Results 1 to 22 of 22
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08-28-2015, 12:11 PM #1
- Join Date
- Mar 2015
- Posts
- 47
Default on MCA?
Hi Funders,
I have a client that does $400k/month. He defaulted on an MCA and settled by paying $500/week. Any hope for this client?
Thanks
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08-28-2015, 12:22 PM #2
If he has collateral, I can likely get him funded. Please send the app and banks over to zramirez@wbl.com or submitorange@wbl.com
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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08-28-2015, 01:55 PM #3
- Join Date
- Dec 2013
- Location
- Connecticut
- Posts
- 332
What company did he default on? Are they open to taking a "starter" offer around $35K to build a relationship?
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08-28-2015, 02:30 PM #4
why would anyone want to deal with a merchant who has made it clear they can and will default on them?
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08-28-2015, 04:28 PM #5John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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08-28-2015, 04:41 PM #6
- Join Date
- Jul 2014
- Posts
- 1,746
Guy is doing almost $5 million a year and the best settlement he could offer the bank is $2K a month? lol
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08-28-2015, 05:00 PM #7
- Join Date
- Mar 2015
- Posts
- 47
They defaulted on Yellowstone. They'd be open to a starter offer.
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08-28-2015, 05:05 PM #8
- Join Date
- Mar 2015
- Posts
- 47
This guy has been in business since 1971. Some predator from YLS put him into a deal that he couldn't service.
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08-28-2015, 05:07 PM #9
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
Depends on the circumstances behind the default. Sometimes, they're just trying to get out of a predatory bait and switch arrangement.
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08-28-2015, 05:14 PM #10
- Join Date
- Jul 2014
- Posts
- 1,746
Just wondering, how do you bait and switch in the case of an MCA? Loan amount is X, payment is Y, term is Z... Isn't it the borrowers responsibility to read the agreement before signing?
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08-28-2015, 05:15 PM #11
- Join Date
- May 2015
- Location
- NC
- Posts
- 208
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08-28-2015, 05:28 PM #12
- Join Date
- Mar 2015
- Posts
- 47
It should depend on the circumstances. I am by no means a sympathizer, but in this case, YLS stressed the merchant, which is quite unethical in my opinion. He resumed paying $500/week and has 60% remaining on the balance of $40k +/-.
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08-28-2015, 05:53 PM #13
- Join Date
- Jul 2014
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- 1,746
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08-28-2015, 05:56 PM #14
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
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08-28-2015, 05:59 PM #15
- Join Date
- Aug 2014
- Posts
- 194
That would be fraud and that would be criminal ^^^
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08-28-2015, 06:11 PM #16
- Join Date
- Jun 2015
- Posts
- 3,325
What's the difference between a guy who went on a payment plan with an mca lender to the sub 500 credit merchant that just doesn't pay anyone. I feel lenders in our industry take things personal to a certain extent. The same thing with fraud if a guy goes to jail for bank fraud bottom lenders still approve but if he is on namma list now that's worse . A crook is a crook if you ok with funding one , what's the difference if he frauded a bank or tried to fraud ameri merchant .
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08-28-2015, 06:19 PM #17
Send me the deal, and let's find collateral together.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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08-28-2015, 08:19 PM #18
Some predator? Aren't you the pot calling the kettle black?
He couldn't pay back his last advance. Yeah, I know. I get it. You don't give a ****. You just want to fund the deal to put money in your pocket.
I have no affiliation with ysc at all but this post just makes me smh.
Give it up, my dude. The deal's dead. Work on another one!!!
(smh)
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08-28-2015, 09:19 PM #19jotucker1983Guest
Lending Hand,
A number of things don't make any sense here with this merchant.
- They are doing $4.8 million a year in sales, his outstanding balance is $40,000 and he can only pay about $2,000 a month towards that outstanding balance? Why is it that he can only pay so little which significantly drags out the payment period?
- You mentioned that he would accept a starter offer, why would he accept a starter offer? If the merchant felt as though the offer from YellowStone was too "stressful" then why would he want to take on another "stressful" offer which is exactly what a starter offer is likely to be?
- The merchant knew the contents of the deal before they signed, now if someone forged the merchant's signature or changed the terms of the offer after the merchant signed, then that's a criminal case. But it doesn't sound like that's what happened here. So did the merchant not know what he was signing up for and thus couldn't properly prepare for such payments?
I would put this merchant in your decline file and move on, there's a number of things that don't make sense with this merchant.Last edited by jotucker1983; 08-28-2015 at 09:28 PM.
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08-28-2015, 10:22 PM #20
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- Jul 2014
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- 1,746
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08-28-2015, 11:14 PM #21
- Join Date
- Mar 2015
- Posts
- 47
Sure thing, buddy!
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08-29-2015, 01:46 PM #22
- Join Date
- Apr 2014
- Posts
- 781
The op didn't state that client had collateral
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