[bwadvance]

Who does funding for a business operating out of his personal bank account he is "dba"

[FUSIONCAPITAL]

Don't think anyone can or will,I believe it constitutes a consumer to business transaction.

[isaacdstern]

no go, you need a business checking account

[Jared_Weitz]

Who does funding for a business operating out of his personal bank account he is "dba"

No dice anywhere

[bwadvance]

Alright I appreciate the help

[ADiamond]

Who does funding for a business operating out of his personal bank account he is "dba"

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.

[CreditGuy]

if the account is a DBA account then it is very much fundable as a sole prop

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.

[Chambo]

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.

you wanna take that risk with the FTC and Federal Banking Commission? Be my guest

[mcaguru]

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

[BB_Cooper]

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.

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

[Zach]

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*

[CreditGuy]

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?

[Zach]

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.

[Sean Cash]

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.

400k/month? I was going to guess that this guy owns an upscale restaurant. That's all the rage for famous people. 400k sounds steep but not impossible. Maybe he owns a few? Am I close?

[ADiamond]

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.

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 in

[ADiamond]

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.

[CreditGuy]

You seem...defensive.

[ADiamond]

^ Thanks, as it shows in my underwriting unlike what you'd like to nominate me for. Enjoy your day, credit guy!

[Zach]

400k/month? I was going to guess that this guy owns an upscale restaurant. That's all the rage for famous people. 400k sounds steep but not impossible. Maybe he owns a few? Am I close?

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?

[Chambo]

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.

in this business unfortunately or fortunately, if you are putting up the money, you can do whatever you want.

You take the risk of the bank blocking you, or worse,a knock on the door by the men in blue coats.

[cappy]

Who does funding for a business operating out of his personal bank account he is "dba"

Golden Pair.

[Jared_Weitz]

Pear.....

[aredmond]

Golden Pear would do it under 1 circumstance. The merchant must be a Sole Prop with their SSN serving as their Tax ID.