Articles by deBanked Staff
LQD Business Finance Adds to Team
July 2, 2018LQD Business Finance announced last week that it hired Mark Brown to join its business development team. Brown will be responsible for attracting and connecting companies to LQD’s flexible commercial financing. LQD provides financing to companies with revenues of $2 million to $125 million.
“With over 27 years of experience, we are confident that Mark will bring excellent value to LQD and to the businesses we serve nationally,” said LQD Business Finance CEO and founder George Souri.
LQD provides business loans from $250,000 and $10 million, in both term and revolving structures.
Prior to LQD, Brown served as Vice President and Business Development Officer at Bibby, and earlier, in the same role, at TAB Bank.
LQD was founded in 2010 and is based in the Chicago area.
Yellowstone Capital Funded $68M in June
July 2, 2018Yellowstone Capital originated $68 million in funding to small businesses in June, according to the company. The figure topped their previous month of $64.5M.
House Passes Bill That Would Help More Consumers Build Credit
June 26, 2018
Yesterday, the house passed the Credit Access and Inclusion Act of 2017, a bill that would allow reporting of telecom and utility payments to credit reporting agencies. The idea behind the bill, written by Rep. Keith Ellison of Minnesota, is to give people more opportunities to report positive on-time payments that could improve their credit.
“By allowing more of Americans’ positive financial information to be reported to credit rating agencies, this bill will help millions more Americans access credit and everything that comes with it,” Ellison wrote in a statement. “Once this bill is signed into law, millions of Americans who previously couldn’t will now be able to access lower-cost loans, cheaper car payments, or a mortgage on their first home.”
If passed in the Senate, the law would allow a person to present to a consumer reporting agency information about payments “with respect to a dwelling, including such a lease in which the Department of Housing and Urban Development provides subsidized payments for occupancy,” according to the bill.
This bill is an amendment to the Fair Credit Reporting Act, which was originally passed in 1970.
Usury Argument in Merchant Cash Advance Suit Backfires Horribly
June 25, 2018
A New York Supreme Court judge in Erie County, New York has had enough with attorneys trying to argue that merchant cash advances are loans. In Yellowstone Capital, LLC v. Central USA Wireless, LLC et al (Index No: 811837-2017), the Honorable Timothy J. Walker balked at the defendants’ argument that the MCA agreement was usurious.
“The only ‘proof’ that Defendants submit in support of their usury claim are self-serving misconstructions of cherry-picked provisions of the merchant agreement, and an outright disregard for contrary provisions contained in that document,” he opined.
Citing dozens of trial court decisions in merchant cash advance cases and binding precedent established by Champion Auto Sales, the judge not only shot the usury argument down but also awarded the recovery of attorney fees to the MCA company for having to defend themselves against something so frivolous.
“The Court determines, in light of the history of these litigated matters and known binding precedent, Plaintiff is entitled to recover reasonable attorneys’ fees and costs incurred in defending the Motion [..],” he ordered.
Woman Arrested in Connection With Finance Company Data Theft
June 19, 2018
A woman was arrested in the Bronx this morning and charged with felony computer-related theft. The individual, whose name deBanked is not releasing until more information is known, was reportedly stealing customer data from Yellowstone Capital despite not being employed there. The photo shows police officers escorting her out from her home.
She is the third person to be arrested for stealing data from Yellowstone Capital in the last nine months but she’s the first that was not actually working there at the time.
Yellowstone Capital is arguably the largest merchant cash advance company in the country, according to deBanked’s leaderboard. The companies ranked ahead of them are lending companies, not MCA.
Triumph Business Capital Completes Acquisition of Factoring Assets
June 14, 2018Triumph Bancorp, Inc. (NASDAQ:TBK) recently announced the closing of the acquisition of the transportation factoring assets of Interstate Capital Corporation by Advance Business Capital, also known as Triumph Business Capital.
Triumph Business Capital is a wholly owned subsidiary of TBK Bank, SSB, which is a wholly owned subsidiary of Triumph Bancorp. The assets acquired include all of the accounts receivable and transportation factoring assets and operations of Interstate Capital Corporation (ICC) and certain of its affiliates. Following the closing [of ICC], the acquired operations will continue to be conducted under the ICC brand name.
Triumph initially announced its agreement to acquire the transportation factoring assets of ICC on April 9, 2018, but the acquisition was made final at the beginning of the month. Triumph Bancorp, Inc. is a financial holding company headquartered in Dallas, Texas, with a diversified line of community banking and commercial finance activities.
Reliant Funding is a Sponsor of deBanked CONNECT – San Diego
June 14, 2018Reliant Funding is a sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
Check out photos from deBanked’s past CONNECT event in Miami
National Funding is the Title Sponsor of deBanked CONNECT – San Diego
June 14, 2018National Funding has signed on as the title sponsor of deBanked CONNECT San Diego. The half-day event for funders, lenders, brokers and industry professionals is being held at the Andaz on October 4th!
Check out photos from deBanked’s past CONNECT event in Miami
