[Capitalize Group]

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.

[TheUnderwritingProdigy]

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.

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.

[BR-Nightmare]

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.

And to add on that, keep in mind with some funders that cross collateralize deals, if they default it will appear on any name you search associated with the Merchant.

Taking a minute to search here will save you time and an argument with your UW.

[NotALoan]

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.

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.

[NotALoan]

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.

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.

[abfunders]

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

[NotALoan]

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

Haha, YES. It's always fun looking at the original agreement to see what the merchant signed up for.

[BR-Nightmare]

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.

[HighRisk Funder]

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 approval

[fundingsmbs]

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

[BR-Nightmare]

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 approval

Funding defaults? You haven't even funded a deal.

[HighRisk Funder]

Funding defaults? You haven't even funded a deal.

Send me something to fund Joseph, I would love to work with you

[BR-Nightmare]

Read the Sig B

I'm not a broker.

Hey, peep the backdoor attempt.

[BR-Nightmare]

Wait, I take that back.

ABfunders, maybe you can send him AZ Rei. Worth a shot.

[abfunders]

Wait, I take that back.

ABfunders, maybe you can send him AZ Rei. Worth a shot.

I'll follow up with Gary

[Zonefund]

Send me something to fund Joseph, I would love to work with you

Joseph Esparza ?