[michaelh]

I just got a file and pretty sure its dead unless one of you have an idea. Florida based roofer who does over 3 million a year and had an advance with snap. They got into a dispute and his attorney told him to stop paying and let the court decide the balance. So he did - so he defaulted on Snap and then paid the court judgement.

Any ideas on how to get this funded?

[Chambo]

Which is worse? The scumbag merchant defaulting on obligations....or the broker trying to get them additional funding despite defaulting?

[FUNd]

I just got a file and pretty sure its dead unless one of you have an idea. Florida based roofer who does over 3 million a year and had an advance with snap. They got into a dispute and his attorney told him to stop paying and let the court decide the balance. So he did - so he defaulted on Snap and then paid the court judgement.

Any ideas on how to get this funded?

Get a real job.

[michaelh]

So your saying that if a Funder and a customer have a legitimate contractual dispute that the Customer has no legal rights and must pay what the lender demands no matter what? How do you propose a contractual dispute is resolved?

[Chambo]

So your saying that if a Funder and a customer have a legitimate contractual dispute that the Customer has no legal rights and must pay what the lender demands no matter what? How do you propose a contractual dispute is resolved?

Not arguing that at all, but to try and get funding from someone else in the middle of all that?

[J.Celifarco]

So your saying that if a Funder and a customer have a legitimate contractual dispute that the Customer has no legal rights and must pay what the lender demands no matter what? How do you propose a contractual dispute is resolved?

he signed a contract agreeing to pay the a designated $ amount to the bank for the money that they gave him. What type of contractual dispute could there be that would negate the merchant obligation. Secondly even if the merchant was right most banks in the space would not take the risk lending unsecured money to a merchant who defaulted on another lender in the space no matter what the circumstances are. The risk far outweighs the reward

[Michael I]

he signed a contract agreeing to pay the a designated $ amount to the bank for the money that they gave him. What type of contractual dispute could there be that would negate the merchant obligation. Secondly even if the merchant was right most banks in the space would not take the risk lending unsecured money to a merchant who defaulted on another lender in the space no matter what the circumstances are. The risk far outweighs the reward

i had one where my merchant was 100% correct and the lender was being an idiot . regardless of that no one will want to touch it in till it went off his credit report . since then i have funded him 4 times and he is still paying back like a champ.

regardless of what i just said i fully agree that the risk outweighs the rewards because 9 out of ten times the lender is right

[Zach]

I just got a file and pretty sure its dead unless one of you have an idea. Florida based roofer who does over 3 million a year and had an advance with snap. They got into a dispute and his attorney told him to stop paying and let the court decide the balance. So he did - so he defaulted on Snap and then paid the court judgement.

Any ideas on how to get this funded?

WBL can potentially fund this one. We are willing to look at other lenders' defaulted portfolios and help them recover their UPB.

Feel free and give me a call or email so I can take a look.

[Funder Mark]

WBL can potentially fund this one. We are willing to look at other lenders' defaulted portfolios and help them recover their UPB.

Feel free and give me a call or email so I can take a look.

Zach, considering that you only fund people with real estate collateral, dont care about NSF's and existing balances, what does it take to decline a deal, based on the business aspect?

[TStein]

A+ Merchant

[MoneyMason]

Looks like he needs debt settlement and restructuring assistance. How much for the lead?

[michaelh]

Well I closed this file based on all the comments and the Merchant just Emailed me saying Quarterspot funded him 139500 paying back 175 k with 1 year payments.

[FUNd]

Well I closed this file based on all the comments and the Merchant just Emailed me saying Quarterspot funded him 139500 paying back 175 k with 1 year payments.

Well, that's the last time you take advice from an internet forum! Lesson learned.

[Funder Mark]

Well I closed this file based on all the comments and the Merchant just Emailed me saying Quarterspot funded him 139500 paying back 175 k with 1 year payments.

The amazing thing is that anyone funded him!! Does this mean Quarterspot would fund a deal where a merchant defaulted on another funder, but paid in full?

[NoBigDeal]

Well I closed this file based on all the comments and the Merchant just Emailed me saying Quarterspot funded him 139500 paying back 175 k with 1 year payments.

This is why brokers come on here and look for places to fund tough deals. Ultimately, they look for a place where information about a default on another funding company "falls through the cracks."
And to grosshop (get it?) off what Funder Mark asked, do you think QS knew about the situation with Snap and funded the deal anyway? Or simply, didn't do enough due diligence to uncover these skeletons (not trying to knock QS Underwriting)

[fisheMS]

you can't weigh a decision based on the lottery-style possibility that a lender will misread it and fund them anyway...shrug

[Michael I]

Well I closed this file based on all the comments and the Merchant just Emailed me saying Quarterspot funded him 139500 paying back 175 k with 1 year payments.

i wonder if snap can go after them for that

[michaelh]

i wonder if snap can go after them for that

Ok I am confused what would snap go after? The Merchant paid Snap- from original post - he defaulted on Snap and then paid the court judgement.