Results 1 to 10 of 10
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06-20-2022, 02:07 PM #1
18/5 overdrafts in May and in default
18 overdrafts in one account with 5 negative days
5 overdrafts in payroll account with 3 negative days
Looking for 30 to 45 day term
Anybody take this?
Doing $80K a month in deposits.Last edited by Olderguy; 06-20-2022 at 02:23 PM.
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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06-20-2022, 02:18 PM #2
Reputation points: 7567
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- May 2022
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You should specify the number of negative days, the number of paid overdrafts, and the number of returned overdrafts. Funders will be concerned with how many of those NSFs were returned vs. paid by the bank. Overdrafts being paid = less likelihood of default due to bounced payments and funder won't have to chase merchant to reschedule those payments.
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06-20-2022, 02:21 PM #3
Good point....they were paid overdrafts, not bounced.
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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06-20-2022, 02:34 PM #4
Reputation points: 227882
- Join Date
- Feb 2017
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There is definitely someone out there who will do a $10k 30-day deal 1.499, 10% fees, $5000 underwriting fee, a non-specified ACH fee, and then the "broker" will charge a $5000 PSF netting the client $0 with daily pulls of $500 for 30 days.
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06-20-2022, 02:44 PM #5
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06-20-2022, 02:44 PM #6
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- Dec 2021
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Capitalize could potentially give an offer here.
Please submit the deal to subs@capitalizegroup.com for review.
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06-20-2022, 02:46 PM #7
Last edited by Olderguy; 06-20-2022 at 02:48 PM.
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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06-20-2022, 02:54 PM #8
Reputation points: 227882
- Join Date
- Feb 2017
- Posts
- 3,429
Could be worse! Sorry I didn't present this one! From an actual merchant who's bouncing payments now and in default. An actual contract (scam!) with the following information:
$10k funding, with $14990 payback, 20 day deal.
And a funding fee of $2000.
The client nets $500?
By signing the contract, $10k -> $8k -> $5500 -> $3000
Then the "ACH Fee" that will be "agreed to" on the funding call (probably $100 per pull for a last minute bait & switch?)
Then the $7500 PSF which is attached to the contract on the Docusign. However, the contract says:
"Seller warrants and covenants not to pay any fee and/or commission with regard to this transaction other than as provided for herein. [____ will compensate on its own, all Brokers, Sales Agents and ISO agents that ensured the success of this agreement. Part of the costs that are deducted from the Purchase Price for the “Funding fee, ACH Fee and/or Underwriting Fee” are to compensate and expectation that the Seller pay for the service of each and all Brokers, Sales Agents and ISO agents that ensured the success of this agreement.)
He loses a straight up $4500 just by signing this, and then $600 per day over 25 days straight up, and the "ACH Fee"
Can someone contact FirstACH and stop them?
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06-20-2022, 04:35 PM #9
Charles at Capitalize reached out with this link:
https://iapps.courts.state.ny.us/nys...ch?task=modify
Advised me client got funded 4/15/21 and defaulted 4/27/21.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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06-20-2022, 05:19 PM #10
Reputation points: 7567
- Join Date
- May 2022
- Posts
- 87
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