[kashman1]

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??

[Nunya]

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??

You can't stack yourself. That's not a thing.

[HDF]

You can't stack yourself. That's not a thing.

Actually, you can.

[Lmonus]

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??

They've been doing some crazy things lately - Saw them give a 1.44 yesterday on a 70k funding...

[Nunya]

Actually, you can.

Explain.

[HDF]

Explain.

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.

[kashman1]

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.

[ryan $]

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.

[Jamesf]

wrong post

[Peak Solutions LLC]

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.

insane.. who's in first?

[ryan $]

insane.. who's in first?

Principis

[NoBigDeal]

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.

And 3rds...and 4ths

[ryan $]

And 3rds...and 4ths

The do thirds and 4ths? You sure? Or does someone just have an open LOC and they draw down after taking on positions........ making it look like ondeck funded a 3rd or 4th

[Nunya]

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.

Term loan or LOC? LOC I understand but not a term loan.

[NoBigDeal]

The do thirds and 4ths? You sure? Or does someone just have an open LOC and they draw down after taking on positions........ making it look like ondeck funded a 3rd or 4th

Fair point. I'm not sure if it was an LOC, but they did drop $85k behind 3 other funders (didn't pay off the others) and started pulling weekly payments