Results 151 to 175 of 179
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09-09-2020, 09:59 AM #151
- Join Date
- Feb 2017
- Posts
- 3,450
Well, I can't say I'm not jealous of the brokers for these deals in theory, but it would be interesting to know what actually happened:
https://www.inquirer.com/news/par-fu...outputType=amp
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09-09-2020, 10:14 AM #152
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
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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09-09-2020, 10:28 AM #153
- Join Date
- Jan 2018
- Posts
- 519
It's extremely easy to be "at the top" when your funding horrible deals or offering the merchant way more than they could ever handle. Maybe good underwriting is the key? Maybe brokers should stop finding out who pays the most money and instead find out which company will keep their book alive for years and years? I know its very fairy tale like to think that brokers could ever care about a clients business but things will balance out over time.
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09-09-2020, 10:51 AM #154
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
Why would brokers get clawed back - ? They are 1099 Contractors and if the article is correct, most of Par Funding went to a limited number of companies. For all the hype behind Par, it does not appear they had many funded deals
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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09-09-2020, 10:54 AM #155
- Join Date
- Jan 2018
- Posts
- 519
Par was in more than half of the deals I saw
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09-09-2020, 10:57 AM #156
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
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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09-09-2020, 11:24 AM #157
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
Is it just me... or is everyone they lent money to, "connected" in some way to fraud. Looks to me, like the scam was: 1. Raise money from investors using fake default numbers. 2. Funnel a huge portion of the money to "shell corporations" that they probably had a hand in (which ultimately don't pay). 3. Water it down by funding almost anything that comes in the door (thousands of customers and only 10 held 228M in outstanding receivables).
It looks like it had many moving parts (fraud within fraud)...
Some of these guys have serious talent when it comes to critical thinking. Imagine if they used it for good.
I've said it many times... this is a movie.
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09-09-2020, 11:29 AM #158
- Join Date
- Jul 2020
- Posts
- 14
Anyone else have clients who got this email??
September 9, 2020
Dear Par Funding Merchant:
We appreciate your patience as of late. Please be advised, that Ryan K. Stumphauzer,
Esq., was appointed Receiver ("Receiver") of Complete Business Solutions Group, Inc.
d/b/a Par Funding and other entities pursuant to a Court order entered in the United
States District Court in the Southern District of Florida on July 27, 2020 and amended
on August 13, 2020. Attached please find correspondence from the Receiver dated,
August 22, 2020.
You have been identified as having a merchant cash advance/factoring agreement
("MCA") with Par Funding. While the court was transferring business duties to the
Receiver, ACH drafts may not have been occurring. Effective Tuesday, September 8,
2020, operations have resumed and the Receiver, along with the assistance of
consultants from Development Specialists, Inc. and employees of the Receivership
Entities, has re-commenced ACH and debit activity in accordance with the MCA and
other collection efforts to enforce the terms of the MCA.
All payments should be directed to the Receiver and the Receivership Entities as the
owners of the rights title and interest in the MCA. Only the Receiver (and his designees)
are authorized to collect on the MCA. If any third party has made any attempts to collect
on the MCA owned by the Receivership Entities, please advise us immediately
So basically par will be pulling again. Making sure lenders know about this because it is going to seriously effect withhold.
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09-09-2020, 11:31 AM #159
- Join Date
- Jan 2018
- Posts
- 519
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09-09-2020, 11:37 AM #160
- Join Date
- Jan 2017
- Location
- New York, NY
- Posts
- 59
We never had a chance to work with them, ever since I heard they backdoor deals we stayed clear.
What we noticed from merchant statements is that they would get into the deal with PAR and really over lever the merchant to the point that Complete Business Funding came in and did a reverse-consolidation. Did anyone else notice that?
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09-09-2020, 12:10 PM #161
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
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09-09-2020, 12:14 PM #162
- Join Date
- Jan 2018
- Posts
- 519
Even still? It takes more cojones to not give into temptation and to build a business up the right way. Maybe he has a small package of "cojones" and wanted to over compensate as fast as possible with as little effort as possible. That seems like a more realistic scenario.
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09-09-2020, 12:42 PM #163
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
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09-09-2020, 01:02 PM #164
- Join Date
- Jun 2015
- Posts
- 754
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09-09-2020, 02:18 PM #165
- Join Date
- Dec 2016
- Posts
- 59
This is what happens when you fund defaults.
https://iapps.courts.state.ny.us/nys...sultsPageNum=1
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09-09-2020, 03:37 PM #166
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- Jun 2014
- Posts
- 541
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09-09-2020, 06:36 PM #167
- Join Date
- May 2014
- Location
- California
- Posts
- 348
Where are all the Par defenders that were active on here recently?
Crazy that half of the investors monies went to 10 merchants.
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09-09-2020, 07:13 PM #168
- Join Date
- Jan 2014
- Posts
- 1,378
they did put out a 90 million mca and their second largest client was 35 million mca lol
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09-09-2020, 08:04 PM #169
- Join Date
- May 2014
- Location
- California
- Posts
- 348
And they wonder why PAR busted out along with all the senior citizens money they allegedly scammed.
I guess there really is no such thing as a free steak dinner.
I wonder if the Gray Bar Motel reservation is coming up.
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09-10-2020, 09:34 AM #170
- Join Date
- Mar 2019
- Posts
- 254
EPIC ADVANCE
Mark@epic-advance.com
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09-10-2020, 10:59 AM #171
- Join Date
- Feb 2017
- Posts
- 3,450
I just realized the irony here.... Par over-leveraged themselves.
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09-10-2020, 11:00 AM #172
- Join Date
- Jun 2015
- Posts
- 754
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09-10-2020, 11:05 AM #173
- Join Date
- Feb 2017
- Posts
- 3,450
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09-10-2020, 11:06 AM #174
- Join Date
- May 2014
- Location
- California
- Posts
- 348
Sure, there was so much money coming in from the Senior Citizens that they had to throw it against the wall to see what sticks, now it appears hardly any of it stuck to the walls.
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09-10-2020, 01:05 PM #175
- Join Date
- Apr 2018
- Posts
- 178
cbsg.PNG
PAR is back to debiting