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09-25-2015, 02:22 PM #1
Funding for Merchants with personal checking accounts
Hello,
Does anyone know of a funding company that works with Sole proprietorship's, using personal checking accounts, and also home based business?
Best Regards,
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09-25-2015, 02:31 PM #2
doesn't exist, you need a business bank account to fund
John 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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09-25-2015, 02:41 PM #3
home based business, yes. Personal account, no. That would be a personal loan.
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09-25-2015, 03:32 PM #4
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
As long as the business deposits are going into the personal account, a few lenders can fund them. Some sole props don't keep a separate business bank account.
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09-25-2015, 04:25 PM #5
Thank you had a feeling
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09-25-2015, 04:29 PM #6
- Join Date
- Dec 2013
- Posts
- 4,713
Funding a personal account would be a "consumer loan". not being licensed in that space and expect a 5AM door kicking ceremony at your home.
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09-25-2015, 04:32 PM #7
No keep the Feds away! I feel like when you are all three Sole Prop., Home based, personal checking its the perfect storm. Not sure what default is but I assume it would be high, high risk at the very least. Thanks for the responses, this is truly an MCA community.
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09-25-2015, 04:49 PM #8
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
See if the merchant is willing to add their DBA to their account. It depends what bank they use, some banks will make them open a new account, but other banks will just add the DBA and convert it to business account. If you can get a letter from the bank confirming that, then most funders will accept and fund
if not, you have to have them open a business account, wait 3 months and reapply
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10-03-2015, 03:59 PM #9
I've seen merchants with personal statements with 5-6 positions in their account (celebrities). No DBA's or anything
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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01-27-2016, 04:02 PM #10
- Join Date
- Nov 2013
- Posts
- 599
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01-27-2016, 05:39 PM #11
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01-27-2016, 04:50 PM #12
karrot.com
Anthony Diamond
Underwriter
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01-27-2016, 10:12 PM #13
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 463
I vaguely remember hearing that LoanMe will flip them to their personal product and fund them if they discover the business is being run on a personal checking. This may be incorrect because I drink a little sometimes.
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01-27-2016, 11:41 PM #14
MCC funded my Home based deal. merchant sells stuff on ebay and has public storage.
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01-28-2016, 12:52 AM #15
- Join Date
- Jul 2014
- Posts
- 1,746
Funding for Merchants with personal checking accounts
Cool story bro.
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01-28-2016, 02:07 PM #16
- Join Date
- Jun 2013
- Posts
- 351
Ignoring the regulation issue as a whole, it is risky to fund a personal account because the ability to reverse an ACH collection is significantly longer than for a business checking account. I believe you can try to overturn an ACH on a personal account a few months later whereas a business checking you only have a few weeks.
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01-28-2016, 02:27 PM #17
- Join Date
- Sep 2014
- Posts
- 430
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