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  1. #1

    WBL suspends funding

    I just received the following e-mail:

    Important Update from World Business Lenders

    Dear Partner,

    Our Company has experienced unplanned growth this year given market conditions. As a result, we have fully deployed our existing credit availability and must therefore suspend any further fundings until additional lending capacity is installed. Current loans in the pipeline will continue to be processed.

    During this interruption in our business, and while we continue discussions with alternative capital sources, we are also taking other initiatives to optimize our business model. We will continue to keep you updated as we go.

    World Business Lenders, LLC

    P.O. Box 479
    Elmsford, New York 10523

    (888) 819-1746
    info@wbl.com
    www.wbl.com

  2. #2
    Senior Member Reputation points: 16709
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    Yup more to the story I imagine.

    We are still funding commercial real estate from $500k-$25M
    www.omegafund.com

  3. #3
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    anyone will do owner occupied beside them ?

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Try for business purposes...Maxim Commercial Capital...
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  5. #5
    Senior Member Reputation points: 22201
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    The wording of that letter is very interesting.
    Marcus Clapman
    Capybara Capital
    marcus@capybarausa.com
    www.capybarausa.com
    646-708-5986 (Text Friendly!)

  6. #6
    Quote Originally Posted by TheUnderwritingProdigy View Post
    I just received the following e-mail:

    Important Update from World Business Lenders

    Dear Partner,

    Our Company has experienced unplanned growth this year given market conditions. As a result, we have fully deployed our existing credit availability and must therefore suspend any further fundings until additional lending capacity is installed. Current loans in the pipeline will continue to be processed.

    During this interruption in our business, and while we continue discussions with alternative capital sources, we are also taking other initiatives to optimize our business model. We will continue to keep you updated as we go.

    World Business Lenders, LLC

    P.O. Box 479
    Elmsford, New York 10523

    (888) 819-1746
    info@wbl.com
    www.wbl.com
    I wonder how long the merchants will keep on making payments knowing that there is no renewal coming. Or perhaps will they continue renew their existing merchants?

  7. #7
    Senior Member Reputation points: 99210 ridextreme's Avatar
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    Quote Originally Posted by ihniwtw View Post
    I wonder how long the merchants will keep on making payments knowing that there is no renewal coming. Or perhaps will they continue renew their existing merchants?
    Why would they stop making their payments when they know their real estate is tied to the loan?

  8. #8
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    Quote Originally Posted by ihniwtw View Post
    I wonder how long the merchants will keep on making payments knowing that there is no renewal coming. Or perhaps will they continue renew their existing merchants?
    Who said that they renew merchants? That was never their business model.

  9. #9
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    what i don't get is funders doing well can never run out of money completely . You might have to dial back a little but if you are funding let say 5 mill a month on an average (they claimed they were doing more )and terms of 6-24 months deals . You should have at min 3 mill coming in each month that you can put back out ? story does not add up

  10. #10
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    A lot of the money comes from hedge funds and then are cutting back their lines to reduce risk. And I think they expect to see defaults increase.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  11. #11
    Senior Member Reputation points: 14313
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    People probably aren't making payments, so they are focusing all of their efforts on drafting eviction notices and throwing their families out on the street so they can sell their primary home

  12. #12
    Quote Originally Posted by abfunders View Post
    Who said that they renew merchants? That was never their business model.
    Capture.JPG

  13. #13
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    Quote Originally Posted by Michael I View Post
    what i don't get is funders doing well can never run out of money completely . You might have to dial back a little but if you are funding let say 5 mill a month on an average (they claimed they were doing more )and terms of 6-24 months deals . You should have at min 3 mill coming in each month that you can put back out ? story does not add up
    Correct you can not run out of money. However, your limits per day are not infinite.

    This could be a strong case of "fund like the wind" coming back to bite them in the ass.

    Examples: Knight, Kings Kash, Forward, and Mackenzie just to name a few.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  14. #14
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    We are still funding Knightsbridge Funding
    Below are the guidelines. We will have numbers for you within 2 hours

    500 Min FICO score
    30k Min bank deposits
    Daily/Weekly achs
    2nd-5th positions
    Upfront underwriting
    12 points commission

    Gary Lucien
    Business Development Manager
    Knightsbridge Funding LLC
    40 Wall St
    New York, NY 10005
    Direct: 1 (718) 207-4804
    Email: Gary@knightsbridgefunding.com
    www.knightsbridgefunding.com

  15. #15
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    It looks like they're hiring aggressively over in Turkey.

    https://www.wbl.com/careers/

  16. #16
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    Quote Originally Posted by Big Mack View Post
    It looks like they're hiring aggressively over in Turkey.

    https://www.wbl.com/careers/
    That's because during COVID their head underwriter who is Turkish moved there to avoid the lockdowns, and he's living like an absolute KING on an American salary in a third world country. All of their reps are working remote somehow. (Like I said - the relationship I have with my rep over there is quite strong.)

  17. #17
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    Quote Originally Posted by abfunders View Post
    That's because during COVID their head underwriter who is Turkish moved there to avoid the lockdowns, and he's living like an absolute KING on an American salary in a third world country. All of their reps are working remote somehow. (Like I said - the relationship I have with my rep over there is quite strong.)
    Yes, Cem is a great guy.

  18. #18
    I think it's BS, it's an issue with their 1 day rent a bank.

  19. #19
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    Quote Originally Posted by abfunders View Post
    That's because during COVID their head underwriter who is Turkish moved there to avoid the lockdowns, and he's living like an absolute KING on an American salary in a third world country. All of their reps are working remote somehow. (Like I said - the relationship I have with my rep over there is quite strong.)
    Second world country, thank you

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