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08-08-2019, 12:58 PM #1
- Join Date
- Feb 2017
- Posts
- 3,411
Stupid deal
$45,000 in deposits in July, very nice.
However, when you look at it, there were 3 deposits of revenue for about $22k.
2 others were from cash advances from credit cards he just opened (not 0 APR and not business cards - too bad, he has a FICO over 740, and that will change really quickly)
And the other was from a Fundbox draw.
Looking at his withdrawals, he has Loanme (910/mo), Knight (53/day), PayPal (726/wk), Fundbox (2660/week), and Kabbage (6,929.01/mo)
He has $20657 monthly coming out and $22k in deposits.
This is a default waiting to happen.Last edited by abfunders; 08-08-2019 at 01:16 PM.
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08-08-2019, 01:26 PM #2
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- Apr 2018
- Posts
- 178
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08-08-2019, 01:34 PM #3
- Join Date
- Feb 2017
- Posts
- 3,411
Had it not been for the recent CC openings, I could have done $100k....
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08-08-2019, 02:13 PM #4
- Join Date
- May 2019
- Posts
- 60
soooo is that a decline?
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08-08-2019, 02:40 PM #5
- Join Date
- Feb 2017
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- 3,411
Well, the broker who submitted this to me claimed he got a $5k and a $7k offer. That's a clawback waiting to happen.
Either way, my options would have been with banks and 0 APR CC's.... the world isn't made for just MCAs. So the banks will decline this file, yes.
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08-08-2019, 02:46 PM #6
- Join Date
- Jun 2017
- Posts
- 2,049
That is insane
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08-08-2019, 02:53 PM #7
At some point merchants have to take responsibility.
Even if they get sold by lying scum brokers.
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08-08-2019, 03:04 PM #8
- Join Date
- Feb 2017
- Posts
- 3,411
I told the other broker that I refused to do an MCA, only the 0 APR and term loan stuff to consolidate. I think I he's refusing to do it also, he's not in a major cash crunch, just that the merchant was hitting him over the head.
I agree, a broker has got to be somewhat responsible.
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08-08-2019, 03:10 PM #9
- Join Date
- Feb 2017
- Posts
- 3,411
Correction: A broker needs to be responsible.
How much responsibility is on the broker? That's a gray area where the broker ends and the lender/funder 's UW starts. Hence we have an on-going discussions on this board about claw-backs.
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