1 00:00:00.000 --> 00:00:01.440 Johny Fernandez: Hey I'm Johny Fernandez 2 00:00:01.470 --> 00:00:03.990 Sean Murray: I'm Sean Murray, Sean Murray with deBanked Live. 3 00:00:04.019 --> 00:00:06.329 Johny Fernandez: This is live as it gets 4 00:00:06.360 --> 00:00:08.820 Sean Murray: Literally watch me run into the studio and get 5 00:00:08.820 --> 00:00:09.270 mic'd up 6 00:00:09.300 --> 00:00:11.640 Johny Fernandez: and then get mic'd up, that's, that's 7 00:00:11.730 --> 00:00:12.600 authenticity. 8 00:00:13.140 --> 00:00:15.030 Sean Murray: Yeah. So today we're the correspondents. And 9 00:00:15.030 --> 00:00:17.700 we're also the tech team is if there's any, you know, technical 10 00:00:17.700 --> 00:00:18.630 difficulties 11 00:00:18.690 --> 00:00:19.530 Johny Fernandez: Any glitches, 12 00:00:19.560 --> 00:00:21.660 Sean Murray: You can blame the tech team, which is us 13 00:00:21.690 --> 00:00:24.330 Johny Fernandez: We're sorry. We're sorry. We're, we apologize 14 00:00:24.330 --> 00:00:27.570 in advance. So Sean? 15 00:00:27.630 --> 00:00:27.990 Sean Murray: Yeah. 16 00:00:28.020 --> 00:00:28.590 Johny Fernandez: Have you been? 17 00:00:28.770 --> 00:00:29.850 Sean Murray: I've been okay, how about you? 18 00:00:29.880 --> 00:00:32.670 Johny Fernandez: I've been Alright. We're back. We're back. 19 00:00:33.300 --> 00:00:36.630 Took a couple couple weeks off, but we're back. So I'm back. You 20 00:00:36.630 --> 00:00:37.770 Sean Murray: We'll I'm happy to have you back. 21 00:00:37.930 --> 00:00:41.020 Johny Fernandez: Thank you can't complain. So Sean, you want to 22 00:00:41.020 --> 00:00:47.140 start, start kind of recapping everything. So first topic is 23 00:00:47.290 --> 00:00:51.190 going to be COJs? Let's talk a little bit about that. 24 00:00:51.190 --> 00:00:54.000 Sean Murray: Yeah. So we just put out a story. On our website. 25 00:00:54.000 --> 00:00:58.200 It's about putting a proposal to ban COJs nationwide, you out 26 00:00:58.200 --> 00:01:00.210 there might be thinking like, wait a minute, this is an old 27 00:01:00.210 --> 00:01:04.500 story COJs have already been banned. And I think what has 28 00:01:04.500 --> 00:01:07.950 gotten lost in some of the translation is that the law that 29 00:01:07.950 --> 00:01:11.460 came out a few years ago in in New York, it wasn't a federal 30 00:01:11.460 --> 00:01:16.290 law. Yeah. It was totally addressing COJs in New York 31 00:01:16.290 --> 00:01:20.190 State. It didn't actually apply to any other state. Yeah. And 32 00:01:20.220 --> 00:01:24.570 what what that law said that you can't file a COJ in the New York 33 00:01:24.570 --> 00:01:29.970 State courts against non New York State businesses, and 34 00:01:30.000 --> 00:01:35.220 residents. Yeah. And so that was kind of a landmark decision, 35 00:01:35.220 --> 00:01:40.410 because New York happened to be the primary venue for people to 36 00:01:40.410 --> 00:01:44.430 file the COJs in. And that's because the court system there 37 00:01:44.430 --> 00:01:51.120 was so friendly, and efficient at filing them and giving you 38 00:01:51.120 --> 00:01:54.360 judgment. Yeah, because you can have confessions of judgment in 39 00:01:54.360 --> 00:01:57.810 other states. But New York has happened to be able to get it 40 00:01:57.810 --> 00:02:00.150 done quicker. Like some states, they require like a special 41 00:02:00.150 --> 00:02:02.400 notice, you have to tell someone, you're gonna file the 42 00:02:02.520 --> 00:02:05.790 COJ, you have to wait 30 days, if you don't check the boxes 43 00:02:05.790 --> 00:02:08.490 off, and you don't you're not going to get your judgment. New 44 00:02:08.490 --> 00:02:10.950 York would just like, you know, file it, bam, judgment go, you 45 00:02:10.950 --> 00:02:13.620 know what I mean? So, when we talked about the end of the COJ 46 00:02:13.620 --> 00:02:16.680 era, a couple years ago, we were specifically talking about New 47 00:02:16.680 --> 00:02:21.240 York, and that did kind of end the you know, the the widespread 48 00:02:21.240 --> 00:02:24.540 use of COJs, at least that pertain to the to the small 49 00:02:24.540 --> 00:02:28.590 business financing industry. And so now, when we re-introduced 50 00:02:28.590 --> 00:02:33.570 the topic of a COJ, COJ ban, this is at the federal level. 