Results 1 to 21 of 21
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11-02-2021, 02:27 PM #1
- Join Date
- Sep 2019
- Posts
- 120
I thought iv seen it all FUNDING SBA LOANS AND PULLING MCA DAILYS $4500
Now this is wild funding a sba loan and pulling daily's like a mca !!! just had a merchant get funded 150k sba and these brokers told him its there money and are debiting his account $4500 a day . This is out of control !!!!!!!
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11-02-2021, 02:32 PM #2
- Join Date
- Feb 2017
- Posts
- 3,429
Who is pulling? I hope that the bank statements don't show "ESS BE A LOAN" to something.
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11-02-2021, 02:34 PM #3
- Join Date
- Apr 2015
- Posts
- 300
sounds like jail time to me
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11-02-2021, 02:43 PM #4
It's not SBA loan. SBA pays off MCA's. SBA loan payments are deferred for a year. Interest accrues.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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11-02-2021, 02:45 PM #5
- Join Date
- Jun 2015
- Posts
- 3,322
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11-02-2021, 02:48 PM #6
- Join Date
- Aug 2021
- Posts
- 32
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11-02-2021, 02:50 PM #7
- Join Date
- Feb 2017
- Posts
- 3,429
Until I see otherwise, it was just straight up fraud (either the funder or the broker lied), and $150k SBA that the poor merchant didn't read the contracts and it was a regular 50 payment $4500 daily $150,000 1.49 deal.
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11-02-2021, 02:53 PM #8
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11-02-2021, 02:55 PM #9
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Yikes!
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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11-02-2021, 02:56 PM #10
Guy need to contact lender, reverse the transaction, go to the bank and freeze the withdrawals
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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11-02-2021, 02:57 PM #11
Smells like Blue Ribbon type of deal.
The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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11-02-2021, 03:01 PM #12
- Join Date
- Apr 2019
- Posts
- 318
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11-02-2021, 04:08 PM #13
- Join Date
- Sep 2019
- Posts
- 120
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11-02-2021, 04:21 PM #14
Seems meritless without providing the appropriate information. Why would you want to protect an organization that would allegedly operate like that? Nice cliffhanger.
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11-02-2021, 04:24 PM #15
- Join Date
- Sep 2019
- Posts
- 120
let the feds do there job
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11-02-2021, 04:27 PM #16
- Join Date
- Aug 2021
- Posts
- 32
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11-02-2021, 04:28 PM #17
- Join Date
- Sep 2019
- Posts
- 120
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11-02-2021, 04:36 PM #18
- Join Date
- Feb 2017
- Posts
- 3,429
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11-02-2021, 04:42 PM #19
- Join Date
- Sep 2019
- Posts
- 120
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11-02-2021, 05:12 PM #20
- Join Date
- Feb 2017
- Posts
- 3,429
Did you speak with the funder or the broker or the merchant? Merchants are stupid and don't read contracts and assume what they were told by the broker is true and then "yes yes yes" their way through the funding call. The blame usually falls out on the broker in these cases. Who's pulling the 4500/day? You're not incriminating anyone if you do.
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11-02-2021, 05:28 PM #21
- Join Date
- Jul 2014
- Posts
- 92
My bet is on a dishonest merchant. 150k @ 4500/day sounds like a 50-60 day deal... if he's doing enough revenue to would warrant those terms I'm guessing he's savvy enough to understand a contract. If he got placed at a funder that would even offer such terms I'm guessing he's also screwed over some creditors before. These are huge assumptions and I never underestimate how shady a broker/funder can be, but that's where my money is with the few facts given.
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