[tonymotts]

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 !!!!!!!

[abfunders]

Who is pulling? I hope that the bank statements don't show "ESS BE A LOAN" to something.

[harvey]

sounds like jail time to me

[Olderguy]

It's not SBA loan. SBA pays off MCA's. SBA loan payments are deferred for a year. Interest accrues.

[Michael I]

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 !!!!!!!

so basically going to charge him a 180k fee for getting him an sba and than after a year guy will find out that he needs to pay the sba back also ?
if true you need to show us

[MCAFORDUMMIES]

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 !!!!!!!

Nobody in the deal before SBA?

[abfunders]

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.

[JasonBishop]

pics or it didn't happen

[Kevin Henry-Seacoast]

Yikes!

[Olderguy]

Guy need to contact lender, reverse the transaction, go to the bank and freeze the withdrawals

[BR-Nightmare]

Smells like Blue Ribbon type of deal.

[fin4all]

pics or it didn't happen

pics of didn't happen x2

[tonymotts]

pics of didn't happen x2

im not looking to start trouble for anyone the bottom line is it was done its a matter of time until you see it

[JasonBishop]

Seems meritless without providing the appropriate information. Why would you want to protect an organization that would allegedly operate like that? Nice cliffhanger.

[tonymotts]

let the feds do there job

[MCAFORDUMMIES]

let the feds do there job

So what was the point of the post in the first place?

Post it here so perhaps they cease this unbelievably foolish conduct.

[tonymotts]

So what was the point of the post in the first place?

Post it here so perhaps they cease this unbelievably foolish conduct.

i just wanted to see if anyone else encountered this

[abfunders]

i just wanted to see if anyone else encountered this

The old "2-5 payments and we will turn it into an SBA" line? I've seen it dozens of times personally and dealt with the fallout, as have every other broker on this board. But is that what happened?

[tonymotts]

The old "2-5 payments and we will turn it into an SBA" line? I've seen it dozens of times personally and dealt with the fallout, as have every other broker on this board. But is that what happened?

not even close they are telling my merchant that its his funds and set up daily payments 4500 a day wild

[abfunders]

not even close they are telling my merchant that its his funds and set up daily payments 4500 a day wild

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.

[OC Funder]

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 !!!!!!!

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.