Articles by deBanked Staff

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World Global Financing Bankruptcy Converted to Chapter 7

August 9, 2018
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bankruptcy court

Florida-based World Global Financing (WGF), who filed for Chapter 11 in May, has been ordered into liquidation following their failure to abide by the settlement agreement with Eaglewood SPV I LP. Eaglewood’s claim on WGF comprised 98% of all creditor claims. WGF agreed to settle with Eaglewood for $2.95 million, but WGF failed to make […]

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Details Emerge in Florida Lawsuit Against Corporate Debt Advisors

August 9, 2018
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debt cure

A debt settlement company being sued by Itria Ventures in Miami-Dade County, FL was asked to prove its claim that it has managed over $1.5 billion in total debt, court records show. That company, Corporate Debt Advisors (CDA), advertises that it provides debt relief for small business owners. CDA responded to Itria’s request on June […]

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OnDeck Profitable, Again

August 7, 2018
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OnDeck NYSE

OnDeck posted a profit this morning, the 2nd time in the last 3 quarters. The company reported $5.8 million in net income for Q2. The average loan size decreased and the average effective interest rate increased (36.1%). Although the Fed has been gradually raising interest rates, OnDeck’s costs of funds actually went down to 6.6% […]

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CommonBond Issues Securitization

August 3, 2018
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CommonBond  Student Loan Refinancing   Consolidation

CommonBond, which helps people finance student loans, announced today its second AAA-rated securitization from Moody’s and DBRS. At $292 million of total collateral, the transaction is the company’s largest to date. It is CommonBond’s second securitization of 2018 and its seventh altogether. The company, which competes with SoFi, now has a total securitized loan amount […]

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Yellowstone Capital Funded $68.5M in July

August 1, 2018
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Yellowstone Capital

Yellowstone Capital originated $68.5 million in funding to small businesses in July, according an announcement the company made on social media. The figure was slightly larger than what they produced in June. The top 3 sales reps funded a combined 553 deals for $21 million.

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Shopify’s Merchant Cash Advance Business Grows

July 31, 2018
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shopify glyph

Today Shopify released its Q2 2018 earnings report, revealing that Shopify Capital issued $68.5 million in merchant cash advances in the second quarter of 2018, an increase of 84% compared to the $37.2 million issued in the second quarter of last year. Shopify Capital has advanced nearly $300 million to merchants since they launched in […]

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Syndication at Heart of SEC and Criminal Investigation into 1st Global Capital

July 31, 2018
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Hallandale Beach

New light was shed into the bankruptcy filing of 1st Global Capital this morning. The investigations by the SEC and the US Attorney’s office are related to possible securities law violations, “including the alleged offer and sale of unregistered securities, the alleged sale of securities by unregistered brokers, and the alleged commission of fraud in […]

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1 Global Capital Files Chapter 11

July 30, 2018
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bankruptcy court

UPDATE: A joint motion filed this morning explained that the companies were forced to file bankruptcy “in order to address a sudden and acute liquidity crisis and to preserve their assets and business operations for the benefit of the individual lenders and all other constituencies. As a result of the investigations commenced by the US […]

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Enova’s Small Business Financing Originations Drop

July 30, 2018
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enova

Enova CEO David Fisher revealed last week that their small business financing operations had declined. “Our small business financing portfolio represented 8% of our total loan book at the end of Q2,” Fisher said on the July 26th earnings call. “We are remaining cautious on this space as the market rationalizes. As a result, our […]

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CA Bill to Revise Definition of Broker: 6/27/18 Hearing Transcript & Video (AB 3207)

July 29, 2018
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Limon AB3207 hearing

View all content about this bill AB 3207 – CA Bill to Revise the definition of broker (6/27/18) [0:00:02] Bradford:        We started as a subcommittee. We've already heard Assembly Member Arambula’s Bill AB 1289. Do we have a quorum? We’re gonna ask the secretary to call the roll and establish the quorum. Speaker:        Senator Bradford. Bradford:        Here. Speaker:        Bradford […]

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