[randyw]

Company has been around for many years. Has paid off several cash advances over the last several years. Never has a problem paying the money back. HOWEVER, this client has multiple negative days and NSF checks every month. Averages about 66k per month in deposits and sometimes 5 to 10 negative days. However, he always brings the account current within a few days. He just has to put all his money upfront for the clients he serves and then he gets paid after the events. Client would accept a 4 to 6 month deal. Yellowstone already turned him down.

[CO1]

Is there credit cards?

[sigmundpannu]

Is it NSF or negative ending daily balances? If it's only nsf you have several options. If it is negative ending daily then consider Cresthill. They funded one for me recently and the merchant didn't accept any credit cards.

[Zach]

When clients have multiple NSF's and bad daily balances, ask if they have real estate collateral. We recently funded a deal for $150K that had ~20 NSF's per month.

I recommend to take a look through your recent declines and forward those over -- who knows what we can do with them.

[brokerCompany]

loanme if you luck has you in one of their states

[LoanMe]

loanme if you luck has you in one of their states

Yes, this client in any of the following 31 states we lend in?
AL, AZ, CA, DC, DE, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MN, MS, MO, NE, NH, NJ, NM, NC, OH, OR, SC, UT, VA, WA, WI, WY

[Jake_]

Zach, lately it seems that you guys are giving merchants more than they can handle and hoping for defaults. True?

[FUNd]

I think a good question is if a merchant say puts up a property worth 200K for an advance of 50K and all in at 75K with the payback amount....defaults, property is foreclosed, sold. Recouping legal costs, interest, and fees, to make WBL whole, who gets the remaining equity?

Does WBL retain the addl equity from the sale or does the borrower? The answer to this question would kind of tell it all.

[rick_clsfunding]

I think a good question is if a merchant say puts up a property worth 200K for an advance of 50K and all in at 75K with the payback amount....defaults, property is foreclosed, sold. Recouping legal costs, interest, and fees, to make WBL whole, who gets the remaining equity?

Any senior (1st position) lien holders must legally be paid first, then the secondary additional lien holder(s), then the borrower retains the difference.

Does WBL retain the addl equity from the sale or does the borrower? The answer to this question would kind of tell it all.

No, they are only entitled to the contractually agreed upon lien amount plus interest and attorney fees.

[FUNd]

OK, then they aren't strategically planning defaults. Case closed.

Thanks for the info.

[rick_clsfunding]

No Problem, you're welcome.

[Zach]

Thanks for helping clear that up, Rick. We don't gain anything additional from defaults, and we aren't in the lending space to amass real estate.

[Michael I]

Thanks for helping clear that up, Rick. We don't gain anything additional from defaults, and we aren't in the lending space to amass real estate.

well beside add on fees on that every contract has . curious do you have any default where things go wrong ? or is it 100% that you get your full factor . (or if he renews double factor )

[KM_Superior]

Superior will fund deals with average negative days for 3-4 trailing months being 7 or less-

[Jermaine@ocean]

Home Sweet Harlem?

[randyw]

Yes, he does about 10k to 20k per month this time of year and goes up to around 45k beginning in June all the way through until winter time or around October