Results 1 to 14 of 14
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05-17-2015, 09:53 AM #1
- Join Date
- Nov 2014
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- 71
Who Doesn't File A UCC
I have a merchant who can not have a UCC filed against him because of his existing factoring agreement he has in place. Outside of Quarterspot, who doesn't file a UCC.
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05-17-2015, 10:18 AM #2
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Who Doesn't File A UCC
the factor will probably just ask for a subordination from the MCA lender.
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05-17-2015, 03:34 PM #3
- Join Date
- Aug 2014
- Posts
- 49
Who Doesn't File A UCC
New era lending
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05-18-2015, 11:17 AM #4
- Join Date
- Jun 2014
- Posts
- 541
Cooper will work with a merchant with an existing factoring arrangement in place, by executing the subordination form or foregoing the UCC filing-
Robert S Bloink
EVP of ISO Partnerships
Direct: 313-218-4663
Email: bb@cooperasset.com
Web: www.cooperasset.com
logo-01smaller.jpg
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05-18-2015, 11:55 AM #5
- Join Date
- Dec 2013
- Location
- Connecticut
- Posts
- 332
Rapid rarely files UCC's, Swift as well.
Isaiah Clark
General Merchant Funding
Hartford, CT 06103
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05-18-2015, 12:19 PM #6jotucker1983Guest
Many companies aren't filing UCCs on their merchants at all, unless a merchant is a "risky" client. But as was mentioned, if a UCC is going to be filed, then a sub-ordinate agreement would likely be utilized in this case.
Last edited by jotucker1983; 05-18-2015 at 12:33 PM.
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05-18-2015, 12:37 PM #7
- Join Date
- Nov 2014
- Posts
- 71
The problem is, the merchant has a real concern about having an issue with his factoring company. He told us this from the onset that he doesn't want a UCC filed against him nor does he even want to mention this transaction to his factoring company. Anyways the UCC that his factoring company filed has priority over any future UCC.
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05-19-2015, 11:33 AM #8
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
I have a lender who doesn't require UCC or PG... and amortizes like a traditional loan. If you're interested, send me your paper to: sruiz@oneparkfinancial.com - we can do a 50/50 split on the commish.
Needs to have:
Score over 550
More than 2 employees
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05-19-2015, 11:50 AM #9
- Join Date
- Mar 2015
- Posts
- 90
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05-19-2015, 12:02 PM #10
- Join Date
- Jul 2014
- Posts
- 22
Who Doesn't File A UCC
Quarterspot does not file a UCC and has amazing pricing if the parameters are met. They can do a 9 month and 12 month. I have even seen them so 12 month on a second position. They just lowered dl credit to 550 and the whole process is fast. Most importantly, they don't let your file out the back door. They do not have an internal sales force. They pay fair but give the best pricing and true amortization on the advance. Every deal I have done has been a winner.
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05-19-2015, 12:28 PM #11
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- Nov 2014
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- 71
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05-19-2015, 01:14 PM #12
- Join Date
- Jun 2013
- Posts
- 293
Most sub-prime funders don't file UCC's unless it's a defaulted/collections merchant. Some do in California only. All Prime funders file UCC's. Some use aliases.
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05-20-2015, 01:27 PM #13
- Join Date
- Mar 2015
- Posts
- 90
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06-02-2015, 03:04 PM #14
Most business loans have a security interest and file uccs. The business advance contracts may have different language case by case and depending on the co. Two diff products and contracts
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