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09-09-2019, 06:29 PM #26
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What about OnDeck stacking a deal themsevles? Just saw a case of this and my mind is blown! I thought they would never take a second position has this changed??
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09-10-2019, 08:59 AM #27
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09-10-2019, 10:37 AM #28
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09-10-2019, 10:47 AM #29
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Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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09-10-2019, 12:54 PM #30
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09-10-2019, 01:18 PM #31
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Ok, it went (goes) like this:
--Client got a 1st position 60k weekly, loan no COJ. Gets the requisite warnings about what to expect from the onslaught of calls from MCA companies and all the client retention communications etc from original ISO rep.
--Client caves (didn't really need the money) in to one of the sales pitches and takes on a 2nd position from MCA company. I think it was 25k also weekly, with COJ
--The SAME MCA company calls back relentlessly right away trying to sell him more money. Being that he had some nice work coming up in the pipeline, he bites. I think it was 18k daily with COJ.
--One day, not too long thereafter, MCA company claims he defaulted on a Friday and immediately enforced COJ and raided his bank account that always held nice balances.
--Client disputes that he even defaulted, MCA company completely ruins him short term, and it is now in Court.
So yes, funders stack themselves. And yes this client was a little weak, but in this case did not deserve what happened to the extent it did.
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09-10-2019, 07:11 PM #32
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- Apr 2015
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- 15
To clarify- I didn't mean that they stacked themselves- I simply meant they took a 2nd position behind another MCA lender. But yes- I am aware that some lenders stack themselves. Word is out- Ondeck now doing 2nds.
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09-11-2019, 09:06 AM #33
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- Jun 2017
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- 2,049
I have a 2nd Position Approval from OnDeck right now.
140k to take the 1st. or 25k as a 2nd.
Both going out 18 Months.
18 Month as a 2nd Position is the real surprise.
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09-11-2019, 09:10 AM #34
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- Mar 2019
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- 95
wrong post
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09-11-2019, 09:19 AM #35
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- May 2018
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09-11-2019, 10:09 AM #36
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09-11-2019, 12:01 PM #37
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09-11-2019, 01:04 PM #38
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09-11-2019, 01:13 PM #39
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09-11-2019, 01:40 PM #40
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