[Fundyman]

OK. This will sound crazy, but here we go:

• Gas station/liquor store/convenience store deal in New Brunswick, Canada
• Grosses about $130K/month; but about 7 negative days/month
• Has judgment for $350K because bank asked him to personally guarantee loan, then just placed judgment as part of the deal
• Merchant has LOI for $3.3M USD to refinance, construct, & pay off all outstanding debts
• That $350K judgment is PART OF THOSE DEBTS.
• I have documented letter from the bank's lawyer that states they agree to get paid on January 13th or sooner without interfering with funds disbursed.
• $150,000 was already paid towards judgment in September alone. This is also documented by lawyer.
• Need at least $40K to service the LOI & 3rd-party fees to close the loan within 30 days or less.
• Can be written as a 60-day deal or even have an addendum stating that the merchant has to pay out of the commercial loan proceeds (due even within 30 days or so); that would be fine. Factor rate is NOT an issue.

I need the lender who will issue at least $40K in such a scenario. I had a $91K approval for the merchant, but the underwriter made an issue about the judgment, asking it to be fully resolved prior to funding, which is retarded because the point of the funds is to have the judgment paid in full within 30 days among everything else.

I have all the documentation needed, but bank statements are in French. Cannot be translated in English, but they are basic to read. If need be, I can translate anything on there.

I need this to fund NO LATER THAN END OF BUSINESS TODAY. Worst case scenario is tomorrow morning early.

If you know who can do this for sure or you can do it, please PM right away!

Thanks

[Karen37a]

In french? En Francis? Parlex vous francis?qui peut lire le francais. I barely passed. I can sing oh Canada because of the Rangers in front of the Lenders if that will that help.

Very few Lenders will fund/lend in Canada to begin with ..Principis does, do not know if they will help you and in no way shape or form is that being done in 1 business day.

[Fundyman]

In french? En Francis? Parlex vous francis?qui peut lire le francais. I barely passed. I can sing oh Canada because of the Rangers in front of the Lenders if that will that help.

Very few Lenders will fund/lend in Canada to begin with ..Principis does, do not know if they will help you and in no way shape or form is that being done in 1 business day.

Tres interessant! but right now, I can't even joke. I swear. But thanks! Principis won't help. I highly doubt because it would get declined due to industry type; I think. I'll try still. Thanks.

[Natan]

In french? En Francis? Parlex vous francis?qui peut lire le francais. I barely passed. I can sing oh Canada because of the Rangers in front of the Lenders if that will that help.

Very few Lenders will fund/lend in Canada to begin with ..Principis does, do not know if they will help you and in no way shape or form is that being done in 1 business day.

Just curious, why very few lenders working in Canada? Thanks.

[mcaguru]

Different court system...

[Karen37a]

Certain Provinces are ok...some are not. it has to do with the court systems and laws as he stated. Canadian currency and Canada has its own Fico system no Soc sec #, they have a soc insurance # SIN

I have a client who owns a restaurant in Canada, another in a province they cant accept. I learned the hard way being dragged all over Canada, it wasn't worth the time, I would have abandoned it but she is nice lady.

[brokerCompany]

Its a freaking different country get a map. LOL
Canadian banks suck

Just curious, why very few lenders working in Canada? Thanks.

[Fundyman]

Its a freaking different country get a map. LOL
Canadian banks suck

Gat damn it... I wish your replies had to do w/ a damn solution instead of discussing why the ****ty court system in Quebec makes it almost impossible to fund anything there! Is there NO ONE ELSE? lol

[Natan]

That is a very short-sighted response, best of luck.

Thanks for the other insights, credit/court systems/currency.

[Fundyman]

That is a very short-sighted response, best of luck.

Thanks for the other insights, credit/court systems/currency.

I can tell you, btw why very few lenders from here work with merchants in Canada. The banks out there don't wanna be bothered with daily ACH processing. They don't like it. If you can find those that do & establish relationships with them, you then have to deal with the merchants actually using THOSE banks. So it's sort of a catch22. Then, you have the lenders who will avoid that altogether, but can only fund MCA product off credit cards.

It's just a pain they don't feel like getting involved with altogether. As far as Quebec, the reason why you'll hardly find any lenders who fund out there is because there are too many loopholes that protect merchants in case of default; especially if those merchants happen to have female owners (don't ask...)

[Karen37a]

omg ..I need to know the female thing now

[Fundyman]

omg ..I need to know the female thing now

Karen, don't start trouble. It's not made up. I'm just the messenger...

But seriously, there are supposedly laws out there that protect female business-owners in case they face financial hardship & can't repay their debts. MCAs fall under that category, & courts will 99.99%ly side with them, so in the case of a defaulted merchant, the funder is screwed by default (pun intended).

I didn't verify this, of course, cause who has time to go verify such info unless given a link?? But sounds pretty believable to me, especially given the fact that most lenders will fund anywhere in Canada EXCEPT Quebec, who is said to still be abiding & governed by some French laws. It's all complicated. I'm just grateful for the few lenders that DO fund in Quebec.

[Karen37a]

I am not starting trouble, I have never heard in my entire life these laws that protect the female business owner.

I can always learn some things from people, even a nugget of information.

Since I am a Female id like to know this information to pull the female card...Female lives matter !!!