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01-04-2021, 11:57 AM #1
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- Sep 2020
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- 15
Marijuana Lenders??? Do you work with them? How do they pay and work?
Someone please help me understand the way that these guys do underwriting and how they pay brokers!???!
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01-04-2021, 12:00 PM #2
- Join Date
- Feb 2017
- Posts
- 3,433
An MCA funder will pay points
A real estate lender will pay points
An equipment lender will pay points
They all have underwriting based on those types of financing. Bank statements, maybe taxes, real estate value, equipment value and debt service.Last edited by abfunders; 01-04-2021 at 12:04 PM.
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01-04-2021, 12:03 PM #3
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- Feb 2017
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- 3,433
Also, with the right relationship, you can potentially get the merchant processing.
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01-04-2021, 12:21 PM #4
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
EJH... your post reads like blood in the water.
First, what kind of business is it? Grow? Dispensary? Manufacturer of some sub product? Is it CBD? Is it THC/Medical?
What do they need the money for? How much? How little?
Then... you need to find the best avenue of capital for the use.
Dispensary with processing? Get a CC split. Get the processing too (like Micah said). Or if they have no processing, put it in place. Flexible and based on daily sales. Ideal.
Need equipment? You might want to go equipment financing route... 5 years, lower rates, faster approvals for fundings under 100k.
Looking to expand operations into new location? Hard money is the way to go. Fast, cheaper than MCA and large $ amounts.
You might want to consider working with someone on the first deal or two...
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01-04-2021, 12:35 PM #5
Happy to assist with your cannabis equipment deals! Will also consider working capital deals but must be secured, most commonly by real estate and/or equipment.
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01-04-2021, 04:53 PM #6
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,959
Cannabis credit card split will not happen , unless someone falsified a bank application and secured credit card processing
under a miscoded MCC since cannabis continues to be Federal ILLEGAL.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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01-05-2021, 09:37 AM #7
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- Feb 2017
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- 3,433
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01-05-2021, 10:01 AM #8
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
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01-05-2021, 10:47 AM #9
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- Dec 2015
- Posts
- 610
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01-05-2021, 12:56 PM #10
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,959
I'm very familiar with Trulieve since I have family that is a store manager. They still deal with a huge amount of cash.
All of these lawsuits have a common theme - someone, somewhere falsified information.
https://www.leafly.com/news/industry...enly-shut-down
https://www.alt36.com/blog/point-of-...nabis-industry
https://medium.com/@ken.ramirez/are-...s-c2f4ad62bab3
https://www.greenmarketreport.com/pr...-move-forward/
https://www.law360.com/articles/1330...redit-card-rowDave 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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01-05-2021, 01:37 PM #11
- Join Date
- Feb 2017
- Posts
- 3,433
Dave, it's called a cashless ATM, nobody has to falsify anything. You refuse to believe that it's legal or legit, and you're leaving money on the table. Meanwhile, I have a merchant doing $50,000 monthly in his low months on the platform (and hopefully $500,000 in his high months) and got him free terminals.
Why do you believe Ken Ramirez?Last edited by abfunders; 01-05-2021 at 01:40 PM.
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01-05-2021, 11:10 PM #12
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,959
Additional info on why credit card processing is a not allowed for Cannabis
https://cannabusiness.law/new-law-re...and-cbd-vapes/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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01-06-2021, 09:26 AM #13
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
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01-05-2021, 01:47 PM #14
- Join Date
- Feb 2017
- Posts
- 3,433
Ken Ramirez works for alt36, which is a an ACH-only payments platform (and involved a bit of blockchain crypto called DASH) and have a vested interest in competing and giving a biased view on the cashless ATMs. Not sure if it settles in USD or not, but it may.
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01-05-2021, 04:23 PM #15
- Join Date
- Dec 2017
- Posts
- 20
Hello @EJH,
My company Business Capital Providers actively funds marijuana, CBD, Cannabis deals. They are structured as MCA's daily or weekly payments. Terms are up to 10 months. We pay up to 12% commission. The only caveat is we don't fund California merchants at this time.
David Stewart
Director of Business Development
Business Capital Providers
Office:954-364-7764
Mobile:954-937-1218
david@bcproviders.com
bcproviders.com
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