[JSL23]

11 Stacks. 8 stacks still outstanding. 3 year old restaurant.

In no particular order:

Advance Payment (existing from first bank statement received)
Yellowstone (existing)
World Business (existing)
Strategic - 5/14
Advance Payment -7/2 (increase previous ACH by 50%)
Pirs Capital -7/10
Complete Business - 7/10
Yellowstone (doubling previous ACH) - 7/21
Richmond Capital -7/23
Advance Payment (increase ACH again) - 8/4
Wide Merchant - 8/27
Ironwood Finance - 8/27
Pearl - 9/11
NLYH - 9/4
Capital Stack - 11/26

As expected there are multiple NSF's to various lenders. Average monthly gross is $94k. Hard to tell exactly what % of total revenue is being repaid but in some months it is in the range of 50%. Sort of a pyramid scheme in a way - take money from the next 3 stackers to be able to pay the current stackers.

Is there no underwriting at these companies?

WOW, I mean WOW...I have seen a few bad ones this month but 11 stacks! What the hell are these Lenders thinking?! 2nd position fine. 3rd I understand, 4th and 5th are excessive but I know they are out there, but 11...who would do 7-11th position...what's the real upside?!

On a sidenote, who is Ironwood Finance? I have seen them on a couple of statements lately.