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06-15-2016, 10:57 AM #1
- Join Date
- Jun 2016
- Posts
- 23
New Underwriter/Funder. About 45 days in.
Hello all,
I am glad a found this forum. I have found some of the information here very helpful. I wanted to share my experience and ask a few questions.
Our company started funded deals about 45 days ago. We are off to a good start so far. Over 10 deals funded so far.
Have two questions:
How do most funders handle cash flow? Meaning do funders usually "reinvest" collected monies into other advances or just wait until the advance finishes?
Defaults and fraud:
Had one merchant approved for an advance and then it appears closed the business down about 1 week later. Another merchant closed their bank account and has not provided another one.
How are you guys handling defaults? We are taking the collections route, calling and sending letters. At some point have any of you guys actually sued the merchant? How did the law suit go? Because the advance is under the state limit we were considering using small claims court. Just wondering if anyone has actually taken a merchant to court?
Or perhaps other funders are just writing off the debt and still turning a profit. I just hope that merchants cant just default and we have no recourse????
Advice please.
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06-15-2016, 11:12 AM #2
- Join Date
- Jul 2014
- Posts
- 1,746
You're lending money to people and have to come on a public internet forum for legal advice? Wow...just wow...
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06-15-2016, 11:56 AM #3
- Join Date
- Feb 2016
- Posts
- 245
lmao
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06-15-2016, 11:27 AM #4
- Join Date
- Jun 2015
- Posts
- 3,326
i want to sign up with you asap .
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06-15-2016, 11:27 AM #5
I'd have to agree. You should have had your collections department all set up and ready to go. Those deals that blew you up, sounds like all you can do is send to collections.
As far as daily receipts...HELL YEAH you reinvest them into other deals!
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06-15-2016, 11:38 AM #6
This is pathetic. Before you fund any more deals, why dont you work as an ISO, syndicate on all your deals, see how those deals turn out, see how their collections work, and THEN fund your own deals? You know, do what people call due diligence?
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06-15-2016, 11:40 AM #7
- Join Date
- Jun 2015
- Posts
- 3,326
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06-15-2016, 11:49 AM #8
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06-15-2016, 02:06 PM #9
- Join Date
- Jan 2015
- Location
- Tampa, FL
- Posts
- 30
Nick Kiely
Funding Manager, Strategic Capital
Phone: 800.440.6448 (ext. 3605)
Personal: 813.518.0196
Mobile: 904.349.7619
Fax: 816.298.0857
Email: nkiely@capitalwithstrategy.com
Website: www.capitalwithstrategy.com
Address: 10551 Barkley St. Suite 403 Overland Park, KS 66212
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06-15-2016, 02:11 PM #10
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06-15-2016, 11:42 AM #11
- Join Date
- Jul 2014
- Posts
- 1,746
I'm betting dollars to donuts they don't even have a lender's license.
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06-15-2016, 11:47 AM #12
- Join Date
- Dec 2013
- Posts
- 4,713
I don't know were to start. if you cant afford to have losses than please hold off darting wires until you have all your questions answered, i watched to many funders come and go blowing up 6-7 digits of losses in a 2 month period.
PS i don't see a license relevant to making or losing in MCA....Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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06-15-2016, 11:56 AM #13
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06-15-2016, 12:05 PM #14
- Join Date
- Jul 2014
- Posts
- 1,746
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06-15-2016, 12:29 PM #15
- Join Date
- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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06-15-2016, 12:30 PM #16
- Join Date
- Jul 2014
- Posts
- 1,746
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06-15-2016, 12:31 PM #17
- Join Date
- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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06-15-2016, 12:01 PM #18
Its one thing for anyone to become an ISO. When idiots like this start becoming funders, thats when you KNOW we are in a massive bubble...
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06-15-2016, 12:06 PM #19
- Join Date
- Jan 2016
- Posts
- 42
This forum is the gift that keeps on giving. Who or where did you get your capital to start??? Is this your business pitch?
https://www.youtube.com/watch?v=j849cNSbVGo
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06-15-2016, 12:10 PM #20John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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06-15-2016, 12:24 PM #21
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
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06-15-2016, 12:25 PM #22
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06-15-2016, 12:27 PM #23
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
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06-15-2016, 12:29 PM #24
- Join Date
- May 2015
- Location
- NYC
- Posts
- 197
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06-15-2016, 12:25 PM #25
I see a Debanked article in the near future, describing how to start ISO's and funding companies. This guy here is a perfect example of how to NOT start a funding company.
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