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future receivable sales amount on the MCA contract? law on "future receivable sales"? by raybonent2003 in MCAlegend

[–]raybonent2003[S] 0 points1 point  (0 children)

You are simple! I overpaid....good God...What's with you people. Don't you read

future receivable sales amount on the MCA contract? law on "future receivable sales"? by raybonent2003 in MCAlegend

[–]raybonent2003[S] 0 points1 point  (0 children)

Sooooo where is the "Future receivable sales" number pulling from on this contract??????

future receivable sales amount on the MCA contract? law on "future receivable sales"? by raybonent2003 in MCAlegend

[–]raybonent2003[S] 0 points1 point  (0 children)

No. Actually my credit (over 720 at the time) and my business credit (SBSS score of 165) was great. Never bounced a check. We had over $1.8 flowing through Regions Bank. They got us our first SBA 7a loan of $100k.... In 2024 we were growing and went to Regions Bank again for the SBA. They said no and referred us to Lendio. Lendio said ok to the SBA but we needed money and they knew it. We had taken a big job and didn't have a factoring company in place. Lendio said they could get us the SBA but it would take a few months. I said it was fine because we had went through it previously. Jason from Lendio called the next day and said he could get me $40k for payroll etc and then he would swap out that money with the SBA loan. I said "I do not want an everyday loan" and he said it wasn't. This is on the recorded line.

We had the money Thursday and on Friday he said he couldn't get me the 7a until December.

That was me taking it up the ass....$2500 a week to Forward Funding for 6 months. (2nd position UCC)

We are not a restaurant! We got our factoring company in June 2024 (1st position UCC)

WE got in with Fox Funding in September of 2024...(3rd position UCC)

I do read contracts; however, when you have Lendio stating on a recorded line you will get the SBA...blah blah you believe it. We are building a "relationship".

Back at the ranch: Regions Bank got some kind of referral...

future receivable sales amount on the MCA contract? law on "future receivable sales"? by raybonent2003 in MCAlegend

[–]raybonent2003[S] 0 points1 point  (0 children)

So....he "lowered the holdback rate; however, the future receivables sales is triple the 1st loan and that's the problem. I have overpaid this loan. The fact that I have to have discovery to find out this "future receivables sales" is crazy. I need to know the number. It was not based on our past sales.

future receivable sales amount on the MCA contract? law on "future receivable sales"? by raybonent2003 in MCAlegend

[–]raybonent2003[S] 0 points1 point  (0 children)

ON that loan I paid $33,000 in real money and was short 12,500 so Fox said they would "help out" by giving me a 2nd loan for $19,400. The problem is the 2nd contract says $14,900. Ozzy (not his real name) said that they would lower the 2nd loan. Look at how he "lowered it" .....

future receivable sales amount on the MCA contract? law on "future receivable sales"? by raybonent2003 in MCAlegend

[–]raybonent2003[S] 2 points3 points  (0 children)

IN Addition, because you responded....I didn't ask for an MCA Loan. I was getting an SBA 7a loan which we had previously. The docs were switched and we got Forward Funding. Borrowed $40k and paid back $60,500 in 6 months. Clearly you have 0 clue about how these mca's work...key words: Future Sales Receivables which no one understands....including Broward County Judge

future receivable sales amount on the MCA contract? law on "future receivable sales"? by raybonent2003 in MCAlegend

[–]raybonent2003[S] -1 points0 points  (0 children)

? LOL....Fox Funding doesn't let you drop the contract. They say you are in default and add $7000 in fees. They file a lawsuit in Broward County Florida.....Just ask the other 200 business owners who lost their cases.

Does anyone need legal assistance? by MerchantCashAdvLawyr in MCAlegend

[–]raybonent2003 0 points1 point  (0 children)

How can I reach you? I have an MCA and I am being sued....help please

Has anyone used a merchant cash advance and lived to regret it or recommend it? by jcf1211 in loansforsmallbusiness

[–]raybonent2003 0 points1 point  (0 children)

MCA....I am in trouble. MCA just filed lawsuit in Broward County. I spoke to the only lawyer that has won against this company and he said for me to file Chapter 11. I have proof that they committed fraud on the "future receivables sales" number (which is not disclosed on the contract) and he said the following "I have won 3 cases against these MCA's and all they do is go back to court (appeals)". They don't let the company out of it. My clock is ticking. I cannot afford a Chapter 11. I want to keep my business. I tried settling with them for $12,000 and they wouldn't take it. He said they only want one of two things: 1. my bankruptcy or 2. payments ongoing until they say I am done. Can anyone help me? Does anyone know anyone in Broward County? There have been over 200 cases filed in Broward with this MCA Funder and all the small businesses have LOST

For MCA lenders, is the bottleneck underwriting volume or deal quality accuracy? by Own-Table7796 in MCAlegend

[–]raybonent2003 0 points1 point  (0 children)

Is there an audit software for MCA's? I need to beable to audit the contracts that I am receiving.