Covid impacted default
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  1. #1
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    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)

  2. #2
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    Get the man a CC split.

  3. #3
    Senior Member Reputation points: 72398 Olderguy's Avatar
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    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.

  4. #4
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    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.

  5. #5
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    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

  6. #6
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    Quote Originally Posted by FunderFunding View Post
    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
    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.

  7. #7
    Senior Member Reputation points: 226125
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    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.

  8. #8
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    Quote Originally Posted by FunderFunding View Post
    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)
    Torro will as long as satisfied. They do typically 1.49 (10pts) up to 120 payments. 8% fees.

    Its not sexy but its definitely better than a 30 day deal.

  9. #9
    Member Reputation points: 222 Prosperum Funding's Avatar
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    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

  10. #10
    Senior Member Reputation points: 3942
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    Quote Originally Posted by Prosperum Funding View Post
    If it's feasible, we'll get it done. PM me or email me.
    I emailed you an hour ago and still haven't responded

  11. #11
    Senior Member Reputation points: 3942
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    Quote Originally Posted by ryan $ View Post
    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.
    Do you have a connect for reserve?

  12. #12
    Member Reputation points: 3414
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    Quote Originally Posted by FCF Fund View Post
    Torro will as long as satisfied. They do typically 1.49 (10pts) up to 120 payments. 8% fees.

    Its not sexy but its definitely better than a 30 day deal.
    Thanks for the shoutout! We can take a look. If your not signed on with us feel free to reach out to me.
    Eric Christensen
    ISO Relationship Manager
    Torro

    eric.christensen@torro.com
    (801)-441-7958

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