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"Funders’ portfolios look worse as performing MCAs pay down and a lack of new origination results mechanically in the re...
06/08/2020
Impact Of COVID-19 on The Merchant Cash Advance Market

"Funders’ portfolios look worse as performing MCAs pay down and a lack of new origination results mechanically in the remainder of their portfolios having more tail risk – a lack of new origination would be a drag on performance even without the pandemic."

deBanked recently caught up with Gunes Kulaligil, author of Merchant Cash Advance Valuation Dynamics. Gunes Kulaligil ([email protected]) is a co-founder of Methodical Management, a New York based firm providing valuations, transaction advisory and due diligence services to lenders and i...

OnDeck received a delisting warning from the NYSE on Friday for failing to meet an average $1 share price over 30 days. ...
06/08/2020
OnDeck Receives NYSE Continued Listing Standard Notice

OnDeck received a delisting warning from the NYSE on Friday for failing to meet an average $1 share price over 30 days. However, shares are already up over that figure this morning:

/PRNewswire/ -- OnDeck® (NYSE: ONDK), the leader in online lending to small business, announced that it received notice from the New York Stock Exchange, or...

06/05/2020

FUN FRIDAY FACT!

April was our BIGGEST EVER month in terms of website readership. Visitors spent a combined 8,800 hours on the deBanked and DailyFunder websites in that month alone. Thanks for following us!

Oops!
06/04/2020
How Stimulus Packages are Accidentally Ending Up in The Trash Bin

Oops!

Since March, over 150 million Americans have woken up to find their banks accounts newly graced with checks from the government. Allowed by the CARES Act, this stimulus package, titled the Economic Impact Payment, was dispatched to help ease the short-term financial troubles that arose from covid-19...

BREAKING NEWS: CFG Merchant Solutions, LLC to service Platinum Rapid Funding's portfolio
05/29/2020
CFG Merchant Solutions Enhances Partnership with Arena Investors and its Affiliates to Serve SMEs

BREAKING NEWS: CFG Merchant Solutions, LLC to service Platinum Rapid Funding's portfolio

NEW YORK, New York., May 29, 2020 — CFG Merchant Solutions (“CFGMS”), a leading financier of small and medium-sized enterprises (“SMEs”), announced today that the company is building upon its partnership with Arena Investors, LP (“Arena”), in conjunction with Ceteris Portfolio Services...

OnDeck said that it believes it is “well-positioned to benefit from economic recovery & market dislocation."
05/28/2020
OnDeck Status Update

OnDeck said that it believes it is “well-positioned to benefit from economic recovery & market dislocation."

OnDeck submitted an unprompted mid-quarter update with the SEC early this morning on its status. Unlike previous submissions, the company prepared a visual of its debt situation. The bad news is that there is a good amount of negotiating with creditors left to be done. The good news was that there w...

After all that... "Data from the Small Business Administration shows net weekly PPP lending has actually been negative s...
05/27/2020
U.S. small firms leave $150 billion in coronavirus stimulus untapped

After all that... "Data from the Small Business Administration shows net weekly PPP lending has actually been negative since mid-May, as fewer firms applied for loans, and some borrowers returned funds."

When the U.S. government first rolled out forgivable loans to small businesses in early April under the Paycheck Protection Program, loan officers at Bank of the West in Grapevine, Texas worked nights and weekends to process a tsunami of applications.

Interesting data collected by Strategic Capital!
05/26/2020
Most Brokers Plan to Minimize Use of a Central Office Post-COVID, Survey Suggests

Interesting data collected by Strategic Capital!

A survey conducted by Overland Park, KS-based Strategic Capital revealed that only 36.8% of respondents plan to completely return to the office full-time after cities fully open back up. The vast majority of respondents were small business finance brokers. 44.7% selected that they would minimize off...

Via The Green Sheet Inc.#brokerfair
05/23/2020
Broker Fair 2020: big, bold, virtual

Via The Green Sheet Inc.

#brokerfair

Nonbank finance professionals won't have to travel to New York City for deBanked's third annual Broker Fair. On June 11, 2020, attendees, exhibitors and sponsors can immerse themselves in the live event from home offices and living rooms around the world. Designed for every sector of commercial fina...

The latest with OnDeck... filed with the SEC today:
05/22/2020
OnDeck Hits Payout Event Trigger on $105M Credit Facility

The latest with OnDeck... filed with the SEC today:

Earlier today, OnDeck filed a status update to shareholders with the SEC. The company’s portfolio performance triggered an Asset Performance Payout Event (Level 1 they say) with a credit agreement that at present has an outstanding balance of $105 million. The event triggers monthly principal repa...

Debanked's cover photo
05/21/2020

Debanked's cover photo

Coming June 11th... Broker Fair in Virtual Reality#brokers #funders #lenders #businessfinance #merchantcashdvance
05/21/2020

Coming June 11th... Broker Fair in Virtual Reality
#brokers #funders #lenders #businessfinance #merchantcashdvance

Underwriting during and after the pandemic? Be vigilant about "hidden" tax liabilities that small business owners might ...
05/19/2020
Hidden Tax Liabilities: Assessing Small Business Borrower Risk Before, During, and After The Pandemic

Underwriting during and after the pandemic? Be vigilant about "hidden" tax liabilities that small business owners might have. IRS liability isn't always readily apparent in the form of a lien. deBanked did a video Q&A with Tax Guard CEO Hansen Rada on why knowing about tax liability has been important and will certainly continue to be.

How lenders assess the risk of small business borrowers is changing and one important factor that no one will be able to ignore is tax liabilities. Hansen Rada, CEO of Tax Guard, told deBanked that outstanding tax liabilities are not always readily apparent in the form of a lien. Tax Guard can fill....