51 00:02:34.350 --> 00:02:38.370 And they're already banned on consumer loans. Yeah. So what 52 00:02:38.370 --> 00:02:42.360 they want to do now is band COJs is at the business and 53 00:02:42.360 --> 00:02:45.060 commercial level for every single state, because 54 00:02:45.060 --> 00:02:48.300 technically right now you can go and file a COJ in another state. 55 00:02:49.110 --> 00:02:54.090 But it requires you to have the merchant sign a non New York 56 00:02:54.090 --> 00:02:58.290 State COJ, right. So you can't just use the old COJ from like 57 00:02:58.290 --> 00:03:00.720 five years ago, you'd have to go and use the one properly 58 00:03:00.720 --> 00:03:04.140 formatted to the state that you did the transaction in, and then 59 00:03:04.140 --> 00:03:06.810 you have to comply with all the local rules. They're, they're 60 00:03:06.810 --> 00:03:10.080 trying to just eliminate it across the board. And they're 61 00:03:10.080 --> 00:03:12.780 citing the Bloomberg story. Yeah, from a long time ago that 62 00:03:12.780 --> 00:03:15.900 came out. So it seems like they're, you know, they're still 63 00:03:15.900 --> 00:03:19.620 hot on? Yes. So I guess solving, you know, this, this what they 64 00:03:19.620 --> 00:03:23.190 perceive as an issue. And it's actually it's got some 65 00:03:23.190 --> 00:03:27.570 bipartisan support too this guy, Marco Rubio and Sherrod Brown, 66 00:03:27.900 --> 00:03:30.360 are the two co-sponsors of the bill. You know, you have a 67 00:03:30.360 --> 00:03:34.260 Republican and Democrat. But what's interesting is that, even 68 00:03:34.260 --> 00:03:37.500 though it's bipartisan, they've been proponents of the bill 69 00:03:37.530 --> 00:03:41.340 before this bill has come out before. It came out 2018, came 70 00:03:41.340 --> 00:03:44.940 out in 2019. Last year, they skipped it probably because of 71 00:03:44.940 --> 00:03:47.910 it, it was a presidential election year. And it's now just 72 00:03:47.910 --> 00:03:50.340 come back. So if you're out there wondering, well, what's 73 00:03:50.340 --> 00:03:53.400 the big deal about a COJ ban? They're they're talking about 74 00:03:53.400 --> 00:03:56.880 now banning them entirely nationwide 75 00:03:56.910 --> 00:03:58.770 Johny Fernandez: Versus just a state like the state of New 76 00:03:58.770 --> 00:03:59.040 York. 77 00:03:59.040 --> 00:04:01.850 Sean Murray: Yeah, just versus versus New York, and what might 78 00:04:01.850 --> 00:04:04.640 be different this time versus the last two times it's been 79 00:04:04.640 --> 00:04:08.150 attempted? Is that before there were they a party? They know 80 00:04:08.150 --> 00:04:12.140 there was a firm republican control of the Senate. So even 81 00:04:12.140 --> 00:04:15.590 though somebody like Marco Rubio, who was a Republican 82 00:04:15.770 --> 00:04:19.670 Senator, I don't think the bill had that type of support in the 83 00:04:19.670 --> 00:04:24.770 Senate at large. It might now you're supposed to be Marco 84 00:04:24.770 --> 00:04:26.630 Rubio, if you have some Republicans who are willing to 85 00:04:26.630 --> 00:04:29.120 sign on to it. Yeah, this bill could go through. You also have 86 00:04:29.120 --> 00:04:31.940 a democratic president before we had a republican president, 87 00:04:32.000 --> 00:04:34.370 Republican controlled Senate. And I think that might be 88 00:04:34.370 --> 00:04:38.150 partially why the bill died. So if you still use COJs, or you 89 00:04:38.150 --> 00:04:43.160 competed against them, this whole, you know, era of COJs 90 00:04:43.160 --> 00:04:46.280 might be coming to an end totally. But obviously, we'll 91 00:04:46.280 --> 00:04:48.170 just keep everyone updated on like, What's going 92 00:04:48.170 --> 00:04:51.420 Johny Fernandez: Yeah, as it continues to develop and what 93 00:04:51.420 --> 00:04:57.210 happens to it. So keep keep your eye out on debanked.com. Yeah. 94 00:04:57.600 --> 00:05:01.470 So Sean, the next topic, we're going to talk about is when he 95 00:05:01.470 --> 00:05:06.570 talks about COVID-19 vaccine cards. They'll transition us 96 00:05:06.570 --> 00:05:10.500 into the topic after that. But something that was interesting 97 00:05:10.500 --> 00:05:14.640 was obviously, we've talked a lot about, like, you know, how 98 00:05:14.640 --> 00:05:18.600 to, like, how do you make money fast? And how do you know pretty 99 00:05:18.600 --> 00:05:23.340 much we can inform our audience. We're not definitely not telling 100 00:05:23.520 --> 00:05:26.040 our audience to do this. But the story that came out recently was 101 00:05:26.040 --> 00:05:30.090 that there was someone, the there was an account on eBay 102 00:05:30.090 --> 00:05:33.720 that was linked into with a pharmaceutical pharmacists 103 00:05:33.720 --> 00:05:38.430 account. And it looks like he was selling fake COVID-19 104 00:05:38.460 --> 00:05:42.060 vaccination cards. So he didn't make millions of dollars, you 105 00:05:42.060 --> 00:05:44.970 know, he made a couple $1,000, he was selling these cards for 106 00:05:45.000 --> 00:05:48.990 $10. And those cards specifically, were completely 107 00:05:48.990 --> 00:05:52.320 false. And they were using these cards to sell to people and 108 00:05:52.320 --> 00:05:55.230 people could pretty much show like they've been vaccinated, 109 00:05:55.230 --> 00:05:58.410 but the card itself is completely invalid. And 110 00:05:58.410 --> 00:06:01.800 apparently, they're paying up to like $10 for one and the guy 111 00:06:03.030 --> 00:06:03.420 knows 112 00:06:03.420 --> 00:06:05.400 Sean Murray: $10 for a fake back for fake vaccine card? 113 00:06:06.470 --> 00:06:08.510 Johny Fernandez: It's interesting to say like, in the 114 00:06:08.510 --> 00:06:13.460 article, what was interesting was that the actual card itself 115 00:06:14.150 --> 00:06:17.330 was like the goal was to for people to use it so they can get 116 00:06:17.330 --> 00:06:20.150 into different places and show their vaccine card. But 117 00:06:20.150 --> 00:06:25.520 obviously, like the big, you know, problem with that is that 118 00:06:25.520 --> 00:06:28.760 these people aren't vaccinated. Yes, using this card. Yeah. So 119 00:06:28.760 --> 00:06:31.430 it's really interesting, because now it's like, this is 120 00:06:31.430 --> 00:06:35.330 completely gone. You know, people are 2making money, again, 121 00:06:35.870 --> 00:06:41.240 using faulty information. We both like faulty cards and their 122 00:06:41.240 --> 00:06:44.630 information on it. And it's really interesting to see, you 123 00:06:44.630 --> 00:06:47.660 know, this guy, obviously, he's in big trouble now. And he's , 124 00:06:47.690 --> 00:06:52.070 going through the court process. And I don't know what his 125 00:06:52.070 --> 00:06:53.870 sentencing will be and all that. But 126 00:06:54.620 --> 00:06:57.680 Sean Murray: It's interesting that he's in trouble, because as 127 00:06:57.680 --> 00:07:01.430 soon maybe he was selling like a novelty vaccine card that seems 128 00:07:01.430 --> 00:07:05.210 to be like house certain, like, counterfeiters will get away 129 00:07:05.210 --> 00:07:08.750 with selling , it's like a big, big issue in the lending 130 00:07:08.750 --> 00:07:13.070 industry is selling the sale of counterfeit bank statements 131 00:07:13.130 --> 00:07:15.860 where you can. I don't know if it's eBay, but you could go onto 132 00:07:15.860 --> 00:07:20.000 like Craigslist, or one of the listing sites, and you could buy 133 00:07:20.060 --> 00:07:24.710 fake bank statements, or fake leases or fake checks are 134 00:07:24.740 --> 00:07:28.940 whatever it is. And the way that the seller would try to 135 00:07:28.940 --> 00:07:31.400 circumvent it being a scam and that they would sell it. It's 136 00:07:31.400 --> 00:07:35.090 like, it's a novelty, the novelty novelty bank statement, 137 00:07:35.120 --> 00:07:38.900 you know, so I don't know if this guy, you know, was trying 138 00:07:38.930 --> 00:07:42.620 at least added the novelty where he didn't put all fake. Yeah, 139 00:07:42.620 --> 00:07:49.010 you know, and in the thing, but I've seen that sellers who sell 140 00:07:49.010 --> 00:07:52.070 fake stuff. They they put that in there. And it's interesting. 141 00:07:52.070 --> 00:07:53.660 You say he got he already got in trouble. 142 00:07:53.660 --> 00:07:55.220 Johny Fernandez: He got like two weeks 143 00:07:55.220 --> 00:07:57.590 Sean Murray: Getting sued or something. Yeah. You know, that. 144 00:07:57.620 --> 00:08:00.590 That seems like never happened to people selling like, novel, 145 00:08:00.620 --> 00:08:04.730 novel novelty bank statements. Like, they seem to get away with 146 00:08:04.730 --> 00:08:07.850 it for long periods of time. But I guess in this day and age, you 147 00:08:07.850 --> 00:08:12.830 know, the whole idea of something about COVID being , is 148 00:08:12.830 --> 00:08:14.180 taken to like a whole nother level. 149 00:08:14.180 --> 00:08:17.090 Johny Fernandez: Yeah, it's, it's,it's interesting, because, 150 00:08:17.480 --> 00:08:22.040 I mean, we've talked about it, like, he probably made about 151 00:08:22.040 --> 00:08:26.330 like, maybe anywhere from 1000 to like, $3,000 off of this and 152 00:08:26.660 --> 00:08:30.680 for like him to get in trouble to go to that extent for $15,000 153 00:08:30.740 --> 00:08:31.670 I don't know if it's worth 154 00:08:32.030 --> 00:08:36.290 Sean Murray: No sound like, like, now that doesn't sound too 155 00:08:36.290 --> 00:08:36.560 good. 156 00:08:36.620 --> 00:08:36.980 Johny Fernandez: No. 157 00:08:39.510 --> 00:08:43.080 Sean Murray: But I think there's gonna be a lot of kind of like, 158 00:08:43.080 --> 00:08:46.560 what's real, and like, what's not real debate, and like, the 159 00:08:46.560 --> 00:08:50.640 next few months, because like, if you go into a sporting event, 160 00:08:50.640 --> 00:08:52.890 you have to show your vaccine card, you know, the idea of 161 00:08:52.890 --> 00:08:54.990 whether or not it's going to be, you know, whether or not it's 162 00:08:54.990 --> 00:08:57.930 real or not, I think if you're, if you're out there and you're 163 00:08:57.930 --> 00:09:00.540 in the lending or the funding industry, you're gonna have to 164 00:09:00.540 --> 00:09:03.360 deal with some kind of the same stuff. Now, they're not gonna 165 00:09:03.360 --> 00:09:07.530 have to ask you borrowers or business owners or whatever, are 166 00:09:07.530 --> 00:09:10.650 vaccinated. I don't know that they can ask that. But I think 167 00:09:10.650 --> 00:09:13.830 they're gonna have to determine probably what's real, you're 168 00:09:13.830 --> 00:09:15.660 gonna have to determine out there what's real, what's not 169 00:09:15.660 --> 00:09:19.680 real, because in the olden days, olden days being year and a half 170 00:09:19.680 --> 00:09:23.220 ago, advantage went to the scale players. Yeah, if you could 171 00:09:23.220 --> 00:09:26.790 automate everything, you were essentially winning the game, 172 00:09:26.790 --> 00:09:29.010 because you could just approve things and fun things just 173 00:09:29.010 --> 00:09:32.010 faster than everything else, everybody else. And now that I 174 00:09:32.010 --> 00:09:34.560 don't know that advantage goes to the skill players, I think 175 00:09:34.560 --> 00:09:38.760 advantage goes to the manual players, because there's going 176 00:09:38.760 --> 00:09:42.030 to be all these legacy issues that a lot of businesses have 177 00:09:42.870 --> 00:09:46.650 behind the scenes that aren't going to be right there evident 178 00:09:46.650 --> 00:09:49.410 on the bank statement, because you might see that sales are 179 00:09:49.410 --> 00:09:53.670 good, right? But you don't know that they owe 11 month's rent. 180 00:09:53.910 --> 00:09:56.790 Yeah, right. Or that they haven't paid their tax, or the 181 00:09:56.790 --> 00:09:57.930 bag just in general. 182 00:09:57.960 --> 00:09:59.820 Johny Fernandez: They have because at the end of the day, I 183 00:09:59.820 --> 00:10:02.940 mean It's been a year and some change of, you know, some people 184 00:10:02.940 --> 00:10:07.020 not paying their bills and some people trying to get out of the 185 00:10:07.020 --> 00:10:11.850 hole. Yeah, you know the COVID hole, of like, just trying to 186 00:10:11.850 --> 00:10:15.960 like figure out like, you know, like, dig themselves out of the 187 00:10:15.960 --> 00:10:17.670 problems that they had. And so yeah, 188 00:10:17.670 --> 00:10:19.130 Sean Murray: And that's the whole thing, right? Like the 189 00:10:19.130 --> 00:10:21.860 ones who if you're evaluating a small business right now you're 190 00:10:21.860 --> 00:10:24.920 like, Oh, they survived to COVID. They're good, you know 191 00:10:24.920 --> 00:10:28.880 that that type of strength is looked at as a good sign. But 192 00:10:28.910 --> 00:10:31.610 you might not know why they a survived. Yeah, you don't I 193 00:10:31.610 --> 00:10:33.920 mean, or you might think you do. But you but you don't know the 194 00:10:33.920 --> 00:10:38.660 whole story. Yeah. And I know that it's pretty common to look 195 00:10:38.720 --> 00:10:41.300 at whether or not someone is up to date on your on their rent, 196 00:10:41.330 --> 00:10:44.330 but you're going to have a landlord probably, the landlord 197 00:10:44.330 --> 00:10:46.670 may not be as candid as they once were, if they thought that 198 00:10:46.670 --> 00:10:49.640 they were going to get a piece of whatever, whatever, whatever 199 00:10:49.640 --> 00:10:52.370 you are going to fund them. And I think that that creates an 200 00:10:52.370 --> 00:10:56.630 issue. Even if there's moratoriums on evictions and 201 00:10:56.630 --> 00:10:59.690 stuff like. Well, there's a moratorium on evictions. I think 202 00:10:59.720 --> 00:11:01.940 what it comes down to is that when you're dealing with small 203 00:11:01.940 --> 00:11:06.740 business, is that's a lot of, you know, personal relationships 204 00:11:06.740 --> 00:11:09.020 between the business owner and the landlord. You know, what I 205 00:11:09.020 --> 00:11:12.830 mean, to work things out, that you're not exactly, you know, 206 00:11:12.830 --> 00:11:16.580 that kind of falls outside the bounds of the law says; You 207 00:11:17.000 --> 00:11:19.940 can't do this right. And so you, you fund someone thinking, 208 00:11:19.940 --> 00:11:21.530 you're, you're under the impression that everything's 209 00:11:21.530 --> 00:11:25.730 gonna be fine, or the moratorium on fiction, etc. And then that 210 00:11:25.790 --> 00:11:28.100 personal relationship between the landlord and the business 211 00:11:28.100 --> 00:11:31.460 just breaks down. Yeah, right. You can't really like catify, 212 00:11:31.580 --> 00:11:34.970 that I can't really just like, create some sort of model to 213 00:11:34.970 --> 00:11:38.180 understand what's happening in these conversations. . And so I 214 00:11:38.180 --> 00:11:40.460 think that puts everybody at risk. And so if you're, if 215 00:11:40.460 --> 00:11:43.550 you're a manual underwriting company, you probably have the 216 00:11:43.550 --> 00:11:47.420 advantage, or at least the opportunity now to delve into 217 00:11:47.420 --> 00:11:49.970 that, because that's probably what you're already really good 218 00:11:49.970 --> 00:11:55.850 at. And it goes for tax too. I'm sure lots of business owners. 219 00:11:56.570 --> 00:11:58.310 And I don't know if they were completely up to date on their 220 00:11:58.310 --> 00:12:03.140 tax write. And also PPP. You might say, hey, they got PPP 221 00:12:03.140 --> 00:12:08.360 money. Great. But we don't know what's going to happen if people 222 00:12:08.660 --> 00:12:12.470 got more than they we're supposed to for PPP. And whether 223 00:12:12.470 --> 00:12:15.050 or not the government is going to come calling back and say, 224 00:12:15.590 --> 00:12:19.970 Hey, come pay me. I know that the amount beyond what you were 225 00:12:19.970 --> 00:12:21.800 actually eligible for, like if somebody was only supposed to 226 00:12:21.800 --> 00:12:24.680 get to 50k and they got 100k. And you're just looking at the 227 00:12:24.680 --> 00:12:28.730 statements are like, hey, they got they got PPP. Good for them. 228 00:12:28.760 --> 00:12:31.130 Yeah, you know, they survive. And then you fund them in the 229 00:12:31.130 --> 00:12:36.350 government's like, hey, I want 50k. Back. We don't know what 230 00:12:36.350 --> 00:12:38.690 the government's going to do in terms of forcement. Like, if 231 00:12:38.690 --> 00:12:40.880 it's not outright fraud, we've seen all the headlines for 232 00:12:40.880 --> 00:12:46.430 fraud. But when it comes down to people who just got, you know, 233 00:12:46.430 --> 00:12:48.590 that wasn't fraud, do they mean it was like kind of like a 234 00:12:48.590 --> 00:12:53.540 mistake or someone did the numbers wrong, or, you know, the 235 00:12:53.540 --> 00:12:56.060 rules are changing so quickly, so they don't really know what 236 00:12:56.060 --> 00:12:59.840 happened. But I think it will be important to find out how the 237 00:12:59.840 --> 00:13:04.070 government starts trading, what I believe are probably a lot of 238 00:13:04.100 --> 00:13:09.530 overpayments in PPP. And that could be a risk factor in the in 239 00:13:09.530 --> 00:13:12.260 the, in the funding that you give to merchants, because what 240 00:13:12.260 --> 00:13:14.210 if I just kind of send out notices all at once, you know, I 241 00:13:14.210 --> 00:13:18.230 mean, like, hey, to pay us back this, whatever overage can also 242 00:13:18.230 --> 00:13:21.830 be an opportunity, I suppose. If you're like a lender or broker 243 00:13:22.400 --> 00:13:25.040 that you're gonna you could encounter a lot of businesses or 244 00:13:25.040 --> 00:13:28.550 like, I need money, because I took too much PPP. Yeah. Now the 245 00:13:28.550 --> 00:13:31.670 government wants it back. But I spent it because I was supposed 246 00:13:31.670 --> 00:13:35.480 to. So and now they want it back quick. So that could be one of 247 00:13:35.480 --> 00:13:39.620 those opportunities, like people got overpaid PPP. Now the money 248 00:13:39.770 --> 00:13:42.950 from a lender online funding company to make good with the 249 00:13:42.950 --> 00:13:43.430 government. 250 00:13:45.260 --> 00:13:48.230 Johny Fernandez: It's what a year. 251 00:13:49.700 --> 00:13:50.060 Sean Murray: Yeah. 252 00:13:51.650 --> 00:13:54.500 Johny Fernandez: Well, Sean, that's all for today. 253 00:13:55.130 --> 00:13:56.870 Sean Murray: No, no, there was one. There was one other thing. 254 00:13:56.960 --> 00:14:00.530 That was one of the thing. Well, we haven't put the story up yet. 255 00:14:00.890 --> 00:14:02.240 But I want to talk about it anyway. 256 00:14:02.360 --> 00:14:02.720 Johny Fernandez: Alright. 257 00:14:02.870 --> 00:14:05.480 Sean Murray: It's, um, the story is gonna come up. There's, the 258 00:14:05.480 --> 00:14:07.550 story's gonna come out later, but I already want to talk about 259 00:14:07.550 --> 00:14:10.550 it because I find it so fascinating. It has to do with 260 00:14:11.510 --> 00:14:16.520 kind of innovation in this, in the funding world. I saw a 261 00:14:16.520 --> 00:14:21.770 commercial last week, and it was called an inheritance, cash 262 00:14:21.770 --> 00:14:26.540 advance. And normally you'd be like, Okay, so what, but all the 263 00:14:26.540 --> 00:14:29.810 language they were using related to inheritance, inheritance, 264 00:14:29.840 --> 00:14:33.410 cash advance, sounded very much like a merchant cash advance. 265 00:14:33.830 --> 00:14:37.700 They were actually saying that they were that they will buy the 266 00:14:37.730 --> 00:14:40.460 future receivables of an heir. 267 00:14:41.320 --> 00:14:44.830 Johny Fernandez: And then they said, You're heir, I'm a heir. 268 00:14:44.830 --> 00:14:46.870 Yeah. We're all heirs. 269 00:14:46.900 --> 00:14:49.450 Sean Murray: Yeah, they're like you no heirs, no heirs, like, 270 00:14:49.480 --> 00:14:51.970 yeah, it was like heirs, like, you know what I mean, if you're 271 00:14:51.970 --> 00:14:55.930 an heir and you need access to your cash, no, we're here and I 272 00:14:55.930 --> 00:14:57.970 just thought it was so interesting that first of all, 273 00:14:57.970 --> 00:15:00.250 the word heir I always think that makes me think of like Game 274 00:15:00.250 --> 00:15:03.640 of Thrones. Yeah, I mean, like, like, or like or like the royal 275 00:15:03.640 --> 00:15:04.000 family. 276 00:15:04.570 --> 00:15:06.550 Johny Fernandez: Yeah. Like you're an air. Here's the heir 277 00:15:06.550 --> 00:15:07.960 like, yeah. To your money. 