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02-24-2021, 02:18 PM #26
- Join Date
- Mar 2015
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Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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02-24-2021, 02:38 PM #27
- Join Date
- Jun 2017
- Posts
- 2,049
Most funders only file UCCs in event of default now a days.
If there is no anti-stack addendum or clause. I am under the firm belief, stack away......
Dude from Horizon saying he does 1st and 2nds... If your arguing it breaks the contract, 2nds would break it just as much as an 8th position would.
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02-24-2021, 02:42 PM #28
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- Mar 2015
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If a company has any bank or non bank facility where there is a security agreement in place and UCC filed, the person that stacks (the funder and the company) are breaking the contract as ALL assets are already pledged to the company with a security agreement in place. The remedy would be to have a subordination agreement or inter-creditor agreement in place if a company enters any agreement where the assets are already pledged.
Last edited by Kevin Henry-Seacoast; 02-24-2021 at 02:45 PM.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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02-24-2021, 03:13 PM #29
I din't argue the breaking the contract because i do give 2nd's even though I do see some merit to that argument. I am arguing that a business can only handle a certain % of their sales going to pay back a loan and giving a business a 4th or 5th position that takes the gross holdback way above what any business can handle is wrong.
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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02-24-2021, 03:35 PM #30
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- Dec 2016
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- 379
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02-24-2021, 04:10 PM #31
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- Jun 2017
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02-24-2021, 04:11 PM #32
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02-24-2021, 04:13 PM #33
- Join Date
- Dec 2016
- Posts
- 379
Yes, which is why ISO's shouldn't push more positions so that they can take money from Peter to pay Paul, and then find themselves with even greater daily payments, which results in them having to take an additional advance, and then another one, and another one... having a merchant go belly up means every funder gets screwed, and ISO's lose out on residual commission from renewals.
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02-24-2021, 04:58 PM #34
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,921
MCA Contracts
A MCA funder is purchasing 100% of "Future Receivables" and the repayment is a % of the daily/weekly/monthly receipts.
Whatever terms the contract states.
A true MCA, not an MCA disguised as a Loan (Consult an Attorney) the devil is in the details of the contract.
My niche market is "Credit Card Splits" - The funder I work with is purchasing 100% of the "Credit Card Receipts"
until the Full Purchase is repaid. No Stacking allowed and included is a hefty "No Stacking Penalty"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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02-25-2021, 06:36 AM #35
- Join Date
- Apr 2019
- Posts
- 72
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