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08-31-2015, 07:29 PM #1
Funds Even with Judgment
Who funds a merchant regardless of the amount of a judgment?
I have a merchant who was just about to get funded when a judgment for $585K showed up on the CBR at the last second. Qualified for $75K otherwise.
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08-31-2015, 08:09 PM #2
- Join Date
- Jul 2014
- Posts
- 1,746
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08-31-2015, 08:12 PM #3
it didn't show up on the last second. It showed up on final uw review which is normal.
To answer the question, everyone funds with judgements. But when they are over half a million dollars, it is usually a deal breaker. But you will still get a dozen "I can do it" replies. Good luck.
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08-31-2015, 08:47 PM #4
- Join Date
- Jul 2015
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- 1,202
Call Moose and Rocco
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08-31-2015, 10:03 PM #5
- Join Date
- Aug 2015
- Location
- New York City
- Posts
- 9
Funds Even with Judgment
Is the merchant on a payment plan? If so how long?
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08-31-2015, 11:44 PM #6
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- Jul 2014
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- 1,746
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09-01-2015, 09:15 AM #7
Guess the MCA option is out of the question for the guy... I have secured options for him, but that takes weeks. The funny thing is he was using the funds as part of a payment for the same company that had issued the judgment, and they were perfectly fine with in. Now the funds aren't available any more!
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09-01-2015, 09:15 AM #8
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09-01-2015, 09:17 AM #9
Tell me about it! But he was unfortunate to have a slower season this year due to a surgery earlier in the year that slowed him down. The judgment would have never happened otherwise. The company usually makes 4X the income they're making now due to him having been out for surgery.
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09-01-2015, 09:18 AM #10
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09-01-2015, 09:19 AM #11
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09-01-2015, 09:35 AM #12
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09-01-2015, 09:52 AM #13
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09-01-2015, 10:50 AM #14
- Join Date
- Jul 2014
- Posts
- 1,746
It's a joke. Like loan sharks, hitmen, you know..."You got our money or we break-a-you-legs..". Funny, I was watching 'The Profit' last night on CNBC and they blatantly referred to high-interest, short-term, weekly payment loans, from 'small' lenders (as opposed to bank loans), as 'loan sharking'.
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09-01-2015, 02:50 PM #15
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