Results 1 to 18 of 18
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10-25-2021, 02:56 PM #1
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Wow! That's a big hit.
Saw this in a recently filed corporate bankruptcy.
That is one big MCA.
Yikes!
Last Chance Funding Inc.-Describe debtor's property that is subject to a lien-$3,333,196.88
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10-25-2021, 03:10 PM #2
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LCF also does real estate deals.
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10-25-2021, 03:11 PM #3
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- Aug 2016
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10-26-2021, 02:14 PM #4
Reputation points: 3991
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- May 2018
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- 76
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10-28-2021, 09:32 AM #5
Reputation points: 1580
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- Sep 2018
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Hi, yes we fund many 6 and 7 figure advances. It all comes down to the types of files you are sending us. While we originally started out years ago only as a high risk funder, we have expanded significantly and have one of the broadest underwriting boxes of any funder currently. From defaults, 10th position type high risk files to pristine 1st position A paper files, we will make offers on all of them. If you are only seeing small short term approvals, then you may only be submitting small high risk files to us. While we fund a lot of micro deals, we acknowledge that we are not always the strongest micro deal funder out there at this time. Some other funders are making a lot of bad offers, and we are not going to chase micro deal volume by making bad offers too. We have funded micro deals before those competitors even existed, and we will continue to fund them after those competitors go out of business.
Funding larger deals is one of our strengths. We will fund a 300k advance with the same stips as a 3k advance. Which can be a headache for a 3k advance, but is a lot easier process on a 300k advance than most of our competitors. No one wants to waste much time negotiating back and forth terms on a 5k offer, or a 6th position offer, but on decent files we are very flexible in our underwriting and love to compete. If you give us a look at some bigger and/or cleaner files you may be pleasantly surprised by the offers that you get. Please speak with your partner relationship manager to get more details.
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10-28-2021, 10:25 AM #6
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what type of deal was the 3 mill ?
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10-28-2021, 11:05 AM #7
Reputation points: 77488
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- Jan 2018
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- 514
kind of a boss response by LCF not gonna lie...
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10-28-2021, 01:55 PM #8
Reputation points: 19243
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- Jan 2020
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- New York, NY
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- 102
I love LCF. Lis Rodriguez is my rep and she is great. Efficient. Fast. And can get longer terms and larger offers (within reason) for most of my requests. They will give 'starter deals' to most merchants that will get declined by 95% of other funders - merchants who have low or inconsistent revenue, over 10 nsf's a month, or even those who have defaulted in the past and need a second chance in the MCA world. I've done $3,000 deals with them, and I've done $150k deals with them. The best part - Commissions are always paid next day. Give them a try.
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10-28-2021, 03:00 PM #9
Reputation points: 14399
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- May 2014
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The 3 million was a fraudulent aerospace company basically shut down by the SEC. Any funder that can take a 3 million hit and not feel it must have deep pockets.
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10-28-2021, 03:04 PM #10
Reputation points: 221417
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I had a really hard Alaskan deal that LCF was creative enough to do a side-by-side with another funder ("if he puts in 200, we will, too"). We pushed, and we almost got there, but the crazy number of investors on the LLC shot it down due to rates, even though the deal by itself made sense. You must send them deals that they are going to made good offers on, and don't just shop everything to them. Andy is good people.
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10-28-2021, 03:23 PM #11
Reputation points: 14399
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- May 2014
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Who do I speak with over there to get signed up? Every time I call the ISO number, it disconnects.
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10-29-2021, 12:06 AM #12
Reputation points: 97075
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- Jun 2015
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LCF is the only funder who filed like 80 COJs a day before it became illegal… I’ll never forget these punks
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10-29-2021, 03:57 PM #13
Reputation points: 30747
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- Aug 2016
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- 486
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09-20-2022, 01:18 PM #14
Reputation points: 1766
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- Oct 2021
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- 86
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09-25-2022, 03:48 PM #15
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- Jun 2021
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insane check out the courts
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09-26-2022, 09:56 AM #16
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09-26-2022, 01:21 PM #17
The hit was probably more likely around $1MM if you take out the interest, fees, points, penalties, closing fees, origination fees, default fee and attorney fees.
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09-26-2022, 11:26 PM #18
Reputation points: 2628
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- May 2018
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Still it’s crazy