[brokerCompany]

On deck payoff 13,500
Max payoff 14000
3rd Advance FUnd payoff 14000
Lendini payoff 25000
5th fund payoff 10000

They do around 83K monthly.
Medical services.
Any takers for consolidation

[Chambo]

76,500 in balances? Does $83,000 a month? How are they staying in business?

[jotucker1983]

On deck payoff 13,500
Max payoff 14000
3rd Advance FUnd payoff 14000
Lendini payoff 25000
5th fund payoff 10000

They do around 83K monthly.
Medical services.
Any takers for consolidation

Typical UCC lead today.

[brokerCompany]

We don't pay for any UCC leads. I see your limited mindset.

They still have cash in the bank every day and at end of the month..Some months are more deposits depending on insurance payments

Typical UCC lead today.

[jotucker1983]

We don't pay for any UCC leads. I see your limited mindset.

They still have cash in the bank every day and at end of the month..Some months are more deposits depending on insurance payments

- The merchant is a typical UCC lead, which means he was found in the UCC system, which explains why he has 4 positions stacked on top of On Deck.

- They do $83,000 gross monthly but their outstanding balances are at $76,500. What are the total daily payment amounts on all 5 positions?

- If I'm going to guess, the merchant is probably using at least 40% of his gross sales to payback the 5 positions. I bet he probably has NSFs/Overdrafts all over the place.

Stop wasting your time on this deal. Tell the merchant to stop taking out funding on top of funding (because if anybody is foolish enough to consolidate this, the merchant will stack again) and to pay off these damn advances normally (if he even survives that long). From there, you can see what you can do for him down the line.

[WestCoastFunding]

If they net around $150K a year (I doubt it) you may be able to get them into Dan Page's program. If they're willing to lose a home they own, maybe WBL. Other than that this seems pretty tough.

[MCNetwork]

On deck payoff 13,500
Max payoff 14000
3rd Advance FUnd payoff 14000
Lendini payoff 25000
5th fund payoff 10000

Ladies and gentlemen of the jury, let me present Exhibit A, or proof that the industry is going straight to the gutter.

[Kevin Henry-Seacoast]

Ladies and gentlemen of the jury, let me present Exhibit A, or proof that the industry is going straight to the gutter.

Going???

[J.Celifarco]

On deck payoff 13,500
Max payoff 14000
3rd Advance FUnd payoff 14000
Lendini payoff 25000
5th fund payoff 10000

They do around 83K monthly.
Medical services.
Any takers for consolidation

is "3rd advance fund" and "5th fund" actual names of companies or do you just not know what company gave them those advances??? Please tell me they are just companies you don't know the name of, I don't know if I can handle those being actual company names

[TedFundy]

Just found a picture of the merchant:

tumblr_inline_miyjdiNp1a1rrpsd7.gif

[Chambo]

we all laugh about a scenario like this, but it is actually very troubling. It is nonsense like this, complete lack of fiduciary responsibility, that is going to get our industry pinched

[anonymous]

we all laugh about a scenario like this, but it is actually very troubling. It is nonsense like this, complete lack of fiduciary responsibility, that is going to get our industry pinched

so that's not you guys in P5?

[HDF]

we all laugh about a scenario like this, but it is actually very troubling. It is nonsense like this, complete lack of fiduciary responsibility, that is going to get our industry pinched

Well yes. This and guys like this ALLAN fella who proudly posts about his lack of ethics for the almighty dollar. A badge of honor to him entering the space in the middle of the 8th inning. Who will be left?

[WestCoastFunding]

is "3rd advance fund" and "5th fund" actual names of companies or do you just not know what company gave them those advances??? Please tell me they are just companies you don't know the name of, I don't know if I can handle those being actual company names

One of them is YSC or Mantis. Maybe that's who 3 and 5 are.

[brokerCompany]

Actually the merchant does NOT have any nsfs and the ALB is around 15k. So they may deposit a little more will have to go back and look closer.
They are surviving. Sure it was foolishness on both sides to get all the advances. Just 1 in many deals in the pipeline working on a solution for the merchant.

[WestCoastFunding]

Worst stacking I've seen, the merchant had 9 positions, $600K in advances.

[Kevin Henry-Seacoast]

Worst stacking I've seen, the merchant had 9 positions, $600K in advances.

7 totaling $1.2mil stacked on top of a factor with a $250K IRS tax problem.

[anonymous]

7 totaling $1.2mil stacked on top of a factor with a $250K IRS tax problem.

sounds familiar lol

[Eagle Funding]

7 totaling $1.2mil stacked on top of a factor with a $250K IRS tax problem.

I think everyone has seen the deal youre talking about.

[jotucker1983]

Actually the merchant does NOT have any nsfs

Are you sure? No NSFs, Overdrafts, or Negative Days?

They are surviving.

Barely.

Just 1 in many deals in the pipeline working on a solution for the merchant.

This is not a "deal". There is no solution other than to tell the merchant to sit down, pay off the 5 advances, try to survive, and you'll reconnect with him in October to see what their current status is.

[Kevin Henry-Seacoast]

I think everyone has seen the deal youre talking about.

Everyone's cat, dog, ferret, cousin, Dutch Uncle, crazy sister, and pastor has seen the deal.......and he thinks he's going to be fine.

[Kevin Henry-Seacoast]

Everyone's cat, dog, ferret, cousin, Dutch Uncle, crazy sister, and pastor has seen the deal.......and he thinks he's going to be fine.

Hell...I saw it three times from three different brokers. I told the last broker that nobody is going to be able to help him. The broker thought she was going to be able to get it done and stop the stacking nonsense because the owner would listen to her. That's when milks came out of my nose.....

[WestCoastFunding]

Hell...I saw it three times from three different brokers. I told the last broker that nobody is going to be able to help him. The broker thought she was going to be able to get it done and stop the stacking nonsense because the owner would listen to her. That's when milks came out of my nose.....

The owner will pretend to listen to her as he sends out his bank statements to three other brokers. An 8th position is coming.

[BB_Cooper]

What is the total of the 5 daily pulls?

[dpFund]

Hell...I saw it three times from three different brokers. I told the last broker that nobody is going to be able to help him. The broker thought she was going to be able to get it done and stop the stacking nonsense because the owner would listen to her. That's when milks came out of my nose.....

If it is the same deal I am thinking about I saw it too. Came to me looking for consolidation. Nope.

That stated...the client owns property that is pretty heavily leveraged but I actually have a shot at pulling more equity out of his property at 8% - 12% rate.

That is about the only way out of a problem like this.