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12-11-2014, 12:17 PM #1
Funding for business out of personal bank account?
Who does funding for a business operating out of his personal bank account he is "dba"
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12-11-2014, 12:46 PM #2
- Join Date
- Apr 2014
- Posts
- 92
Don't think anyone can or will,I believe it constitutes a consumer to business transaction.
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12-12-2014, 07:49 AM #3
no go, you need a business checking account
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12-12-2014, 08:22 AM #4
- Join Date
- May 2014
- Posts
- 317
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12-12-2014, 11:18 AM #5
Funding for business out of personal bank account?
Alright I appreciate the help
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12-12-2014, 11:23 AM #6
if the account is a DBA account then it is very much fundable as a sole prop
if it's just a personal account, i've heard of some companies using their personal guaranty as an excuse to pull out of a personal account and they get away with it. Who? i'll leave that up to you to research.Anthony Diamond
Underwriter
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12-12-2014, 11:31 AM #7
- Join Date
- Sep 2014
- Posts
- 430
If it is a DBA account, by which I will assume you mean titled in someone's personal name with a DBA notation on the second title line, then it is a business account and not a personal account.
If DF does year end awards, I would like to nominate you for Most Consistently Reckless About Underwriting and Credit Risk.
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12-12-2014, 01:38 PM #8
- Join Date
- Jun 2014
- Posts
- 541
Agreed. This above described DBA account can be funded as a B2B transaction. If there is any question whether it's a personal or business account, get a bank letter-
Robert S Bloink
EVP of ISO Partnerships
Direct: 313-218-4663
Email: bb@cooperasset.com
Web: www.cooperasset.com
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12-15-2014, 07:26 AM #9
The original poster's explanation of whether or not it was a dba account was unclear, hence my post. What did I say that was reckless?
If DF does year end awards I nominate you most credible credit guy in the industry of credit giving - all hail credit guy - most troll-worthy user of DF to join us, another hopeful here from the IB/mortgage industries to school us all on how "it used to be" - if that's the case, you'll fit right inAnthony Diamond
Underwriter
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12-12-2014, 11:37 AM #10
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12-12-2014, 12:22 PM #11
- Join Date
- Dec 2013
- Posts
- 4,713
i just turned down a 85k monthly Merchant that sells to a distributor that pushes her product to wholefoods nationwide..because its her personal account making it a consumer loan/advance
sign-up today and get 40% higher commissions!!
bizdev@cresthillcapital.com
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12-12-2014, 04:53 PM #12
Funny, I have a merchant that has 4 advances in his personal account. Very famous figure with around 400K a month coming through his personal account. No DBA or anything on it, and he has advances from a few well-known players.
Maybe it's due to his fame? *shrug*Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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12-12-2014, 05:48 PM #13
- Join Date
- Sep 2014
- Posts
- 430
Why would a "very famous figure" with that kind of cash flow need an advance, much less 4? Gambling? Drugs? Hookers? All of the above? Is it Charlie Sheen?
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12-12-2014, 06:12 PM #14
It's not Charlie Sheen, but trust me, you would get a kick if you knew who it was. No clue what he's using the money for... I stopped asking after the 3rd renewal. "All of the above" would be my guess.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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12-12-2014, 07:12 PM #15
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12-15-2014, 11:57 AM #16
Haha not a restaurateur, he is a talk show personality, and although he's well-known he isn't "100mm net worth" type of rich. I've seen about 4 funders in his account so far... all of them very well-known. Maybe he wrote a bank letter stating the account was used for business?
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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12-15-2014, 07:41 AM #17
http://dailyfunder.com/showthread.ph...rsonal+account
There is one example. As big as I am on not putting anyone on the spot, I could name at least three other companies that I've seen fund and pull from a personal account in the past couple of months. In an industry that is so unregulated, we sure have a lot of people who talk like they're licensed.Anthony Diamond
Underwriter
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12-15-2014, 03:51 PM #18
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12-15-2014, 08:15 AM #19
- Join Date
- Sep 2014
- Posts
- 430
You seem...defensive.
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12-15-2014, 08:49 AM #20
^ Thanks, as it shows in my underwriting unlike what you'd like to nominate me for. Enjoy your day, credit guy!
Anthony Diamond
Underwriter
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12-18-2014, 10:34 AM #21
- Join Date
- Dec 2014
- Posts
- 14
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12-18-2014, 10:56 AM #22
- Join Date
- May 2014
- Posts
- 317
Pear.....
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12-18-2014, 11:20 AM #23
- Join Date
- Oct 2014
- Posts
- 260
Golden Pear would do it under 1 circumstance. The merchant must be a Sole Prop with their SSN serving as their Tax ID.
Second place? Set of steak knives.
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