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04-14-2015, 09:41 AM #1Member
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Looking for a consolidating lender
GOOD MORNING ALL ,
I AM CURRENTLY LOOKING FOR A LENDER / FUNDER THAT WILL PAYOFF 2 ADVANCES AND THE MERCHANT DOESN'T NEED TO NET ANY FUNDS OR MINIMAL FUNDS . HE IS JUST LOOKING TO CONSOLIDATE AND GET A LONGER TERM . PLEASE PM ME OR POST HERE ANY HELPING INFO .
THANK YOU
Sincerely,
Joe Clapman
Senior Funding Specialist
Wall Street Funding
Phone: 646.545.3158
Fax: 212.981.7172
Email: Joe@WallFunding.com
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04-14-2015, 10:38 AM #2Senior Member
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Try IOU central. They do not have any police relating to how much a merchant should net out of a consolidation deal.
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04-14-2015, 11:28 AM #3Senior Member
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AlexSMF, I do not believe that is accurate they like Business Backer and most 1st position lenders require a 50% net. Unless they changed that policy in recent weeks they do have this restriction in place.
Originally Posted by AlexSMF
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04-14-2015, 11:36 AM #4Senior Member
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Just closed a deal with them where a merchant netted less than 10%
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04-14-2015, 01:14 PM #5Senior Member
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Peculiar, if that truly happened then kudos to you as it seems you got a major override! I need to make contact with my rep at IOU and see if their policy relaxed on payoffs/consolidations etc.
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04-14-2015, 01:28 PM #6Senior Member
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I can concur they don't need to net 50% with IOU if the scenario makes sense.
Isaiah Clark
General Merchant Funding
Hartford, CT 06103
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04-14-2015, 01:40 PM #7Senior Member
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What scenario would make sense, sounds like its atypical for them?! Originally Posted by GMFunding
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04-14-2015, 05:36 PM #8Senior Member
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I just reached out to my Rep there, her name is Denise Thomas. She confirmed with me that IOU does not have any policy in place regarding how much a merchant needs to net. If the deal makes sense, then the merchant could net 0.
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04-14-2015, 07:32 PM #9Senior Member
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WOW, this is news to me this must've just changed in the last couple of months.
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04-14-2015, 08:38 PM #10Noob
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Continental.Capital
888.258.3505
Leo Kuperman
leok@continentalcapitaladvance.com
They'll do the same is the numbers work
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04-14-2015, 09:58 PM #11Member
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Merchant source inc (direct lender)
Hi this Rudy from Merchant Source we are a direct lender. I can get that done call or email. 646-757-3000 or rjames@merchantsourceinc.com Originally Posted by WALLFUND
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04-14-2015, 10:00 PM #12Member
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Hi this is Rudy with Merchant Source. we are a direct lender i can get that done call 646-757-3000 or email at rjames@merchantsourceinc.com
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04-15-2015, 02:02 PM #13Veteran
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Merchant Source....is that Billy's shop?
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04-15-2015, 02:08 PM #14Senior Member
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Billy Morrissey? If so that was Merchant Solutions Group and they just merged with WBL Originally Posted by Chambo
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04-15-2015, 02:33 PM #15Banned
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Looking for a consolidating lender
Merchant source is Gary baker
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