In case you were wondering what's going on. They appear to be doing a lot of negotiating to stay in compliance and preve...
05/18/2020
The Latest With OnDeck

In case you were wondering what's going on. They appear to be doing a lot of negotiating to stay in compliance and prevent defaults.

A Week after OnDeck reported Q1 earnings, the company experienced its first early amortization event brought on by the COVID-19 crisis. The news was publicized in a May 11th filing with the SEC: On May 7th, an early amortization event occurred with respect to the Series 2019-1 notes issued by OnDeck...

Broker Fair 2020 Virtual is not going to be like a webinar. It's going to be a virtual trade show universe. Actual image...
05/12/2020

Broker Fair 2020 Virtual is not going to be like a webinar. It's going to be a virtual trade show universe. Actual image from it below!
https://brokerfair.org

Not a bad day's pay...
05/12/2020
$100 Million in PPP Fees

Not a bad day's pay...

$100 million. That’s the gross revenue floor that Ready Capital reported yesterday will be earned from its PPP loan origination efforts. PPP lenders earn between 1% to 5% of the loan amount in the form of a fee from the SBA and Ready Capital was the 15th largest PPP lender by dollars in the first ...

"I think in six months from now, it’s not going to be the same growth that we had, but those who are able to come back a...
05/11/2020
Lendinero: How a broker shop is coping with covid-19

"I think in six months from now, it’s not going to be the same growth that we had, but those who are able to come back and open up their businesses will help revitalize the MCA market."
- Lendinero Financial Services

“Obviously, funding has really come to a standstill.” So said Lendinero’s CEO and Founder, Gil Zapata, over a call with deBanked last week. Speaking about how his company, a broker firm based in Doral, Florida, and the industry have been affected by the novel coronavirus, Zapata explained the ...

deBanked Chief Editor and Broker Fair founder Sean Murray picked the brain of nationally recognized public opinion polls...
05/07/2020
Interview With Polling Expert Scott Rasmussen

deBanked Chief Editor and Broker Fair founder Sean Murray picked the brain of nationally recognized public opinion pollster Scott Rasmussen about the trajectory of the presidential election and how the current events might be impacting how people think.

On Tuesday, I interviewed nationally recognized public opinion pollster Scott Rasmussen, who is the publisher of ScottRasmussen.com and is the editor-at-large for Ballotpedia, about the trajectory of the presidential race and how the current environment is affecting how people think. Mr. Rasmussen w...

Their corner of the MCA and business loan universe looks pretty good right now...
05/06/2020
Shopify Shows Strength in Q1 Results, Issues $162.4M in MCAs and Loans

Their corner of the MCA and business loan universe looks pretty good right now...

eCommerce platform Shopify, 2nd only to Amazon in retail eCommerce sales, issued $162.4M in merchant cash advances and business loans in Q1, up from $115.9M in the previous quarter. The statistic pushed them past the $1 billion threshold of funds cumulatively issued since inception. The company’s ...

Square's average PPP loan approval is just $16,000!
05/04/2020
Round Two of PPP Is Targeting Much Smaller Businesses

Square's average PPP loan approval is just $16,000!

$79,000. That’s the average loan size reported in Round Two of the PPP so far. The figure is about a third of the average size approved in Round 1. Some of that is by the SBA’s design. On April 29th, the SBA disabled submission access to all lenders whose assets exceed $1 billion to prioritize [...

Enova, parent company of The Business Backer and Headway Capital, is escaping some of the wider small business lending m...
04/30/2020
Enova On Their Small Business Lending Exposure

Enova, parent company of The Business Backer and Headway Capital, is escaping some of the wider small business lending market disruption.

Enova’s exposure to the small business lending crisis is limited, the company said during its earnings call yesterday. The Business Backer and Headway Capital are two of the international consumer lending company’s small business lending divisions. In terms of their overall loan book, small busi...

Provision for credit losses was $107.9 million. The Allowance for credit losses increased to $206 million at March 31, 2...
04/30/2020
OnDeck Reports Q1 Net Loss of $59M

Provision for credit losses was $107.9 million. The Allowance for credit losses increased to $206 million at March 31, 2020, up $55 million or 36.1% from year-end and $58 million or 39.5% from a year ago.

OnDeck reported a Q1 net loss of $59M on Thursday morning. The first quarter loss was driven by an increase in the Allowance for credit losses to reflect the increase in expected credit losses related to the COVID-19 pandemic. Provision for credit losses was $107.9 million. The Allowance for credit....

Our latest in-depth look at PPP lending
04/24/2020
The Front Line of PPP Lending

Our latest in-depth look at PPP lending

This story appeared in deBanked’s Mar/Apr 2020 magazine issue. To receive copies in print, SUBSCRIBE FREE Susan Lyon, managing director at an independent commercial film company in Solana Beach, California, can’t say enough good things about the quick action her bank took to help her secure emer...

One of Lendio's lending partners, ReadyCapital, made the most PPP loans in the country.
04/22/2020
Ready Capital Was The Biggest PPP Lender By Volume in Round 1 of PPP Funding

One of Lendio's lending partners, ReadyCapital, made the most PPP loans in the country.

Ready Capital, a multi-strategy real estate finance company and one of the largest non-bank SBA lenders in the country, was the top PPP lender by loan volume in the country. Company CEO Thomas Capasse appeared on Fox Business yesterday and announced key statistics that aligned with data published by...

List of publicly traded companies that received millions in PPP funding. Source: CNBC and Morgan Stanley.
04/21/2020

List of publicly traded companies that received millions in PPP funding. Source: CNBC and Morgan Stanley.

04/21/2020

A lot of people are sharing that they received the grant portion of the Economic Injury Disaster Loan (EIDL) this week, which equates to $1,000 per employee. Have you gotten it?

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