[Cfairbank]

Everybody is talking about APR this APR that. The merchant got what he wanted. Paid off advances, saved a buck or two and is turning this 115k at a rate of 300%. Why does 150% APR matter at this point?

The merchant got what he wanted, WBL funded a deal, and we got paid commission. DOESN'T GET BETTER THEN THAT!

Don't hate, Appreciate. Lets all get back to work and close more deals.

Not knocking WBL at all -- merchants that get themselves so deep in a hole with multiple stacks have very few options -- and Zach provided what may have been the only lifeline available.

The problem that so many people don't seem to get in this industry is where does this merchant go from here? Whether it is a 6 month 1.37x or a 3 month 1.45x, the margins and growth rate of a business would have to be insane to even break even on multiple renewals (not even taking into account that most funders double dip on each renewal) -- and that's where APRs or effective APRs are very meaningful. You saved the merchant from a likely bankruptcy, and kudos to you and Zach on making that happen -- I think it's great. Now you should address the hard part -- getting them on sustainable funding that enables them to operate a profitable business. Firms that don't get (or don't care about) that next step will not make it through the inevitable market shake-out and won't have a leg to stand on when regulation comes into place.