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02-07-2023, 02:28 PM #1
- Join Date
- Mar 2021
- Posts
- 187
First Pos funder doesn't look at data Merch
Any first pos funders that review financials and credit alone?
Have a merchant that has no defaults but is getting hit on datamerch for lowering payments etc.. on a previous biz etc. and has a bunch of UCC's but no Defaults or judgements.
He is in Ca and received a LOC from BV in JAN
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02-07-2023, 02:44 PM #2
If they were simply on lower payments and then paid them off they should have proof.
Most funders will ask for a Zero Balance Letter. Whos to say they didn't settle for a smaller amount? Or maybe they bounced a lot of payments.
Get yourself a ZBL and just be prepared. Praying funders turn a blind eye wont benefit you or the MerchantThe Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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02-07-2023, 02:53 PM #3
- Join Date
- Mar 2021
- Posts
- 187
I appreciate your insight. It could be he did bounce a lot.. I don't believe my job as a broker is to do a deep dive over here. I am not looking for a blind eye. I am asking if there are funders that focus on credit and financials.. Datamerch isn't the be-all end-all of underwriting... especially when its been proven dozens of times to have inaccurate information.
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02-07-2023, 02:57 PM #4
Depending on who you're going to, they will inquire with the Merchant about their previous MCA history and may require the ZBL.
California, 1st position, spotty payment history, the odds are against you unless you come up with proof it's paid in full.
If all else fails you can try those "funders" that spam the threads saying they can fund it but you never see them in a statement.The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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02-07-2023, 05:33 PM #5
- Join Date
- Mar 2016
- Posts
- 908
Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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