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09-23-2016, 12:09 PM #1
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Affidavit of Confession of Judgment
Hello and TGIF!
I recently had a lender request that my client sign an Affidavit of Confession of Judgment prior to funding. This is a first for me and wanted to get an idea if you folks are familiar with this type of request?
When I read the form, the first thing that I think of is having my attorney review it. And by the way, the form needs to me notarized.
Any comments?
Thank you.
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09-23-2016, 12:18 PM #2
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COJ baby...
Basically covers the funder. Question though... How much is the deal? Is it considered "high risk"? I always figured if the Merch has nothing to worry about, it shouldn't be an issue. BUT there are times where a COJ is not necessary.
A written agreement signed by the defendant that accepts the liability and amount of damages that was agreed on. A confession of judgment is a way to circumvent normal court proceedings and avoid a lengthy legal process to resolve a dispute. Signing a confession of forfeits any of the rights the defendant has to dispute a claim in the future.
Read more: Confession Of Judgment Definition | Investopedia http://www.investopedia.com/terms/c/...#ixzz4L62ZbhKdAmanda Kingsley
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09-23-2016, 12:24 PM #3
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Hi Amanda,
I appreciate your input. Very informative (and thanks for the link). So, we now require borrowers to sign and agreement (waiving trial by jury), a PG, file a UCC and then we have them sign a COJ?
What's next? Taking their kids as collateral (but you can pick which kid to leverage)... LOL!
Thanks again and have a great weekend!
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09-23-2016, 12:29 PM #4
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COJ's are becoming pretty standard in this c/d space, typically its not an issue unless the client plans on defaulting.
That being said there are probably 10+ funders I know that do not ever require a COJ, at least for now. COJ's are becoming much more common over the past couple years.
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09-23-2016, 12:41 PM #5
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Amanda Kingsley
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Always Live and Lead with Integrity.
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09-23-2016, 12:48 PM #6
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amanda you are forgetting a big factor why they do it also beside of high risk , they do it to be able to get their money before the first potions people . i have seen it more than once
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09-23-2016, 12:54 PM #7
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True. This is an expanded topic... I think one must understand personal/business bankruptcies, defaults, and how the position plays a part in having a Merch sign a COJ. Something a Wholesaler (sales/ISO/whatever) doesn't have to worry about much other than commission clawbacks and explaining to a Merch why a document needs to be signed. It's Friday... can we leave this for Monday
Amanda Kingsley
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This is me. https://www.facebook.com/whoiskingsley
I am Here too. https://www.facebook.com/groups/TheClosersGroup
Always Live and Lead with Integrity.
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09-23-2016, 01:10 PM #8
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I would say majority of Mantis Offers DO NOT NEED A COJ. (my luck this post is about mine --Only basing on the fact that we represent a double digit percent of funded deals in the High Risk Space)....(dont confuse that with the DOUBLE DIGIT COMMISSION PAYOUTS ).
DON'T FORGET ABOUT FEWEST STIPS CURRENTLY BEING REQUESTED ON FILES UNDER 25k!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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09-23-2016, 01:12 PM #9John 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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09-23-2016, 01:59 PM #10
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I am from the small group of people that talk/write in short hand (Some say its a disability others say its savant - like).... My point is if you take a 1000 offers Mantis Funding makes majority would NOT need a COJ in the list of STIPS...... I then added (in other words) that it would be funny if this specific post about a COJ is from my company and the reason i based the assumption on was the fact that we fund a double digit percent of the B/C/D Paper currently being funded in America.
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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09-23-2016, 02:21 PM #11
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09-23-2016, 02:38 PM #12John 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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09-23-2016, 02:41 PM #13
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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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09-23-2016, 02:53 PM #14
whats confusing you describe everything as "DOUBLE DIGIT" like that phrase means something special. It doesn't
John 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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09-23-2016, 03:04 PM #15
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09-23-2016, 03:13 PM #16
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- Dec 2013
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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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09-23-2016, 03:16 PM #17
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09-23-2016, 03:17 PM #18
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- Dec 2013
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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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09-26-2016, 10:59 AM #19
I get double digit commission from EVERY bank i work with without fees.. Any ISO that need extra fees to get to 10 points is working with the wrong banks.. ISOS that go through me get double digits and thats after a split so you need to find something new because that is really not that impressive anymore
John 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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09-26-2016, 12:52 PM #20
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Last edited by mcaguru; 09-26-2016 at 01:06 PM.
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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09-23-2016, 03:30 PM #21
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- Laguna Beach
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If you want to see insane, check out Yellowstone's COJ paperwork for CA businesses. It also includes a court affidavit that an attorney must sign saying that they recommended that the merchant take the financing... which is basically malpractice.
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09-23-2016, 03:42 PM #22
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09-23-2016, 05:11 PM #23
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09-27-2016, 06:05 PM #24
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09-23-2016, 04:06 PM #25
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