Results 1 to 25 of 30
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03-20-2020, 05:47 PM #1
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
Rapid stopped funding across the board.
I just got word. Unreal times.
I put my contact info in here, and
was bombarded with spam from funders
if you need to reach me PM me
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03-20-2020, 06:21 PM #2
- Join Date
- Feb 2018
- Posts
- 1,349
it makes sense as harsh as it feels. imagine if it was your money on the line. from a fiduciary standpoint, it would be negligent not to stop or modify funding at this time
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03-21-2020, 09:17 PM #3
- Join Date
- Sep 2019
- Posts
- 402
No one is funding. Anyone who says they are is either lying, backdooring, or throwing money in the garbage (that's not called funding).
Industry is just dead right now. Hopefully we'll come back stronger than ever and I hope everyone rides it out, but for now, this is DONE.
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03-21-2020, 10:31 PM #4
- Join Date
- Oct 2013
- Location
- Designer
- Posts
- 591
MOST are not funding, not no one. I saw two six-figure offers yesterday, both in the medical industry. Now it didn't go through the normal channels, the owner is underwriting the deal himself.
www.UccRadar.com
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03-22-2020, 10:42 PM #5
- Join Date
- Feb 2020
- Posts
- 2
We had 3 $100k deals go out on Friday and one was with a lender who had "suspended funding until further notice." 1. Medical distribution - latex gloves, face masks, etc. (no brainer) depositing $700k monthly and then $2M MTD, 2. Freight forwarding - food and beverage, depositing $500k monthly with 50% of that factored payments from a national supermarket chain (another duh), and 3. Waste management facility that was just clean. Strong balances and great A/R.
Granted, these were all MUCH lower approvals than they would have been pre-corona, but the industry is not dead. It's just changing again. If a deal makes sense, it's going to get done, but I think we're going to start seeing those daily ACHs slowly replaced by invoice factoring, real asset-based lending (not you, WBL), and PO financing, etc.
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03-22-2020, 11:21 PM #6
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,949
CRE Back Loans have not ceased nor has credit card lock splits / lockbox.
Granted CC files will be assessed with a keener eye and a person with a 550 credit score
is more than likely not going to be funded. A take-out facility may have an opportunity to be funded,
sit-down restaurant, not so much.
Deals are availble, just have to be more diligent .Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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03-22-2020, 11:30 PM #7
- Join Date
- Oct 2016
- Posts
- 4,318
Fundworks sent out an email saying they’re using NY’s exempt list to fund all 50 states. Decent size list.
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03-24-2020, 04:16 PM #8
- Join Date
- Jul 2017
- Posts
- 129
Aquina Health in Atlanta, which only does medical, is Funding and is apparently seeing a lot of paper. Radium2 in Long Island is also Funding, per a convo with their VP of Sales this AM.
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03-24-2020, 04:27 PM #9
- Join Date
- Jan 2017
- Posts
- 387
We are 100% open, operational and funding. just funded a few deals between yesterday and today. We have an updated list of what we are funding with full guidelines. We are cautious and updating funding guidelines daily. Stay safe and healthy!
Paul Boxer
Merchant Marketplace
Chief Operating Officer
Chief Revenue Officer
Cell: (516) 805-9209
paul@merchantmarketplace.com
www.merchantmarketplace.com
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03-24-2020, 05:24 PM #10
- Join Date
- Nov 2018
- Posts
- 44
24 capital is still open and funding with restrictions similar to what all the funders open are putting to use. Essential companies and the state they are located. We are asking for a/r upfront. With this weeks shutdown, we are monitoring the trickle down effect. We also understand NYC is the epicenter and as we progress we will get out of it sooner as it most likely will progress to other regions of the country. Any questions please email me directly brian@24capital.com
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03-24-2020, 08:33 PM #11
- Join Date
- Aug 2016
- Posts
- 275
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03-24-2020, 10:08 PM #12
- Join Date
- Jul 2018
- Posts
- 193
24 Capital Bye Bye
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03-24-2020, 10:15 PM #13
- Join Date
- Jul 2018
- Posts
- 193
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03-25-2020, 05:11 AM #14
I've been hearing about 24 capital for a while now but have yet to ever see them in bank statements
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03-25-2020, 09:28 AM #15
- Join Date
- Nov 2018
- Posts
- 44
We certainly have been around for a few years and getting bigger and bigger. Perhaps its the paper you deal with that you do not see us in the statements? I manage the firms biggest ISOs and fund on volume so we defiantly have a pretty decent size book out there. Please email me and we can talk specifics. Brian@24capital.com
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03-25-2020, 10:36 AM #16
- Join Date
- Dec 2018
- Location
- 48 Wall St. New York, NY 10005
- Posts
- 271
We are still funding. Reach out for the temporary guidelines. Also, we have taken Cali and New York City off the board for now. Please send MTD's with your submissions.
