. They were used to screw the scumbag merchants who didn't pay. The ones who deserved it. Now, that won't be possible, and truly that does suck. For the amount of risk we take on borderline credible merchants, no COJ effectively makes them unfundable. I don't want to hear about "Now Funders need to ACTUALLY underwrite their deals" because that's bull****. A COJ had nothing to do with the underwrite. It was simply there for risk of fraud on a poor scored borrower. Then it became a doc to make a funder more comfortable to give a merchant WAY more money than they deserved, on top of already expensive and toxic MCA debt. Maybe to some this is more like D-Day. To me, it's the beginning of a better potential future for our clients. It's a blessing.
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06-19-2019, 01:12 PM #12
- Join Date
- Mar 2016
- Posts
- 657
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06-19-2019, 01:20 PM #13
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,490
Unfortunately regulators felt is was being abused. COJ required funders were executing the COJ when companies were not actually in default and in some cases seizing assets will above what was owed....not by a little.....A LOT. Some felt that the users of COJs were using them as a tool to grab funds from good customers that barely defaulted over and above what was owed to cover losses with customers that never paid back.
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 #14
- Join Date
- Jun 2015
- Posts
- 3,325
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06-19-2019, 02:19 PM #15
- Join Date
- Jul 2015
- Posts
- 1,202
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06-19-2019, 02:36 PM #16
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06-19-2019, 05:56 PM #17
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06-19-2019, 07:03 PM #18
- Join Date
- Jan 2014
- Posts
- 1,375
if it passes what happens to COJ that have already been filed?
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06-20-2019, 08:47 AM #19
- Join Date
- Apr 2019
- Posts
- 72
Chrome Capital will be purchasing receivables on 3-6th positions with or without COJ.
Www.chromecapitalfunding.com
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