[michaelh]

Anyone have a source of the updated names used by funders on uccs? I have tried search the forum and not getting anything

[soscap]

http://debanked.com/merchant-cash-ad...h-advance-ucc/

[mcaguru]

is that updated ?

[soscap]

is that updated ?

Should be.... Don't know of others tho

[Funder Mark]

Wall, CFG, Legend and several others are not.

[Sean Cash]

Should be.... Don't know of others tho

it's updated from time to time. Many companies just rely on masking services now.

[Funder Mark]

What is a masking service? Using a generic UCC filer, so it does not come up as a cash advance? Truth be told, we dont actually file a UCC unless a deal defaults, so seeing our name on a lead is a sign NOT to call...

[Sean Cash]

Yes, by masking I meant using an intermediary service so that people can't figure out who the real secured party is.

[Karen37a]

What Sean said is correct.. edit

[jotucker1983]

What is a masking service? Using a generic UCC filer, so it does not come up as a cash advance? Truth be told, we dont actually file a UCC unless a deal defaults, so seeing our name on a lead is a sign NOT to call...

This is how most companies should operate. It's completely out of the bag now that everybody and their mother (literally) are calling UCCs, so why even file the UCC unless you have to? Have the merchant sign the paperwork upfront, but hold off on filing the UCC unless there's a default or some fraud situation in place.

It would do wonders to help keep your merchant as well as not piss your merchant off, from having to get 20 calls a week from various people across the country, tying up the damn telephone lines.

[BB_Cooper]

I appreciate your point about merchants getting overloaded with calls. But you cannot wait to file the UCC until a default. To perfect a funder's secured interest, the UCC needs to be filed at the time of funding-

[Funder Mark]

Perhaps, but if you balance that vs the risk of your merchant getting swamped with calls, and ending up with who knows how many other positions, then the risk is worth it. Obviously, every company has to make their own decision.

[Karen37a]

There are valid reasons for a ucc and laws concerning uccs. Article 4 is banking 5 pertains to letters of credit between two parties where one promises to pay the other a specific amount by a specific date. 8 and 9 secured i forget the real estate one

They want to regulate business transactions and I think all states adopted it but La in whole.

it is also a way for lenders to see ( not necessarily mcas) who has liens and for what ( debt owed ) against businesses so they can make intelligent underwriting decisions. Also A paper to make sure they are in the 1st position etc.

[soscap]

Perhaps, but if you balance that vs the risk of your merchant getting swamped with calls, and ending up with who knows how many other positions, then the risk is worth it. Obviously, every company has to make their own decision.

The solution is to file immediately but under a 3rd party.

[Karen37a]

You can still find it

If you do whats right for your client 100% of the time, harder to lose them