Results 1 to 12 of 12
-
08-27-2019, 01:39 PM #1
- Join Date
- Nov 2015
- Posts
- 64
Question about lender requiring to use their application only
I was about to submit a deal to National Business Capital but I heard they require merchants to fill out their own application.
None of the lenders we work with require this.
Is this normal for National, or does this have backdoor written all over it?
-
08-27-2019, 01:42 PM #2
- Join Date
- Mar 2016
- Posts
- 908
The National? As in the big 1st position National? Thats National Business Funding, not "Business Capital" Am i right? if not someone correct me.
Think your getting scammed man.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
-
08-27-2019, 01:52 PM #3
- Join Date
- Nov 2015
- Posts
- 64
https://www.national.biz/ <---
That's what I assumed...
-
08-27-2019, 01:53 PM #4
- Join Date
- Mar 2016
- Posts
- 908
Ill be honest man, i havent submitted a deal to any funder in years so i could be wrong. But for any funder to request their own app be filled out in this day and age seems weird.
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
-
08-27-2019, 02:06 PM #5
- Join Date
- Oct 2016
- Posts
- 4,318
If they require that their own application be filled-out it’s because they’re brokers. They can’t submit to most places if they don’t have their name on it, so they require their own app filled out. It’s really just that simple.
-
08-27-2019, 02:09 PM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
We require business owners to fill out our application. We cannot use someone else's for underwriting.
We are a little bit different in that we are owned by a bank.
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
-
08-27-2019, 02:09 PM #7
- Join Date
- Feb 2017
- Posts
- 3,450
At least Kapitus requires their own app before submitting to their "marketplace" and they're up-front about it.
While we're on the topic, I'll hijack it, why do almost all factoring companies always require their own app?
-
08-27-2019, 02:19 PM #8
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
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
-
08-27-2019, 02:21 PM #9
- Join Date
- Feb 2017
- Posts
- 3,450
Kevin, I get it, all 3 that bank-owned factors I work with require it. I can understand that excuse. It's that even the privately non bank-owned factors require it.
-
08-27-2019, 02:26 PM #10
- Join Date
- Oct 2016
- Posts
- 4,318
-
08-27-2019, 02:34 PM #11
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Micah,
Again....most are asking for information that is neither asked by brokers or found on their applications.
-Amount of customers and who are they.
-How many monthly invoices?
-Average Days Outstanding on Invoices.
-Any outstanding liens or lawsuits?
Also-Most of the non-bank factoring companies have lines of credit from banks. Their covenants on the line may require what they can and cannot do up to and including using someone else's application.
Now put your legal hat on...... If you went after someone that defrauded you, a judge would likely laugh you at of a court room for not using your own application.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
-
08-27-2019, 08:21 PM #12
- Join Date
- Aug 2018
- Posts
- 837
Similar Threads
-
Rev Lending with Monthly Payback not requiring Tax Returns
By Credit.Suite.Dave in forum Deal BinReplies: 4Last Post: 12-19-2016, 07:02 PM -
Lender Requiring ISO Owner's Personal Credit Report
By factorfinders in forum Merchant Cash AdvanceReplies: 46Last Post: 03-23-2016, 04:58 PM -
ISO Uses Another ISO's Application
By Funder Mark in forum Merchant Cash AdvanceReplies: 6Last Post: 01-22-2016, 02:54 PM -
need 2nd position without requiring confession of judgement direct sources only !
By sjordan96 in forum Deal BinReplies: 1Last Post: 11-14-2015, 05:27 PM -
application
By fundindealz in forum Merchant Cash AdvanceReplies: 4Last Post: 08-25-2014, 12:08 PM