278 00:15:07.990 --> 00:15:11.350 Sean Murray: Yeah. And it talks. So, frankly, about being an 279 00:15:11.350 --> 00:15:15.970 heir, heir heirs like you eloquently do, but I actually 280 00:15:15.970 --> 00:15:19.750 think it's an innovative kind of solution. Yeah. Because it, at 281 00:15:19.750 --> 00:15:22.930 least according to the commercials that I watched, it 282 00:15:22.930 --> 00:15:25.150 can take up to a year and a half, supposedly, through the 283 00:15:25.150 --> 00:15:25.630 court system, 284 00:15:25.630 --> 00:15:27.310 Johny Fernandez: The court systems what we'll end with 285 00:15:27.310 --> 00:15:29.320 these guys, it can take up to three days. 286 00:15:29.320 --> 00:15:32.570 Sean Murray: They can fund you your future inheritance in as 287 00:15:32.570 --> 00:15:35.810 little as three days. Yeah. And it's not alone against your 288 00:15:35.810 --> 00:15:38.120 future inheritance either very, they're very carefully 289 00:15:38.120 --> 00:15:40.940 explained. They say that it was that there are buying your 290 00:15:40.940 --> 00:15:44.480 future inheritance, receivables, you're buying your future 291 00:15:44.480 --> 00:15:51.560 inheritance payments. It's not a loan. And you know, I wonder if 292 00:15:51.560 --> 00:15:56.150 that's actually going to be a booming industry in the future? 293 00:15:56.210 --> 00:16:00.710 Like, surely there are people who that would have benefited 294 00:16:00.920 --> 00:16:06.890 before. But I think we're living in a in a day and age of there's 295 00:16:06.890 --> 00:16:09.950 a need for capital, and money and funding and all that stuff. 296 00:16:10.700 --> 00:16:15.110 And I think it's possible that, and I don't haven't read up that 297 00:16:15.110 --> 00:16:19.520 much on the industry. But to think that they're especially, 298 00:16:19.580 --> 00:16:22.310 you know, the whole boomers, and you know, Gen Z and all this 299 00:16:22.310 --> 00:16:25.130 stuff, and you have you have all these boomers, right, yeah. That 300 00:16:25.130 --> 00:16:30.200 the idea of get access to your inheritance faster, could 301 00:16:30.200 --> 00:16:33.290 actually become an interesting area of opportunity. 302 00:16:33.560 --> 00:16:37.190 Johny Fernandez: Because it's quick. It's not quick money, but 303 00:16:37.190 --> 00:16:39.050 it's faster money than 304 00:16:39.290 --> 00:16:43.070 Sean Murray: Well, it's quick. I mean, I suppose, I guess 305 00:16:43.070 --> 00:16:46.550 compared to how long, I've never received any inheritance, I 306 00:16:46.550 --> 00:16:51.020 don't have outbursts can take so whatever. But it's interesting 307 00:16:51.020 --> 00:16:54.650 to think about how if you were to be in a position where you 308 00:16:54.680 --> 00:16:57.290 stand to receive some inheritance, you could actually 309 00:16:57.290 --> 00:16:59.930 be dealing with a company and very similar to what a merchant 310 00:16:59.930 --> 00:17:01.310 cashprovider does. 311 00:17:01.400 --> 00:17:03.980 Johny Fernandez: It'll be interesting to see. And, like we 312 00:17:03.980 --> 00:17:07.310 talked about it, too. It's a fairly new concept, too. So it's 313 00:17:07.310 --> 00:17:12.500 like, you know, it will be interesting to see how how it 314 00:17:12.500 --> 00:17:18.080 works and how people respond to it. Because like we've said, 315 00:17:18.080 --> 00:17:21.140 like, it's very similar, like, the language, everything is very 316 00:17:21.140 --> 00:17:26.840 similar to MCA. That it's like, seems like a copy paste. Yeah. I 317 00:17:26.840 --> 00:17:30.470 mean, we'll see what happens. We'll see how I mean, these guys 318 00:17:30.470 --> 00:17:31.520 have been around for years. 319 00:17:31.520 --> 00:17:33.140 Sean Murray: Yeah. They said something like 20 years. 