Results 1 to 20 of 20
-
01-04-2021, 11:57 AM #1
- Join Date
- Sep 2020
- Posts
- 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!???!
-
01-04-2021, 12:00 PM #2
- Join Date
- Feb 2017
- Posts
- 3,456
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.
-
01-04-2021, 12:03 PM #3
- Join Date
- Feb 2017
- Posts
- 3,456
Also, with the right relationship, you can potentially get the merchant processing.
-
01-04-2021, 12:21 PM #4
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
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...
-
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.
-
01-04-2021, 04:53 PM #6
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,978
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
-
01-05-2021, 09:37 AM #7
- Join Date
- Feb 2017
- Posts
- 3,456
-
01-05-2021, 10:01 AM #8
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
-
01-05-2021, 10:47 AM #9
- Join Date
- Dec 2015
- Posts
- 616
-
01-05-2021, 12:56 PM #10
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,978
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
-
01-05-2021, 01:37 PM #11
- Join Date
- Feb 2017
- Posts
- 3,456
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.
-
01-05-2021, 01:47 PM #12
- Join Date
- Feb 2017
- Posts
- 3,456
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.
-
01-05-2021, 02:24 PM #13
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,978
Cashless ATM's get shut down quite often. It has nothing to do with Ken Ramirez article - There are many reasons cannabis accounts with the so-called work arounds are being shut down.
It is the FDA/FTC/SEC that can cause an operation to be shutdown , thereby creating a charge-back issue or funds being held, bank accounts being closed, etc.
There is still too much uncertainty within the industry and operators not knowing or just ignoring laws.
https://www.law.com/njlawjournal/202...20210005141110
https://www.ftc.gov/system/files/doc...astatement.pdf
https://www.sec.gov/news/press-release/2020-14
https://www.sec.gov/litigation/litre...20/lr24857.htmDave 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
-
01-05-2021, 04:23 PM #14
- 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
-
01-05-2021, 11:10 PM #15
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,978
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
-
01-06-2021, 09:26 AM #16
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
-
01-06-2021, 10:10 AM #17
- Join Date
- Feb 2017
- Posts
- 3,456
-
01-06-2021, 11:17 AM #18
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,978
IF it was legal - we would not need "workarounds" I challenge to to contact the Risk Department of any of the Top Tier Processors and ask a simple question.
Do you board Cannabis?
1)FIS
2)FISERV
3)Global Payments
4)EVO
5)The Blackstone Group
6)US Bank
7)J.P.Morgan Chase
8)NuveiDave 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
-
01-06-2021, 12:59 PM #19
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
...workarounds aren't about legality, they are a barrier to entry for a market that is controlled by a select few who seek to dominate the market space quickly to be the #1 leader in the space... i'm going to leave this conversation there...
I love ideas, planning, strategic things... I should've been a lawyer.
-
01-06-2021, 01:13 PM #20
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,978
We don't need more lawyers That's whom screwed up Elavon/US Bank - We were rocking along until the legal beagles became involved.
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
Similar Threads
-
Looking for Lenders that will work REAL D PAPER
By Creative Lender in forum Deal BinReplies: 10Last Post: 05-06-2019, 09:43 PM -
Virtual Sales Assistant that can do the work of 20 Openers Still Looking For Work
By ChuckM in forum PromotionsReplies: 0Last Post: 05-17-2017, 05:17 PM -
Virtual Sales Assistant that can do the work of 20 Openers Looking For Work
By ChuckM in forum PromotionsReplies: 27Last Post: 05-10-2017, 10:48 AM -
Which lenders work after hours and provide offers and contracts
By PrinceofMCA in forum Merchant Cash AdvanceReplies: 1Last Post: 10-24-2016, 10:36 AM -
How many lenders do the smaller ISO's work with?
By pfalconemca in forum Merchant Cash AdvanceReplies: 28Last Post: 06-24-2015, 12:04 PM