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  1. #1
    Senior Member Reputation points: 14389
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    Wow! That's a big hit.

    Saw this in a recently filed corporate bankruptcy.

    That is one big MCA.

    Yikes!


    Last Chance Funding Inc.-Describe debtor's property that is subject to a lien-$3,333,196.88

  2. #2
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    LCF also does real estate deals.

  3. #3
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    Quote Originally Posted by Shorebird View Post
    Saw this in a recently filed corporate bankruptcy.

    That is one big MCA.

    Yikes!


    Last Chance Funding Inc.-Describe debtor's property that is subject to a lien-$3,333,196.88
    thats crazy bc all i see from LCF is under 20k 40 day deals

  4. #4
    Quote Originally Posted by moneygreen View Post
    thats crazy bc all i see from LCF is under 20k 40 day deals
    they do big deals did a 1.3 million deal with them few months ago

  5. #5
    Quote Originally Posted by moneygreen View Post
    thats crazy bc all i see from LCF is under 20k 40 day deals
    Hi, yes we fund many 6 and 7 figure advances. It all comes down to the types of files you are sending us. While we originally started out years ago only as a high risk funder, we have expanded significantly and have one of the broadest underwriting boxes of any funder currently. From defaults, 10th position type high risk files to pristine 1st position A paper files, we will make offers on all of them. If you are only seeing small short term approvals, then you may only be submitting small high risk files to us. While we fund a lot of micro deals, we acknowledge that we are not always the strongest micro deal funder out there at this time. Some other funders are making a lot of bad offers, and we are not going to chase micro deal volume by making bad offers too. We have funded micro deals before those competitors even existed, and we will continue to fund them after those competitors go out of business.

    Funding larger deals is one of our strengths. We will fund a 300k advance with the same stips as a 3k advance. Which can be a headache for a 3k advance, but is a lot easier process on a 300k advance than most of our competitors. No one wants to waste much time negotiating back and forth terms on a 5k offer, or a 6th position offer, but on decent files we are very flexible in our underwriting and love to compete. If you give us a look at some bigger and/or cleaner files you may be pleasantly surprised by the offers that you get. Please speak with your partner relationship manager to get more details.

  6. #6
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    what type of deal was the 3 mill ?

  7. #7
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    kind of a boss response by LCF not gonna lie...

  8. #8
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    I love LCF. Lis Rodriguez is my rep and she is great. Efficient. Fast. And can get longer terms and larger offers (within reason) for most of my requests. They will give 'starter deals' to most merchants that will get declined by 95% of other funders - merchants who have low or inconsistent revenue, over 10 nsf's a month, or even those who have defaulted in the past and need a second chance in the MCA world. I've done $3,000 deals with them, and I've done $150k deals with them. The best part - Commissions are always paid next day. Give them a try.

  9. #9
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    The 3 million was a fraudulent aerospace company basically shut down by the SEC. Any funder that can take a 3 million hit and not feel it must have deep pockets.

  10. #10
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    I had a really hard Alaskan deal that LCF was creative enough to do a side-by-side with another funder ("if he puts in 200, we will, too"). We pushed, and we almost got there, but the crazy number of investors on the LLC shot it down due to rates, even though the deal by itself made sense. You must send them deals that they are going to made good offers on, and don't just shop everything to them. Andy is good people.

  11. #11
    Senior Member Reputation points: 14389
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    Who do I speak with over there to get signed up? Every time I call the ISO number, it disconnects.

  12. #12
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    LCF is the only funder who filed like 80 COJs a day before it became illegal… I’ll never forget these punks

  13. #13
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    Quote Originally Posted by The LCF Group View Post
    Hi, yes we fund many 6 and 7 figure advances. It all comes down to the types of files you are sending us. While we originally started out years ago only as a high risk funder, we have expanded significantly and have one of the broadest underwriting boxes of any funder currently. From defaults, 10th position type high risk files to pristine 1st position A paper files, we will make offers on all of them. If you are only seeing small short term approvals, then you may only be submitting small high risk files to us. While we fund a lot of micro deals, we acknowledge that we are not always the strongest micro deal funder out there at this time. Some other funders are making a lot of bad offers, and we are not going to chase micro deal volume by making bad offers too. We have funded micro deals before those competitors even existed, and we will continue to fund them after those competitors go out of business.