ThanksJeff Pecori
Business Development & ISO Relations
VitalCap Fund | 48 Wall St. | New York, NY 10005
P. 850.630.7509 Ext.101 | F. 646.219.7949
jeff@vitalcapfund.com
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03-25-2020, 02:24 PM #17
- Join Date
- Dec 2017
- Posts
- 397
Do you think these bigger companies like BFS, Rapid, Greenbox, Everest and Mantis that all stopped funding this week, are they tapping out from the market or more from overhead costs they can't sustain? I think the cost of not funding for these bloated companies with large administrative costs is shutting these guys down the most.
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03-26-2020, 11:50 AM #18
- Join Date
- Mar 2020
- Posts
- 2
Trutttttthhhhhhhhh- does anyone know if Platinum Rapid Funding Group is still alive? they just stopped answering submissions, not even communicating and I heard a rumor that there was fraud involved in the business and they've shut down - I've submitted deals tho so I guess I should stop?
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03-26-2020, 12:16 PM #19
- Join Date
- May 2014
- Location
- California
- Posts
- 343
Wow!
The owner of PRFG was bragging all over Instagram with exotic cars, tigers, diamonds, exotic locales, money, etc.
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03-26-2020, 12:18 PM #20
- Join Date
- Aug 2019
- Posts
- 94
We funded with Roc and Radium2 and Divergent is giving out great 6 figure offers on weeklies if I could only manage to sell one. Tough times still.
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03-26-2020, 12:19 PM #21
- Join Date
- Jun 2015
- Posts
- 754
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03-26-2020, 12:30 PM #22
- Join Date
- May 2014
- Location
- California
- Posts
- 343
Ali Mayar
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03-26-2020, 12:55 PM #23
- Join Date
- Mar 2020
- Posts
- 2
oh.....I just wish they'd answer an email or phone call bc I have deals but I guess I should try Roc Divergent and Radium? Somoene else said Velocity was still funding. I just got a call from a buddy at Knight that they'd heard the owners spent investor money on personal gain- I'm guessing thats for the cars and diamonds that ShoreBird mentioned. smh. my buddy said their doors are shut and it's not bc of the virus, or at least thats the rumor. so i guess that's why no one is picking up the phone.
maybe he should sell the cars and the diamonds? and the tigers????? what is he tiger king?Last edited by MCAking$$; 03-26-2020 at 01:02 PM.
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03-26-2020, 01:17 PM #24
- Join Date
- May 2017
- Posts
- 170
Didn’t one just open a tech center in Canada-huge overhead. Also what’s interesting in the stimulus bill is that the small business loan/grant program only applies to companies with less than 500 employees. But if private equity owns >50% the company is grouped with the rest of the portfolio companies so if a company has 200 employees but majority ownership is a PE/VC firm the company is ineligible.
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03-26-2020, 01:49 PM #25
There are a lot of different reason and for each company its different. For the bigger shops with big lines a lot of it can have to do with restrictions being put on them from the people they are getting money from. For other companies that use algarithims to underwrite and make decisions a market like this makes the algorithm useless and they would rather wait till thinks level out before lending. Also there can be 50 other reasons but to try and say its any one thing is impossible
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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