Results 1 to 15 of 15
-
01-07-2016, 10:24 AM #1
- Join Date
- Nov 2015
- Posts
- 19
Merchants that defaulted
I have a merchant who defaulted on an advance, paid back the advance plus default penalty and could provide a 0 balance letter from the lender. Is it possible to fund this merchant or am I whistling in the dark here?
Sal 516-481-1394
sdellitalia@franklinmerchantcapital.com
-
01-07-2016, 10:25 AM #2
- Join Date
- Jun 2015
- Posts
- 3,326
yellowstone is your best bet
-
01-07-2016, 10:36 AM #3
Isaac, what would you say about this one?
-
01-07-2016, 10:41 AM #4
Send it over but no guarantees....it will be up to the underwriter if he or she can get comfy with the previous default
-
01-07-2016, 10:45 AM #5
- Join Date
- Nov 2015
- Posts
- 19
-
01-07-2016, 10:45 AM #6
- Join Date
- Jun 2014
- Posts
- 541
If the merchant can show they worked out a mutually accepted agreement with the past funder and some time has pasted, Cooper can fund this type of rehabilitated merchant-
Robert S Bloink
EVP of ISO Partnerships
Direct: 313-218-4663
Email: bb@cooperasset.com
Web: www.cooperasset.com
logo-01smaller.jpg
-
01-07-2016, 10:48 AM #7
Merchants that defaulted
In many cases WBL can fund defaulted deals. In fact, I have several lenders who send me their defaulted deals so we can attempt to help them recover their unpaid principal balance.
Feel free and send the deal over and I'll take a quick look at it for you.Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
-
01-07-2016, 10:52 AM #8
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
-
01-07-2016, 11:20 AM #9
- Join Date
- Jun 2013
- Posts
- 293
Banks will actual entertain a default merchant. LOL. Love this business.
-
01-07-2016, 11:29 AM #10
- Join Date
- Jun 2015
- Posts
- 3,326
-
01-07-2016, 11:35 AM #11
- Join Date
- Jun 2013
- Posts
- 293
I agree. But this thread started with I HAVE A MERCHANT WHO DEFAULTED and 3 funders said "YES, SEND THIS DEAL TO ME. WE CAN POSSIBLY MAKE SOMETHING WORK". That is amazing.
-
01-07-2016, 11:42 AM #12
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Agreed, at the end of the day if my 6 month deal takes 8 months to pay, he is still a winner, and here is why, if he hits a rough patch in the middle of month three and asks me to suspend payments for 3 weeks but then gets back on track, that's a hell of a lot better than a merchant who starts boucing I got to call 110 times to find out whats up and then they ask for reduced payments.
I still made 28% on my mony in 8 months regardless. Sop lets all ease up on the D word.
-
01-07-2016, 12:09 PM #13
-
01-07-2016, 03:04 PM #14
- Join Date
- Jun 2014
- Posts
- 541
Well said Andy!! When talking about D paper, the "D word" is a relative term. If an underwriter is not taking the time to look at the full repayment history D'd file, they risk throwing the proverbial baby out with the bath water-
Robert S Bloink
EVP of ISO Partnerships
Direct: 248-341-9477
Email: bb@cooperasset.com
Web: www.cooperasset.com
-
01-07-2016, 03:44 PM #15
Good Point Andy on this scenario. Statements and Payment History are always a sure thing...
Similar Threads
-
Advice for a Defaulted Syndicated Deal
By skideeppow in forum Merchant Cash AdvanceReplies: 33Last Post: 05-21-2015, 11:20 AM -
Anyone Funding Merchants with BK?
By 1StopFunding in forum Deal BinReplies: 3Last Post: 02-15-2015, 12:29 PM -
Merchants Quest
By channin19 in forum Merchant Cash AdvanceReplies: 3Last Post: 09-12-2014, 10:37 PM -
SBA- Why is this not an option for merchants?
By Quickfunder in forum Merchant Cash AdvanceReplies: 6Last Post: 11-22-2013, 09:27 AM -
Merchants Bank INc
By skideeppow in forum Merchant Cash AdvanceReplies: 0Last Post: 09-18-2013, 03:48 PM