Confessions of Judgment in MCA Make the Evening News
January 21, 2019
Erie County Clerk Michael Kearns is no longer processing Confessions of Judgment (COJs) in Erie County for merchant cash advance companies, according to a statement his office published this week. Prior to being elected Clerk, Kearns was an assemblyman in the New York State legislature. On Monday night, Kearns appeared on Channel 4’s evening news […]
View PostSmall Business Funding is Blasting Off
January 18, 2019
Despite the pall of the record long partial government shutdown which has hurt brokers and funders of SBA loans, many companies and individuals in the online small business funding space are off to a very fruitful 2019. Below are some that we found. Amerifi After 15 years in the screen printing and embroidering business, Edward […]
View PostCapify Secures Massive Credit Facility from Goldman Sachs
January 16, 2019
Capify, which serves the UK and Australia markets, announced this morning that it has secured a £75 million (roughly $95 million) credit facility from Goldman Sachs. “This credit facility validates our company as a leader in the marketplace and underlines the strength of our business model to provide simple, affordable and smart financial options to […]
Coming Soon: The End of Confession of Judgments (COJs) in New York State
January 16, 2019
New York State plans to outlaw the use of Confession of Judgments (COJs) in small business loan contracts this year, according to details revealed in Governor Andrew Cuomo’s newly published Justice Agenda. The proposal, dubbed “Stopping Predatory Merchant Cash-Advance Loans,” is a 3-part plan to: Codify an FTC rule that prohibits COJs in consumer loans […]
Why Strategic Funding Rebranded as Kapitus
January 15, 2019
Today, Strategic Funding announced the launch of a new brand identity, including a name change. Strategic Funding will now be called Kapitus. “We had a name that was very well respected,” said Kapitus founder and CEO Andy Reiser. “Everybody loved our name, quite frankly. They loved it so much, they all copied it. You can’t […]
How One Broker Moved from One-Man Home Office to 23 Person Shop
January 7, 2019
Zach Ramirez started the brokerage company ZR Consulting from his home in Orange County, CA in June 2018. He was generating leads and making phone calls, often in a hushed voice because he was also looking after his six month old daughter. “That was difficult, having a baby and with my life savings in the […]
For Some Brokers, Funding Never Sleeps
January 4, 2019
While holidays, including New Year’s Eve, are usually slow days for funding, for some brokers this year, New Year’s Eve was a strong day. “New Year’s Eve was not a slow day here,” said Elana Kemp, a broker at Fundomate, in Los Angeles, who was in the office that day. “It was amusing to see […]
What We Learned About RapidAdvance From RapidAdvance’s Planned Securitization
January 1, 2019
RapidAdvance is raising money through their first-ever securitization. This is what we’ve learned about the company as a result so far, thanks to the bond ratings process: 2017 origination volume: $260 million | See how this ranks against their peers Lifetime funding volume: > $1.5 billion Total shareholder equity: $54 million Majority owned by: Rockbridge […]
deBanked’s Most Popular Stories of 2018
December 22, 2018
Five of the top 10 most read stories of 2018 were related to the saga of 1st Global Capital; The bankruptcy, SEC charges, the revelation that they had made a $40 million merchant cash advance, and finally the devastating news of that deal falling apart. We decided to lump all of them together in our […]
Less Than Perfect — New State Regulations
December 21, 2018
This story appeared in deBanked’s Nov/Dec 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE You could call California’s new disclosure law the “Son-in-Law Act.” It’s not what you’d hoped for—but it’ll have to do. That’s pretty much the reaction of many in the alternative lending community to the recently enacted legislation, known as […]
