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10-12-2016, 10:59 PM #1
- Join Date
- Jul 2016
- Location
- NY, NY
- Posts
- 74
Need offer fast 2
Hello,
Our client is in the auto repair industry 20+ years. He is A Paper, last year did 550,000.00, trending same this year.
We are doing a refi with cash back with original lender now. Need 2nd right behind of 20k+.
Client
wants to remit back thru c.c. processor only
average month 45-60k
long term client of ours in this space w/perfect remit record
Just need 2nd via cards with as long a term as possible offering lowest daily remittance possible.
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10-13-2016, 01:21 AM #2
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
Need offer fast 2
does the first position lender/funder that you are renewing with know you are getting a second? You are walking a very dangerous line here, unless disclosed to the first position lender. Just go to a lender that will give him enough money so he doesn't have to stack . If it's really A paper, you should get a long enough term that allows a higher loan amount and not need to double fund, which, unless you cleared it with the first position, will be the last time you work with that lender (and the last time merchant gets renewed).
Last edited by Cfairbank; 10-13-2016 at 07:11 AM.
Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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10-13-2016, 09:34 AM #3
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Thank you for jumping on this Carl. All Star - Carl said it nicely. The path you are advocating is unethical at the very least. If I were that lender and if I had a no-stacking clause in my agreement, I would seriously consider pursuing legal action against you. This is the type of behavior that puts clients out of business and gives our industry a black eye.
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10-13-2016, 09:35 AM #4
- Join Date
- Apr 2016
- Location
- Florida
- Posts
- 133
are you looking to stack or just do a second? as Carl said you can get jammed up if you are looking to do a stack!!
Doing a second should not be a prob at all if he is in fact a true A merchant..
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10-13-2016, 11:01 AM #5
- Join Date
- Nov 2013
- Posts
- 600
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10-13-2016, 11:12 AM #6
A second is just a polite way of saying stack.. They are the same thing.
ISO's want to complain about banks backdooring deals and are 100% right to do so because it is wrong.. For an ISO to do this is the same thing. You are backdooring the bank. Dont complain about banks doing it to you if you are going to turn around and do the same thing to themJohn 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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10-13-2016, 11:31 AM #7
- Join Date
- Jun 2015
- Posts
- 3,326
this is pretty messed up to be doing this and be dumb enough to come on here and write that you are . i really hope the first position reads this and decline the file .
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10-13-2016, 01:20 PM #8
- Join Date
- Jun 2016
- Posts
- 416
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10-13-2016, 01:28 PM #9
- Join Date
- Nov 2013
- Posts
- 600
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