[mcg168]

Which companies will fund merchants with open tax liens that are not on a payment plan?? Anyone besides CAN and Retail??

[Chambo]

The issue with funding a deal NOT in a payment plan....the good Ol IRS can come in and seize that bank account at any time. Then you are SOL, because IRS trumps EVERYONE in the UCC/Legal Claim world.

Now if they are in an official payment plan (something produced on IRS letterhead), then legally, the IRS cannot seize assets (i.e. bank account) AS LONG AS THEY ADHERE TO IT

[Zach]

WBL can fund open tax liens, as long as there is sufficient net equity in the property to cover the tax lien AND our loan.

[jotucker1983]

Which companies will fund merchants with open tax liens that are not on a payment plan?? Anyone besides CAN and Retail??

I don't think any company is going to do this, especially Can Capital.

[ridextreme]

I have funded several with open liens. Some w/CAN, some others.

I have also funded someone with an open BK.

[Chambo]

not saying anyone cannot do it, but if the IRS were to find out? You would be in deep you-know-what with them

[ADiamond]

^^ especially if the merchant defaults and the funder decides to report the advance as a 1099-misc miscellaneous income to the IRS

[Chambo]

^^ especially if the merchant defaults and the funder decides to report the advance as a 1099-misc miscellaneous income to the IRS

Or if the merchant turns to the IRS and says they cannot afford their payment due to the high cost of cash advance

[ridextreme]

we are not giving them a loan. We're buying something from them.

[evercap]

we will pay taxes and merchant will net the rest if the numbers work.

[BB_Cooper]

Open tax lien with no installment plan in place, can be funded. However, only some of these deals can be funded, not all- it depends the age, amount of lien, etc-

Robert S Bloink
EVP of ISO Partnerships
Direct: 313-218-4663
Email: bb@cooperasset.com
Web: www.cooperasset.com
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