Results 1 to 9 of 9
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04-03-2013, 12:36 PM #1
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
starter programs for open Bankruptcy?
Any funders that have starter program for merchant in open BK? Deals that are otherwise solid, good cash flow no negative days, credit is over 500 but BK hasn't been discharged yet?
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04-03-2013, 12:44 PM #2
Personal or business makes the difference. At Capital Stack we don't evaluate personal credit in UW decision per-se.
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04-03-2013, 05:03 PM #3
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04-03-2013, 05:05 PM #4
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04-03-2013, 05:42 PM #5
Personal or business makes the difference??
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04-04-2013, 10:01 AM #6
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
Chapter 13 bk, merchant has a payment plan and been making payments for a year and a half, it only included personal debts no business debt.
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04-04-2013, 10:35 AM #7
- Join Date
- Sep 2012
- Location
- Gainesville Florida
- Posts
- 168
Merchant Cash Group will fund open BK but we have a funding limit while the BK is open which 5K... if the Merchant is debtor in possession than it is a no go for us.
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04-04-2013, 11:20 AM #8
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
I thought debtor in possession is for businesses in Chapt 11? Does that apply to a personal Chapt 13 BK?
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04-04-2013, 11:27 AM #9
- Join Date
- Sep 2012
- Posts
- 199
We've funded a couple open personal 13's. Our legal guys said the big risk is that you can't enforce a personal guaranty for performance and it's best to exclude all such language from the contract. You don't want to end up in court on collections with these either. It's a leap of faith of sorts.