Results 1 to 16 of 16
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06-20-2022, 05:58 PM #1
Reputation points: 4416
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Default search - useful tool
For those who aren't aware..
NYS Courts allow you to search for defaults that were filed in the state. Since a large portion of funders are located in NYS you're very likely to find any defaults through the search.
Pro tip. Use the merchant's first and last name as opposed to the business name. That will return results for any business associated with the merchant.
If the merchant defaults and opens under a new name you'll still find the default.
https://iapps.courts.state.ny.us/nys...earch?TAB=name
(can only use it if you're not a robot. lol)
Brokers, Please take a minute to run every deal before submitting and it'll save both you and the funders a lot of time.
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06-20-2022, 06:19 PM #2
Reputation points: 40937
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- Dec 2016
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Best practice is to run merchants first + last name, along with every single person listed on the corresponding SOS, as well as any names listed on the bank statements -- even if they're not the merchant on the application. Then run business legal name, and DBA's. A lot of times you will find when a merchant defaults and then puts their wife on the new business so funders will lose the scent.
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06-21-2022, 09:04 AM #3The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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06-22-2022, 08:59 AM #4
Reputation points: 7567
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- May 2022
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- 87
This is the way. If the husband is applying, run the wife, and vice versa. ****, I'll even run the kids, especially if Junior just so happens to have the same name as Daddy. Can't tell you how many times I have caught Daddy trying to apply under the son's SSN or vice versa. And I run all businesses the merchant owns, especially if they're in the same industry. I have seen merchants default under "ABC Lighting Corp", so they open "XYZ Lighting Corp" with new TIN, new bank, new statements...but if the judgment was under the owner's name you'll still catch it on NYCS.
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06-22-2022, 09:01 AM #5
Reputation points: 7567
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- May 2022
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Great tool, and free so no excuse to not use it.
I killed a deal in underwriting due to judgment with past MCA...ISO had no idea so I gave him the NYCS link to save himself time on future files. THE NEXT DAY, he reached out thanking me saying he had a submission that he ran on NYCS and they had a judgment with MY company...saved himself time submitting to us, saved ourselves time underwriting a file that's already been charged off.
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06-22-2022, 09:21 AM #6
Reputation points: 227882
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- Feb 2017
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- 3,429
Another cool aspect is that you can see if the "funders" you're submitting to are real funders, or if they just created started filing in the last 4 weeks, or who their owner really is. Also, if you search by the funder name and they file a judgement, you can even see who's contracts they're funding under. You'll see all of their contracts, and if they're using/backdooring $10k deals at 1.499 over 20 with 20% "underwriting fees." And if you search for lawsuits filed against the company from the merchant, you may find some fun surprises as well
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06-22-2022, 09:34 AM #7
Reputation points: 7567
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- May 2022
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06-22-2022, 10:03 AM #8
Also, keep in mind now that Funders are filing in the Merchants respective state.
I have caught a few reputable funders doing this as of 2021. Not all states offer a unified database free to the public but if available, it does not hurt to check.
Check the state, county, and city if available.The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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06-22-2022, 11:21 AM #9
Speaking of Defaults . . .
SUPREME FUNDING is funding default deals ALL DAY.
Submit default deals and files with unsatisfied judgments to underwriting@supremefunding.net for fast approvalWe specialize in funding:
Deals w prior Defaults
"Over Leveraged" deals
All Positions (as long as there is space)
Low FICO scores
and all other "difficult" deals
To submit a file or to request an ISO Agreement, kindly email underwriting@supremefunding.net.
I look forward to hearing from you.
Rasheed Miller
(917) 933-3095 (text or call)
https://supremefunding.net/
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06-22-2022, 11:30 AM #10
Reputation points: 86941
- Join Date
- Feb 2018
- Posts
- 1,349
we have seen A funder's funding deals that have previous judgements. not every funder has same policies on this. perhaps if it's been satisfied or very old they look other way
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06-22-2022, 11:34 AM #11
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06-22-2022, 11:38 AM #12We specialize in funding:
Deals w prior Defaults
"Over Leveraged" deals
All Positions (as long as there is space)
Low FICO scores
and all other "difficult" deals
To submit a file or to request an ISO Agreement, kindly email underwriting@supremefunding.net.
I look forward to hearing from you.
Rasheed Miller
(917) 933-3095 (text or call)
https://supremefunding.net/
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06-22-2022, 11:41 AM #13
Read the Sig B
I'm not a broker.
Hey, peep the backdoor attempt.The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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06-22-2022, 11:49 AM #14
Wait, I take that back.
ABfunders, maybe you can send him AZ Rei. Worth a shot.The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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06-22-2022, 12:12 PM #15
Reputation points: 227882
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- Feb 2017
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- 3,429
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07-30-2023, 03:43 AM #16
Reputation points: 39331
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- Aug 2018
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