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  1. #1

    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

  2. #2
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    yellowstone is your best bet

  3. #3
    Senior Member Reputation points: 32550 Funder Mark's Avatar
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    Isaac, what would you say about this one?

  4. #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

  5. #5
    Quote Originally Posted by isaacdstern View Post
    Send it over but no guarantees....it will be up to the underwriter if he or she can get comfy with the previous default
    whats your contact info?

  6. #6
    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
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  7. #7
    Senior Member Reputation points: 30475 Zach's Avatar
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    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

  8. #8
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    Quote Originally Posted by Zach View Post
    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.
    Ahhh, the "dangling carrot" technique, very nice.

  9. #9
    Banks will actual entertain a default merchant. LOL. Love this business.

  10. #10
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    Quote Originally Posted by GoodCustomerService View Post
    Banks will actual entertain a default merchant. LOL. Love this business.
    someone who had a hard time but still paid is very different then someone who just defaults

  11. #11
    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.

  12. #12
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    Quote Originally Posted by Michael I View Post
    someone who had a hard time but still paid is very different then someone who just defaults
    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.

  13. #13
    Veteran Reputation points: 134971 Chambo's Avatar
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    Quote Originally Posted by GoodCustomerService View Post
    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.
    it's called "Second Rate Funds Desperate for Business"

  14. #14
    Quote Originally Posted by AndyYSCISOdept View Post
    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.

    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

  15. #15
    Member Reputation points: 251 Powerline_factor77's Avatar
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    Good Point Andy on this scenario. Statements and Payment History are always a sure thing...

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