Results 1 to 11 of 11
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02-15-2024, 02:43 PM #1
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This decision opens the door once and for all for a usury defense. (Discussion)
Last edited by JustInCase; 03-12-2024 at 06:01 PM. Reason: None of my business.
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02-15-2024, 02:50 PM #2
sick signature justin - why be on this forum with those credentials? I would be knee deep in business, with no time for daily funder shenanigans if i offered all those products.
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02-15-2024, 02:58 PM #3
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Last edited by JustInCase; 03-12-2024 at 06:01 PM. Reason: None of my business.
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02-15-2024, 03:00 PM #4
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Last edited by JustInCase; 03-12-2024 at 06:00 PM. Reason: None of my business.
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02-15-2024, 03:00 PM #5
Great as far as I'm concerned...should be national...
Steve Benjamin
Professional Business Loans
522 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.
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02-15-2024, 03:02 PM #6
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Last edited by JustInCase; 03-12-2024 at 06:00 PM. Reason: None of my business.
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02-15-2024, 03:12 PM #7
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- Feb 2024
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Last edited by JustInCase; 03-12-2024 at 05:57 PM. Reason: None of my business.
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02-15-2024, 03:21 PM #8
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- Aug 2020
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- 144
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02-15-2024, 03:40 PM #9
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- Mar 2020
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The decision you're referencing is based on an old agreement from 2020 which stated that bankruptcy was an event of default and that the daily debit amount may be adjusted at the funder's "sole and absolute discretion." In other words, the agreement at issue in this case was not in compliance with the case law that sets forth the factors courts will consider when weighing whether it is a loan or receivables purchase. It sucks, but is in no way a "major decision" for funders that have been on top of updating their agreements to remain in compliance with the latest case law.
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02-15-2024, 04:39 PM #10
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- Feb 2017
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- 3,425
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02-15-2024, 05:12 PM #11
- Join Date
- Mar 2020
- Posts
- 8
Ick. He is such a stain on this industry. I had a couple of run ins with him during the early days of my career and he is truly a despicable human being.
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