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  1. #26
    Senior Member Reputation points: 14091
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    Yup, a lot of merchants calling in to see what can be done with their loans.

  2. #27
    Member Reputation points: 895
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    Feb 2020
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    Quote Originally Posted by MCN View Post
    got the email as well. Got one from LoanMe also an hour ago. Im sure there will be many more to come
    While we do have some temporary industry and state specific restrictions due to the global pandemic, LoanMe is still actively accepting & funding files. Feel free to reach out to business.loans@loanme.com if you have any questions.

    Hang in there!

    ------------------------------------------------------------------------------------------------------------------------------------------
    Joel S Galasso
    National Accounts Manager
    Small Business Loans
    Main: 949-535-7798 | business.loans@loanme.com
    1900 S. State College Blvd. Suite 300 Anaheim, CA 92806

  3. #28
    Senior Member Reputation points: 3829
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    Sep 2021
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    172

    Quote Originally Posted by John Cary View Post
    don't know but I'm not the only once receiving the email.

    clothing manufacturer
    You know this post is almost 2 years old right?

  4. #29
    Member Reputation points: 2198
    Join Date
    Feb 2017
    Location
    New Jersey
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    29

    Not going to lie...read this at 11pm last night in bed started having ptsd and checking the news on other websites thinking I missed some big development with Covid then I realized this guy replied to a 2 year old post...smh thanks for keeping me up all night

  5. #30
    We are still funding but no more construction/trucking under 50k/mo for that reason.

    We have no bank charter so have the freedom and flexibility to do logic-based underwriting. Call me directly and let me know what you need to get it done. We like to get funky 305-306-3060

    - A-/C+ paper (no high risk)
    - 1-4 positions
    - Monthly/weekly remittance
    - Max Approval: $500k
    - Max Term: 15 months
    - Max Upsell: 13 pts

    Send all deals to iso@capital-infusion.com, cc: josh@capital-infusion.com

    Josh Waxman
    VP Sales & Business Development
    E: josh@capital-infusion.com
    P: 305-306-3060

  6. #31
    Senior Member Reputation points: 86751
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    Feb 2018
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    are you saying those companies that use bank charters are handicapped by what they can do in UW? Do the banks they use also have to approve those files? I.E Web Bank, Celtic, Finwise, have to approve the approval of the MCA company? Curious how those contracts are drawn out between both parties because if the bank is holding the balance debt, I would think they do have a say in the deals in general? On the flip side, from a regulatory standpoint, they do insulate themselves from suits.

  7. #32
    Senior Member Reputation points: 31251
    Join Date
    Jul 2015
    Posts
    209

    I am pretty sure that the companies that use fed chartered banks just put the deal through the bank then buy it back the next day. So I wouldn't think they need to have it approved by the bank since its not sitting on their balance sheet for more than a few days at most. They are solely using the bank platform to skirt usury laws.

  8. #33
    Senior Member Reputation points: 86751
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    ^ how is that not regulated lol. How are these national banks "originating" loans? It's not their customer base. This is a total scheme.

    https://crsreports.congress.gov/prod...f/LSB/LSB10512
    Last edited by fundingsmbs; 01-27-2022 at 11:18 AM.

  9. #34
    Senior Member Reputation points: 337045
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    Rock Ridge
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    Quote Originally Posted by fundingsmbs View Post
    ^ how is that not regulated lol. How are these national banks "originating" loans? It's not their customer base. This is a total scheme.

    https://crsreports.congress.gov/prod...f/LSB/LSB10512
    Is it POSSIBLE the BANK has a line out to the FINANCE COMPANY. The bank refers prospects to the finance company who is using their line. There is a LOT of this in the market.
    Hedley Lamarr......That's Hedley

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