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12-08-2014, 05:10 PM #1
- Join Date
- Oct 2014
- Posts
- 30
2nd Position Breach of Contract?
So I've been working with this lender (No names!) that informed me that if a merchant has a 1st position with them and they get a 2nd position elsewhere they will be in breach of contract. (By the way, I remember specifically asking one of the principals of the company if they were fine with the merchant getting a 2nd position and they said 'yes, absolutely'. Unfortunately it was a phone conversation and not an email, because now they are backtracking and telling me they would never say that!) Anyway, is this common practice by a number of direct lenders? This lender is trying to tell me that all the major players in the MCA industry do this.
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