Sub 500 credit score, prior defaulted MCA
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  1. #1
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    Sub 500 credit score, prior defaulted MCA

    I have merchant (contractor) with a 463 credit score that previously defaulted on a MCA with Swift Capital in 2015. He has since settled with Swift and is currently making monthly payments. He has an approximate balance of $8,000. He is looking to payoff his balance and net the difference. He is also willing to accept a 2nd position. The business averages approximately $30,000 per month in deposits. Inbox me if you can fund this deal.

  2. #2
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    There is zero chance of funding this.

  3. #3
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    What state?

  4. #4
    Senior Member Reputation points: 32550 Funder Mark's Avatar
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    Quote Originally Posted by WestCoastFunding View Post
    There is zero chance of funding this.
    What about WBL?

  5. #5
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    Quote Originally Posted by Funder Mark View Post
    What about WBL?
    I suppose if they have a home their willing to sacrifice. I don't mess with WBL much so I don't know a ton about their product(s).

  6. #6
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    463 credit score..tells me very unlikely he has equity in a home or even owns anything.

  7. #7
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    good luck I had a 700 fico score with prior default paid in full no one would even consider the story in the MCA world.
    WBL offered something like a 1.49 with real estate.LOL.
    Had to take him outside of MCAs to fund

  8. #8
    WBL now has the ability offer a variety of different pricing options.

    Feel free to give me a call to discuss.

    Best ,
    Anthony DeLeonardo
    Vice President | Regional Wholesale Manager

    World Business Lenders
    101 Hudson Street, 33rd Floor
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  9. #9
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    If he legitimately suffered a hardship at the time and cash flow is strong currently, shoot me a message. I can help broker this deal.

  10. #10
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    Quote Originally Posted by GMFunding View Post
    If he legitimately suffered a hardship at the time and cash flow is strong currently, shoot me a message. I can help broker this deal.
    According to the merchant, he had a client that he had a 6 month contract with to perform work. The client stopped paying them abruptly which sent everything into disarray. He has provided me with the lawsuit that he filed against the client last year.

  11. #11
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    Sub 500 is right up my alley. is revenues are OK.
    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

  12. #12
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    I'm already signed up with you guys. Let me know where to submit and I'll submit the file to your company. We don't typically get clients with credit score this low.

  13. #13
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    Quote Originally Posted by mcaguru View Post
    Sub 500 is right up my alley. is revenues are OK.
    i have submitted tons of sub 500 credit deals to you guys, not one approval. Do you get paid by just getting deals in with no chance of funding?

  14. #14
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    Quote Originally Posted by skideeppow View Post
    i have submitted tons of sub 500 credit deals to you guys, not one approval. Do you get paid by just getting deals in with no chance of funding?
    That's funny because I received a decline email from them 10 minutes after I submitted this deal.

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