320 00:17:33.140 --> 00:17:34.250 Sean Murray: And I mean, I'm surprised I had not heard 321 00:17:34.250 --> 00:17:34.350 Johny Fernandez: Yeah 322 00:17:35.350 --> 00:17:38.310 encountered it or heard of it since then. I mean, we're in the 323 00:17:38.310 --> 00:17:41.790 last 20 years. But I guess it's out there and the way that they 324 00:17:41.790 --> 00:17:45.360 throw the throw around the word heir, it just kind of sounded, 325 00:17:46.290 --> 00:17:49.680 like for me, being in the business side, the word merchant 326 00:17:50.460 --> 00:17:53.340 is so commonly thrown around the merchant did this merchant did 327 00:17:53.340 --> 00:17:56.850 that or whatever. And just to hear the lingo, like in the heir 328 00:17:57.000 --> 00:18:00.150 ,the heir, you know, all the heirs, heirs and get funded 329 00:18:00.150 --> 00:18:04.080 quick. I don't know if you're out there wondering, you know, 330 00:18:04.110 --> 00:18:07.230 what else, you know, what other innovations are occurring in the 331 00:18:07.380 --> 00:18:11.520 funding industry? Heir financing? Seems to be it's a 332 00:18:11.820 --> 00:18:14.670 hot thing. The hot things happening? Yeah. So if you're an 333 00:18:14.670 --> 00:18:15.150 heir, 334 00:18:15.270 --> 00:18:16.020 Johny Fernandez: Are you there? 335 00:18:16.140 --> 00:18:18.420 Sean Murray: I'm not I am not an heir, at least not that I know 336 00:18:18.420 --> 00:18:18.480 of. 337 00:18:18.480 --> 00:18:19.980 Johny Fernandez: According to the commercial an heir 338 00:18:20.190 --> 00:18:21.780 Sean Murray: According to okay, all right. 339 00:18:23.400 --> 00:18:25.800 Johny Fernandez: According to the commercial, I can't be an 340 00:18:25.800 --> 00:18:26.460 heir. Okay. 341 00:18:26.490 --> 00:18:28.860 Sean Murray: Well, you can be the heir to, you know, a throne, 342 00:18:28.860 --> 00:18:29.310 I guess. 343 00:18:29.340 --> 00:18:31.860 Johny Fernandez: I guess. Yeah. I wish my family had cool heir 344 00:18:31.860 --> 00:18:32.400 things, 345 00:18:32.670 --> 00:18:33.420 Sean Murray: Cool heir, things? 346 00:18:33.450 --> 00:18:36.180 Johny Fernandez: Like, you know, in the will. But 347 00:18:36.870 --> 00:18:38.190 oh, now you know who to call? 348 00:18:38.220 --> 00:18:42.000 Oh, actually, you know, my parents said they're gonna leave 349 00:18:42.000 --> 00:18:43.410 me their house when they die. 350 00:18:43.530 --> 00:18:44.970 Sean Murray: Well, if you can't wait, 351 00:18:46.590 --> 00:18:50.700 Johny Fernandez: There's Heir Funding for me. I'm going to 352 00:18:50.700 --> 00:18:55.140 call them about that. Okay, guys. Let's get this. I need the 353 00:18:55.140 --> 00:18:55.560 money. 354 00:18:55.950 --> 00:18:58.800 Sean Murray: All right. All right. So one person versus 355 00:18:58.830 --> 00:19:01.650 person is already sold. Yeah. So yeah. If you're a broker out 356 00:19:01.650 --> 00:19:04.530 there, this guy is looking for heir funding 357 00:19:07.080 --> 00:19:07.500 Johny Fernandez: On the air. 358 00:19:13.870 --> 00:19:16.600 Sean Murray: All right. Well, thank you for coming to our our 359 00:19:16.840 --> 00:19:19.960 somewhat makeshift livestream today, given that we are lacking 360 00:19:19.960 --> 00:19:21.160 a technical, 361 00:19:21.160 --> 00:19:21.640 Johny Fernandez: Technical, 362 00:19:21.640 --> 00:19:24.430 Sean Murray: Technical onsite technical team. And so 363 00:19:24.490 --> 00:19:25.060 Johny Fernandez: We made it. 364 00:19:25.180 --> 00:19:27.490 Sean Murray: Yea our sign off might be a little awkward as I 365 00:19:27.820 --> 00:19:31.360 am going to have to proceed to run out of here. Run of the room 366 00:19:32.200 --> 00:19:33.760 to turn it off, isn't it? Oh, yeah. 367 00:19:33.790 --> 00:19:34.660 Johny Fernandez: Don't forget your mic. 368 00:19:35.050 --> 00:19:36.730 Sean Murray: Yeah, that would be that would be really funny. 369 00:19:36.790 --> 00:19:39.040 Right out of here and left the mic connected and then 370 00:19:39.040 --> 00:19:39.550 everything justcrashed. 371 00:19:41.500 --> 00:19:42.760 Johny Fernandez: Alright, so what's your name? 372 00:19:43.030 --> 00:19:45.430 Sean Murray: My name is yeah, my name is Sean Murray with deBanke 373 00:19:45.430 --> 00:19:48.610 TV Live. I'm about to sign off and then run out of the room. 374 00:19:48.790 --> 00:19:51.610 Johny Fernandez: I'm Johnny Fernandez. I'm with deBanked TV 375 00:19:51.640 --> 00:19:53.530 and we'll see you next time.