Results 1 to 12 of 12
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12-15-2021, 12:36 PM #1
- Join Date
- Sep 2021
- Posts
- 190
Covid impacted default
Does anyone here do/know of a company that still gives good rates and terms for merchants that have defaulted but satisfied the judgement due to covid and the riots?
Merchant has one position that still funds him. Only defaulted once in 5 years of taking MCAs but paid it off. Merchant is in california and does 150K in CC monthly. First position is only has 28K left (he never missed a payment with them)
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12-15-2021, 12:38 PM #2
- Join Date
- Feb 2017
- Posts
- 3,416
Get the man a CC split.
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12-15-2021, 01:09 PM #3
Frank at Prosperum made an offer for one of my clients with two defaults.
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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12-15-2021, 01:21 PM #4
- Join Date
- Aug 2014
- Posts
- 620
Seems like a doable deal for me, lots of CC rev, paying another position, etc. Feel free to reach out if I can be of any help.
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12-15-2021, 02:30 PM #5
- Join Date
- Sep 2021
- Posts
- 190
I'm trying Micah, trust me I am. But I don't know who would still do it without trying to kill the man with a 1.499 30 day deal lmfaooo. I was wondering if there were still any funders out here that can look past a covid related default that was settled and see a man who hasn't missed a payment in 5 years
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12-15-2021, 02:40 PM #6
- Join Date
- Jun 2017
- Posts
- 2,049
Reserve is pretty good at listening to situations and making an informed decision.
One of my pet peeves is larger companies with underwriters who are Robots..... DECLINE DECLINE DECLINE, just rattling off declines like an Android.... without having (or having the authority) to judge a situation for what it is.....
Reserve will look at the whole picture.
Other than that, smaller funders where you can actually talk to a decision maker and paint the picture for why its a good deal is the best bet.
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12-15-2021, 02:48 PM #7
- Join Date
- Feb 2017
- Posts
- 3,416
A 30-day deal by definition is not a CC split. If you trust me, would love an opportunity to help you out, shoot me an email.
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12-15-2021, 02:52 PM #8
- Join Date
- Nov 2013
- Posts
- 598
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12-15-2021, 03:21 PM #9
If it's feasible, we'll get it done. PM me or email me.
Frank Jacobs,
Funding Director
ProsperumFunding.Com
| Office | (929) 376-8912
| Fax | (888) 894-3518 or (212) 706-0117
| Email | FJacobs@ProsperumFunding.com
8 West 36th Street, Floor7 | New York, NY 10018
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12-15-2021, 03:36 PM #10
- Join Date
- Sep 2021
- Posts
- 190
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12-15-2021, 03:37 PM #11
- Join Date
- Sep 2021
- Posts
- 190
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12-15-2021, 06:00 PM #12
- Join Date
- Mar 2018
- Location
- Salt Lake City, UT
- Posts
- 86
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