DELRAY BEACH, FL / ACCESSWIRE / May 19, 2021 / Predatory business loans are rampant in the country and no one is paying attention. Why are so many businesses declaring bankruptcy? It wasn’t that long ago that payday loans started to become illegal. Main Street businesses face the same “quick cash” problems in the business of high-risk – short-term – income-based – no credit – commercial loans – or, more simply, cash advances from merchants. With billions of dollars deployed each year and effective rates north of 700% per year, it’s no wonder these companies fail.
What is driving this? Massive commissions. The Merchant Cash Advance space, in regards to the end of sales, is not regulated and does not require a license. The commissions at the origin of the advances are more and more important. Some stores even offer unlicensed brokers up to 20% of the value of the advance to initiate the transaction. These brokers often structure these transactions so that the company takes multiple advances at a time to drive up those commissions. In turn, suffocating cash flow from borrowers.
Suppose a business generates $ 100,000 per month in total gross revenue. Their first advance will be around $ 100,000, the broker could fund another in the range of $ 70,000, another around $ 35,000 and maybe another $ 15,000. Suddenly the business is in debt of over $ 300,000. Most of it is due in less than 6 months. The broker who organized this just generated maybe over $ 25,000 in commissions. Anyone can do this from their home office with a phone, computer, and some good contacts in space.
Meet Ian Nadjari, also former broker mentioned above. With a thirst for success and knowledge of the debt space, how could he not have been one? The good news is that Ian is no longer making these advances. Two years ago, Ian reunited with his close friend and business partner in space, died of a drug overdose and decided to turn his life into sobriety. It also meant not deploying more predatory debt. In the process, Ian had discovered a career in identifying options for solving these advancements in a more digestible way. Today, with the help of Clement Noll and Alexander Tate, Ian heads Corporate Debt Partners, formerly Relief Restructuring. By leveraging Ian’s contacts in space, he is confident that he can help you find a solution to your commercial debt problems.
Meet Clement Noll, Clement met Alexander and Ian while working at a health insurance agency where he discovered his love for sales and the gratification that comes from providing consumers with a product that meets their needs and alleviates them. worries they once carried. Andrew quickly rose through the ranks. He started out as a prequalification agent and eventually was responsible for overseeing four extremely successful agencies. Clément is ambitious in his attempt to bring with him his empathetic nature and his ability to gain the trust of families and individuals, in order to help them recover their struggling businesses and help them return to profitability.
Meet Alexander Tate, Alexander was an early graduate of the University of West Virginia with a busy life ahead of him. However, the indulgences of life forced Alexander to look in the mirror and realize that he had to change his ways. He entered sobriety over 2 years ago and thus began to move forward to achieve his personal and professional goals. Alexander brings to Corporate Debt Services two years of experience in the financial services industry, with a particular focus on sales and marketing. Alexander is extremely proud of the work that Corporate Debt Partners does because in almost all cases companies can significantly reduce the constant financial burden and focus on growing a sustainable and profitable business. Alexander looks forward to helping businesses see the light at the end of the tunnel during these difficult times.
In tackling these unconventional banks, the team has three main goals when diving into a new case. The first is to negotiate downward the total interest due. Even halving it, lenders are still making a lot of money. The second is to convert the daily or weekly ACH drafts into a single monthly payment. In addition to extending payback times by at least a year.
If your business is currently struggling to keep track of progress, you can join the team below:
SOURCE: Corporate debt partners
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