    Funding larger deals is one of our strengths. We will fund a 300k advance with the same stips as a 3k advance. Which can be a headache for a 3k advance, but is a lot easier process on a 300k advance than most of our competitors. No one wants to waste much time negotiating back and forth terms on a 5k offer, or a 6th position offer, but on decent files we are very flexible in our underwriting and love to compete. If you give us a look at some bigger and/or cleaner files you may be pleasantly surprised by the offers that you get. Please speak with your partner relationship manager to get more details.
    Sounds Great!

    If/When I do another MCA, RE Bridge Loan, or Construction Loan I will definitely see if you can meet or beat what I am presented with by other lenders.

  14. #14
    Quote Originally Posted by The LCF Group View Post
    Hi, yes we fund many 6 and 7 figure advances. It all comes down to the types of files you are sending us. While we originally started out years ago only as a high risk funder, we have expanded significantly and have one of the broadest underwriting boxes of any funder currently. From defaults, 10th position type high risk files to pristine 1st position A paper files, we will make offers on all of them. If you are only seeing small short term approvals, then you may only be submitting small high risk files to us. While we fund a lot of micro deals, we acknowledge that we are not always the strongest micro deal funder out there at this time. Some other funders are making a lot of bad offers, and we are not going to chase micro deal volume by making bad offers too. We have funded micro deals before those competitors even existed, and we will continue to fund them after those competitors go out of business.

    Funding larger deals is one of our strengths. We will fund a 300k advance with the same stips as a 3k advance. Which can be a headache for a 3k advance, but is a lot easier process on a 300k advance than most of our competitors. No one wants to waste much time negotiating back and forth terms on a 5k offer, or a 6th position offer, but on decent files we are very flexible in our underwriting and love to compete. If you give us a look at some bigger and/or cleaner files you may be pleasantly surprised by the offers that you get. Please speak with your partner relationship manager to get more details.
    Hey our guidelines dont exceed your non-competing threshold. Consequently our last years data is now ripe for a funder of your magnitude that is willing to fund $300k with the same stips as $3k. DM me if you are interested

  15. #15
    insane check out the courts

  16. #16
    Quote Originally Posted by The LCF Group View Post
    Hi, yes we fund many 6 and 7 figure advances. It all comes down to the types of files you are sending us. While we originally started out years ago only as a high risk funder, we have expanded significantly and have one of the broadest underwriting boxes of any funder currently. From defaults, 10th position type high risk files to pristine 1st position A paper files, we will make offers on all of them. If you are only seeing small short term approvals, then you may only be submitting small high risk files to us. While we fund a lot of micro deals, we acknowledge that we are not always the strongest micro deal funder out there at this time. Some other funders are making a lot of bad offers, and we are not going to chase micro deal volume by making bad offers too. We have funded micro deals before those competitors even existed, and we will continue to fund them after those competitors go out of business.

    Funding larger deals is one of our strengths. We will fund a 300k advance with the same stips as a 3k advance. Which can be a headache for a 3k advance, but is a lot easier process on a 300k advance than most of our competitors. No one wants to waste much time negotiating back and forth terms on a 5k offer, or a 6th position offer, but on decent files we are very flexible in our underwriting and love to compete. If you give us a look at some bigger and/or cleaner files you may be pleasantly surprised by the offers that you get. Please speak with your partner relationship manager to get more details.
    Are you guys signing new ISO's up yet?

  17. #17
    Senior Member Reputation points: 99210 ridextreme's Avatar
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    The hit was probably more likely around $1MM if you take out the interest, fees, points, penalties, closing fees, origination fees, default fee and attorney fees.

  18. #18
    Still it’s crazy



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