Need a Funder or Vendor? START HERE

Page 1 of 2 12 LastLast
Results 1 to 25 of 30
  1. #1
    Senior Member Reputation points: 47257
    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

  2. #2
    Senior Member Reputation points: 86751
    Join Date
    Feb 2018
    Posts
    1,346

    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

  3. #3
    Senior Member Reputation points: 91418
    Join Date
    Sep 2019
    Posts
    402

    Quote Originally Posted by skideeppow View Post
    I just got word. Unreal times.
    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.

  4. #4
    Senior Member Reputation points: 18328
    Join Date
    Oct 2013
    Location
    Designer
    Posts
    569

    Quote Originally Posted by SFC View Post
    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.


    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

  5. #5
    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.

  6. #6
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    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

  7. #7
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Fundworks sent out an email saying they’re using NY’s exempt list to fund all 50 states. Decent size list.

  8. #8
    Senior Member Reputation points: 5328
    Join Date
    Jul 2017
    Posts
    128

    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.

  9. #9
    Senior Member Reputation points: 3706
    Join Date
    Jan 2017
    Posts
    378

    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

  10. #10
    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

  11. #11
    Senior Member Reputation points: 45092
    Join Date
    Aug 2016
    Posts
    273

    Quote Originally Posted by bgreen View Post
    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
    24 capital LOL

  12. #12
    Senior Member Reputation points: 14001
    Join Date
    Jul 2018
    Posts
    193

    24 Capital Bye Bye

  13. #13
    Senior Member Reputation points: 14001
    Join Date
    Jul 2018
    Posts
    193

    Quote Originally Posted by mb_ View Post
    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.
    Who does PO financing? TIA

  14. #14
    Senior Member Reputation points: 5987 Regium's Avatar
    Join Date
    Aug 2013
    Location
    NYC
    Posts
    197

    I've been hearing about 24 capital for a while now but have yet to ever see them in bank statements

  15. #15
    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

  16. #16
    Senior Member Reputation points: 6544
    Join Date
    Dec 2018
    Location
    48 Wall St. New York, NY 10005
    Posts
    268

    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.

    Thanks
    Jeff 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

  17. #17
    Senior Member Reputation points: 57713
    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.

  18. #18
    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?

  19. #19
    Senior Member Reputation points: 14389
    Join Date
    May 2014
    Location
    California
    Posts
    336

    Wow!

    The owner of PRFG was bragging all over Instagram with exotic cars, tigers, diamonds, exotic locales, money, etc.

  20. #20
    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.

  21. #21
    Senior Member Reputation points: 97075
    Join Date
    Jun 2015
    Posts
    754

    Quote Originally Posted by Shorebird View Post
    Wow!

    The owner of PRFG was bragging all over Instagram with exotic cars, tigers, diamonds, exotic locales, money, etc.
    user name??

  22. #22
    Senior Member Reputation points: 14389
    Join Date
    May 2014
    Location
    California
    Posts
    336

    Ali Mayar

  23. #23
    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.

  24. #24
    Senior Member Reputation points: 18447
    Join Date
    May 2017
    Posts
    170

    Quote Originally Posted by Don Dolla View Post
    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.
    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.

  25. #25
    Veteran Reputation points: 157541 J.Celifarco's Avatar
    Join Date
    Oct 2012
    Location
    New York
    Posts
    2,504

    Quote Originally Posted by Don Dolla View Post
    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.
    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

Similar Threads

  1. Stopped Payments
    By Michael Slabitcher in forum Merchant Cash Advance
    Replies: 6
    Last Post: 01-14-2019, 02:06 PM
  2. Pearl is suing Rapid to say that Rapid can't sue them for stacking!!
    By isaacdstern in forum Merchant Cash Advance
    Replies: 73
    Last Post: 09-14-2017, 05:39 PM
  3. Stopped Processing your Business Type?
    By AVP Solutions in forum Payment Processing
    Replies: 0
    Last Post: 07-29-2015, 10:54 AM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY