Who would fund a merchant that defaulted?

**ace.of.spades** · 12-12-2016, 12:31 PM

A first position seeking 100k... 200k monthly gross...

**Chambo** · 12-12-2016, 12:45 PM

seriously? they defaulted on another fund, and you want a new fund to extend $100K to them?

**brokerCompany** · 12-12-2016, 01:17 PM

I am sure WBL will do it if they have RE

**Zach** · 12-12-2016, 01:44 PM

Originally Posted by brokerCompany

I am sure WBL will do it if they have RE

Yes sir

**FCF Fund** · 12-12-2016, 01:48 PM

Originally Posted by Chambo

seriously? they defaulted on another fund, and you want a new fund to extend $100K to them?

Must be a relatively old UCC lead. Leave no stone unturned especially if you have funders like WBL willing to take collateral for the risk.

**ace.of.spades** · 12-12-2016, 01:55 PM

How quick does wbl fund?

**Michael I** · 12-12-2016, 01:56 PM

Originally Posted by ace.of.spades

How quick does wbl fund?

2 weeks

**Zach** · 12-12-2016, 01:59 PM

Originally Posted by Michael I

2 weeks

Sounds about right. We are the only option for this type of borrower.

Please give me a call or email using my info below and we can speak about it.

**bdshaw** · 12-12-2016, 02:24 PM

No your not Zack. If they qualify for receivable financing and we can work with the defaulted lender we would entertain factori,g their receivables.
Bob Shaw
734-929-3800
rshaw@ironhorsecredit.com

**mcaguru** · 12-12-2016, 02:24 PM

what was the circumstances that lead to him defaulting ?

**Jason Sterling** · 12-12-2016, 03:21 PM

We have done this a couple times in the past. It has worked out in both situations so I'd be happy to look at it. They'd have to qualify for CC split and convert their processing to Sterling.

**RickyR3712** · 12-12-2016, 05:23 PM

Originally Posted by Chambo

seriously? they defaulted on another fund, and you want a new fund to extend $100K to them?

Why do you take things so personal?Someone who has sub 500 credit(meaning screwed everyone)you will fund. But if someone screwed a competitor with a good story, you will not even consider it.

**ace.of.spades** · 12-13-2016, 12:30 PM

How quick can I do an invoice factor?

**ace.of.spades** · 12-13-2016, 12:31 PM

And what commissions can I get as an ISO?

**Hedley Lamarr** · 12-13-2016, 12:39 PM

Originally Posted by ace.of.spades

How quick can I do an invoice factor?

Invoice Factoring-Typically 15-30 days. Commissions to referral partners are usually up to 15% of net spread over the life/term of the client. They are paid monthly based on volume and spread.

**mcaguru** · 12-13-2016, 12:59 PM

Originally Posted by RickyR3712

Why do you take things so personal?Someone who has sub 500 credit(meaning screwed everyone)you will fund. But if someone screwed a competitor with a good story, you will not even consider it.

I agree....! On a side Note for Chambo to keep in mind...that hes making a living and paying his bills of the backs of defaulted merchants (at this point hes rolling his eyes and thinking i'm accusing him of something...read on..) but if not for defaults everyone and their mother would be funding merchants and since no defaults rates would be 1.05-1.11 and commissions would be with bonus $99.00 bucks

**brokerCompany** · 12-13-2016, 01:35 PM

Lots of invoice factors can fund in 2 days from app to funding. Just depends on the number of invoices, number of clients, and how long to verify invoice for payments

Originally Posted by ace.of.spades

How quick can I do an invoice factor?

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