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01-31-2016, 09:54 AM #1
- Join Date
- Sep 2015
- Location
- Miami, Fl
- Posts
- 148
Funding Non Fraud or Financial related Criminal Backgrounds
Just curious as I have come across a few business owners who have done time for a felony. Are there any funders that are currently working with merchants like this?
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02-01-2016, 08:52 AM #2
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Honestly this comes up a lot and ultimately it comes down to an individual underwriters comfort with the business owner. Obviously anything recent or Financial -related would be a big no no. But if the crime happened 15 years ago (lets say Drug possession for arguments sake) and the merchant has "paid their debt to society" and all other items are in order I see no reason not to give them a shot.
I will play devils advocate here, what's a safer bet, the guy with No balances 700 FICO and solid cash flow with a 10 year old felony or the guy with 3 positions 550 Fico and NSF's but has NO criminal history?
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02-03-2016, 03:53 PM #3
- Join Date
- Jul 2014
- Posts
- 1,746
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02-03-2016, 03:33 PM #4
- Join Date
- Nov 2013
- Posts
- 598
I have never seen a merchant with a felony conviction with a 700 FICO, those 2 terms rarely go together lol
But you have a valid theory
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02-03-2016, 03:53 PM #5
I've seen the sweetest 90 year old lady with 6 kilos in the back of her trunk. Trust no one! lol
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02-03-2016, 03:55 PM #6
- Join Date
- Jul 2014
- Posts
- 1,746
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02-03-2016, 05:23 PM #7
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02-03-2016, 03:54 PM #8
@Fund 550 I've seen a FICO 386. I think you actually have to kill a creditor to get below 400.
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02-03-2016, 05:22 PM #9
Yellowstone; except the gambling machine guy that was the FBI's most wanted list.
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02-03-2016, 05:42 PM #10
- Join Date
- Jun 2015
- Posts
- 3,326
first time i got that the tlo pulled up murder . served a 25 year sentence
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