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12-14-2016, 11:41 AM #1
- Join Date
- Jan 2014
- Posts
- 283
Who does not require COJs
Out of all the 2nd position guys/higher risk Lenders who (besides IOU/Quarterspot/1stMerchant) does not require a COJ nowadays?
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12-14-2016, 12:16 PM #2
- Join Date
- Aug 2016
- Posts
- 118
damn, wide and i never realized how all the seconds except the A Paper ones, all require cojs
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12-14-2016, 12:24 PM #3
Cresthill claims they dont, but I dont know personally.
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12-14-2016, 12:30 PM #4
- Join Date
- Mar 2016
- Posts
- 908
CFG Uses a COJ 1/20 contracts we send out... Give us a shot.
Thank you,
Lior Monus
CFG Merchant Solutions
Direct: 516-319-5826
Lmonus@cfgms.com
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12-14-2016, 12:35 PM #5
- Join Date
- Jan 2014
- Posts
- 283
Sending you a message Lior
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12-14-2016, 03:05 PM #6
- Join Date
- Dec 2013
- Posts
- 4,713
Vast majority of files get funded at MANTIS with NO COJ.
Also keep in mind:
we have launched a new Assembly Line Model on all files under 30,000K to rush an offer out the door with FEW FEW Stips and fund ASAP when contracts back in!!Last edited by mcaguru; 12-14-2016 at 03:41 PM.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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12-15-2016, 11:04 AM #7
Superior does not require a COJ-
Kaitlyn Miller
ISO Coordinator
770-617-2377
KM@SuperiorCapitalfund.com
http://superiorcapitalfund.com/
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01-19-2017, 12:08 PM #8
- Join Date
- Oct 2016
- Location
- Cherry Hill, NJ
- Posts
- 73
Agreed, superior doesn't require one.
Thad German
America's Business Capital
www.americasbusinesscapital.com
Toll Free: 1-888-426-0377 x 022
Direct : 856-782-3801
tgerman@abcmca.com
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01-19-2017, 12:21 PM #9
Check with the individual state laws, a large majority of these COJ's are UN-enforceable - I've seen several clients win cases where the client claimed that they were in dire need and signed under ( duress / coerced or influenced by acct exec.. ) etc.and it was thrown out and moved to civil...
Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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01-19-2017, 12:26 PM #10
- Join Date
- Nov 2014
- Location
- NYC
- Posts
- 187
David Obstfeld
Chief Executive Officer
SOS Capital
1330 Ave of the Americas, NY, NY 10019
212-235-5455
SOSCapital.com
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01-19-2017, 02:37 PM #11
I cant provide exact details without client authorization, in which i wouldn't recommend him to put it out there. but you can research some case law pertaining to the COJ and you will see that some states will not accept it. here is a brief excerpt that may be helpful, but i would do some further research ---
In seven states the judgment note or so-called "cognovit instruments," containing a warrant to confess judgment against the debtor, is in common use.' The contract permits an action in debt, assumpsit or contract resulting in an immediate judgment without prior suit or service upon the debtor or maker of the instrument. Sometimes judgment may be confessed at or shortly after execution of the note as additional security for a loan or other extension of credit3 whether or not any money is then owing;4 more often the instrument permits the entry of judgment only after default.' In either case there has been a submission in advance to the jurisdiction of the court of rendition; often running to any court in the United States.' Ordinarily an attorney of the creditor's choosing enters his appearance pro forma for the debtor and confesses a judgment against him, which, for most purposes, is a final adjudication.7 Several jurisdictions absolutely prohibit the use of the judgment note, deeming any such contract stipulation void as against local public policy;8
Some jurisdictions prohibit the confession of judgment as a mat- ter of local practice. Frequently where statutes prohibit the confession of judg- ment, the courts regard it as a procedural device," which need not be herein further considered because it is generally agreed that the law of the place where the judgment is sought to be confessed should control the availability of judgment as a remedy. Such an interpretation does not prevent the local execution of cognovit instruments where judgment is to be confessed or per- formance made in other states which permit the practice; but merely precludes the exercise of the power to confess judgment within that state, no matter where executed."
Where there is a prohibition of the stipulation authorizing confession of judgment in the note, that involves the validity of the contract itself which must be determined by reference to the law which, for other purposes of con- tract validity, is regarded as proper at the forumY Thus the examination of such provisions entails an examination of the law of contracts in the conflict
of laws generally.
Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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01-19-2017, 12:27 PM #12
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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01-19-2017, 02:54 PM #13
- Join Date
- Oct 2016
- Location
- Cherry Hill, NJ
- Posts
- 73
Bizfi does not either. Found that out a few minutes ago.
Thad German
America's Business Capital
www.americasbusinesscapital.com
Toll Free: 1-888-426-0377 x 022
Direct : 856-782-3801
tgerman@abcmca.com
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01-19-2017, 02:56 PM #14
- Join Date
- Oct 2016
- Posts
- 4,318
I don't think ECG requires a COJ.
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01-19-2017, 03:58 PM #15
- Join Date
- May 2016
- Posts
- 148
Credibly does not require a COJ, they do a "Personal Guaranty of Performance" instead though. While they don't do 2nd's their box has gotten wider on somewhat subprime files.
Last edited by FundingCzar; 01-19-2017 at 04:13 PM. Reason: consistency
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01-19-2017, 04:03 PM #16
- Join Date
- Aug 2016
- Posts
- 831
wait did credibly and bizfi start to do seconds ?
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