Results 1 to 8 of 8
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02-19-2020, 04:52 PM #1
$1 Million Investor Needed w/ Admin-Locked Funds in Bank To Be Used As POF?
I have a request for $1 million in capital, mainly for the purpose of proof of funds:
Money is to stay in the joint account (investor + borrower account) with an admin lock on it, placed by you (the investor) for up to about 10 months, while the borrower uses the bank statements as proof of funds to obtain contracts for jobs, valued at over $5 million total.
Borrower won't have access to the funds, as they are obviously locked! (I may be missing a huge factor, but I have no clue; just throwing it out there). To me, it's no different than folks using POF letters to acquire real estate, except this guy is using it for his gold mines to obtain digging contracts or what not...
What happens is that basically, every week upon obtaining the 1st contract, the borrower will pay you a set payment ($10-15,000) until they have achieved the desired amount of contracts, or until those 10 months are up, after which you take back you total initial capital placed in the account (By common sense, you can literally make 100% ROI with this type of transaction @ $25,000/wk; however, I have never been able to verify whether this method is legit, what FTC regulations may be in play, etc..)
Technically, you can make an easy 50-100% return on your money over the course of those 10 months. You can structure it even as a cash advance w/ weekly payments on a 1.59 or whatever, & that be the agreement. The collateral is obvious, as it's your own money, and none of it goes anywhere. If the borrower stops paying or pays late too many times? Hell... You take your money out! lol
What do you think? Am I missing something? Is this common to some of you? I have a borrower requesting this type of financing: POF financing. lol
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02-19-2020, 05:09 PM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
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
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02-19-2020, 06:27 PM #3
- Join Date
- Aug 2017
- Posts
- 405
Sounds like a deal for Mantis
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02-19-2020, 07:34 PM #4
- Join Date
- Apr 2019
- Posts
- 318
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02-20-2020, 07:48 PM #5
I mean, it seems a bit far fetched to call it all fraud. I wonder if someone were to put up the money, whether there is a way they could ever lose it. I would have to check with a corporate attorney on that one...
I just feel as though if some authorities were to get a hold of what happened and the method by which the borrower was able to get the contracts, perhaps they would be subject to a fine. However, the contracts obtained would be for work, which would ACTUALLY be performed, and for which the borrower would get paid in order to then make the payments back to the investor.
I guess it's all just too complicated.. lol
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02-21-2020, 08:12 AM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
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
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02-21-2020, 11:06 AM #7
kevin is a banker with limited mind set. I have seen guys do POF. but never have done one myself
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02-21-2020, 11:20 AM #8
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
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
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