Results 1 to 11 of 11
Hybrid View
-
08-11-2015, 03:24 PM #1
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 869
Who IS NOT FILING UCC's
I have a merchant who does not want a ucc 1 filed against him because he has a loc with his bank and does not want them to see the additional ucc.
I know it is probably against the banks paper to get additional funding.
Anyway, thank for the info.
-
08-11-2015, 03:49 PM #2
Quarterspot, national funding
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
-
08-11-2015, 04:02 PM #3
Merchant can't demand an A or B paper offer then....takes what he or she gets
-
08-11-2015, 05:02 PM #4
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Who IS NOT FILING UCC's
I would not worry about thw bank's paper. I would be concerned with aiding the client defraud the bank.
Knowing a material matter has not been disclosrd to a bank is a criminal offense.
Watch it.
-
08-11-2015, 05:20 PM #5
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 869
^^ Yes i know. That is an issue
-
08-11-2015, 05:41 PM #6
- Join Date
- Jul 2014
- Posts
- 1,746
If the bank finds out, they will put the client in default and call his existing LOC due and payable in full. If the client doesn't have the funds to cover it, I can guarantee the bank has a blanket lien on all of the equipment, receivables, and real estate that belong to the company. A pissed off bank will enforce the lien and what you have done is destroyed someones business and put people out of work to make a few dollars.
Maybe just find a better deal, or actually ask the bank to subordinate.
-
08-11-2015, 06:30 PM #7
Tell him not to use the biz acct associated with the bank he has the loc at either otherwise avoiding the ucc filing will be pointless.
Anthony Diamond
Underwriter
-
08-11-2015, 06:51 PM #8
- Join Date
- Sep 2014
- Posts
- 430
-
08-11-2015, 09:49 PM #9
-
08-11-2015, 07:35 PM #10
yet I am the crazy one when I say regulation and weeding out is a good thing?
-
08-12-2015, 11:14 AM #11
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 869
Going the subordination route. If he does not want to do that, i am out. Thanks for the input.
Similar Threads
-
SOS Filing Inactive/Suspended
By WBL Westminster in forum Deal BinReplies: 2Last Post: 07-24-2015, 05:49 PM -
UCC filing "corporation services"
By TheChoice in forum Merchant Cash AdvanceReplies: 8Last Post: 07-14-2015, 12:11 PM -
Not filing UCCs
By loan in forum Merchant Cash AdvanceReplies: 8Last Post: 07-06-2015, 10:30 AM -
Are most lenders filing UCCs?
By LoanGuy in forum Business LoansReplies: 2Last Post: 10-23-2014, 02:09 PM -
Trying to clear a UCC filing? Who is GCP?
By Businesscap in forum Merchant Cash AdvanceReplies: 11Last Post: 04-17-2013, 03:41 PM