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05-19-2015, 11:55 AM #1
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
Advice for a Defaulted Syndicated Deal
I have deal that defaulted a while back. I syndicated the entire deal. Around 75k at a 1.28. ACH deal. This is the third round of funding. First two were paid back without a hitch.
Anyway, his balance is around 48k.
He is paying very sporadically, but he is paying. I set up a payment plan but he is not adhering to it. He provides me with checks when the money becomes available.
It is a local merchant so he stops by my office to reassure me that he will get me paid, but it might take more time than i have.
He seems pretty sincere. Do i keep on accepting the piecemeal payments or file a claim.
I am thinking of letting it ride. The cost to file a claim or suit is expensive, and the ability to collect if i get a judgement will be difficult. He says he just does not have the money.
Thanks for any insight.
The syndication partner is not really of much help.
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