Results 1 to 10 of 10
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03-24-2024, 06:01 PM #1
- Join Date
- Mar 2024
- Posts
- 247
New York Assembly Bill 9585
https://debanked.com/2024/03/new-yor...cing-and-more/
What are people's thoughts on this? What direction are we really headed?
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03-24-2024, 07:43 PM #2
I think it's coming...like usury laws on real estate transactions...varies by state....
MCA's will probably be regulated and maybe brokers licensed like the mortgage industry was in 2008
Be prepared and learn how to be more of a loan officer.
Reach out if you want help on non MCA products.Last edited by Olderguy; 03-24-2024 at 07:48 PM.
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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03-24-2024, 10:34 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
Except a true MCA is NOT a Loan - nor will it ever be considered a Loan.
A true MCA is a business owner selling his/her future sales receipts without a specified repayment date.
A Factor rate is NOT Interest
And once that rate of interest is computed, “any rate exceeding twenty-five per centum per annum” in accordance with how the rate is allowed to be calculated, will be considered a Class E Felony of Criminal Usury.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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03-24-2024, 11:12 PM #4Steve 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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03-25-2024, 06:21 AM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
The industry may change to actually selling MCA's - not the 3 card Monty product many funders issue today.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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03-25-2024, 08:15 AM #6Steve 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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03-25-2024, 08:32 AM #7
- Join Date
- Oct 2020
- Posts
- 92
Always the Non mca ppl so sure/ excited to announce "mca is done" . We have weathered many storms, coj ban , covid , terrible economy. Each and every time the same doom and gloom. But here we are. Yes theres an eye on the industry now. And lots of regulation already , and more to come. But businesses will always need money. May get a little harder to fund but well adjust.
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03-25-2024, 09:37 AM #8
- Join Date
- Nov 2021
- Location
- in this thread, vigorously mashing the refresh key
- Posts
- 260
I cant wait for there to be a standardized broker's exam so I can say goodbye to 90% of the jackasses I've met in this space
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03-25-2024, 09:40 AM #9Steve 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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03-25-2024, 10:35 AM #10
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