Results 1 to 7 of 7
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05-21-2020, 06:06 AM #1
- Join Date
- Aug 2018
- Posts
- 720
Factors that do not notify clients - need a few!
Please assist. I need factors that do not notify clients.
Ty
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05-21-2020, 06:23 AM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,471
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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05-21-2020, 08:58 AM #3
- Join Date
- Feb 2017
- Posts
- 3,395
There's a great one, minimum revenue $1mm/year and 2 years TIB. True non-notification, not an all-encompassing asset-based LOC. Just the AR
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05-21-2020, 09:21 AM #4
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,471
TIB does not matter. If you understand the billing process/customers, this can be done by some factors. Some factors CLAIM they can do it, but their credit policies do NOT allow it.
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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05-21-2020, 10:10 AM #5
- Join Date
- Feb 2017
- Posts
- 3,395
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05-21-2020, 10:32 AM #6
- Join Date
- Jan 2014
- Posts
- 1,366
Only ABL lenders are non-notification. invoice factors will always verify by reaching out, but some are way more intrusive then others in that aspect.
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05-21-2020, 10:35 AM #7
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,471
Micah,
Again, there are some that claim they can offer non-notification, but ultimately will not close or change terms because their senior lender does not allow the practice. I know some of the other non-note factors out their than can offer the product because they are equity driven or ultra high net worth driven. That being said, their cost of capital is expensive and so are their rates to end customer. If their senior lender is one of the usual suspects that I know, they are prohibited from offering the product. We can offer the product within reason as we don't have a senior lender outside the firm to answer to.
A lot of factors claim they can close deals and do things. It quickly get squashed because their senior lender caught them doing it or they are very expensive because they are using their own equity/debt.
Right now a lot of factors and other non-bank finance companies are under pressure from their senior lenders to "get back on the reservation" regarding practices.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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