corefund capital factoring

CoreFund Capital Hires Harris as Vice President. Paying wages due is more important than obeying a dispute. Save my name, email, and website in this browser for the next time I comment. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Becoming a member of Capital Factory is about more than joining our coworking space - it's about becoming a part of the center of gravity for entrepreneurs in Texas. CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. Midway through the week of July 18th, clients reported being unable to reach CoreFund Capital, a freight factoring company based in Weatherford, Texas. The court documents state the rationale for wrongfully shutting down CoreFunds business resulted from a spat between Wakefield and Sacks. CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment. We want to be transparent. Can any factoring company get me a CoreFund release faster? Except as otherwise provided in subsection (b) and Sections 9-406, 9-407, 9-408, and 9-409, whether a debtors rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. Menu icon A vertical stack of three evenly . Lesson learned! When you sign up for the trial on our website and talk to a representative, make sure you mention that youre a former CoreFund client so they make sure you get the extended free trial. googletag.enableServices(); googletag.pubads().enableSingleRequest(); While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. Its unclear why Jacob Sacks created the new trust. Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! As of Monday night, July 25th, Frost Bank has frozen CoreFunds operating account, and its unknown at this time if TBK Bank has done the same. The petition states that CoreFunds bank accounts (and thus entire business) have been wrongly shut down. window.googletag = window.googletag || {cmd: []}; Tony Ginevra, director of operations for Florida-based John J. Jerue Truck Broker, works with a network of 50,000 trucking companies, including 140 carriers in his database that factor their receivables through CoreFund Capital. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. CoreFund Capital, a factoring company based in Weatherford, Texas, went dark the week of July 18, 2022 with no warning or communication to clients or the public. Keep in mind that NO factoring company has the ability to get you immediately released from your UCC or NOA as it stands right now. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. Our staff is hurting and struggling with this as we were completely blindsided. Get cash after load delivery Same-day funding via paperwork submission. var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[728, 90], [468, 60], [300, 100], [320, 50]], 'div-gpt-ad-b1-i-fw-ad-1').defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads()); Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. Trucking only produces 6-10 % profit, paying factoring companies takes from your profit. googletag.pubads().collapseEmptyDivs(); According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. 9-509. CV22-0851. Q. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Late Thursday, Jason Medley, partner with law firm Spencer Fane in its Houston office, notified some of the affected trucking companies and factoring companies that the judge appointing a receiver is a positive step. fails to comply with a request regarding a list of collateral or a statement of account under Section. Apex Capital Corp - Established and help navigate . Alternatively, you may file a termination demand letter with CoreFund. However, a debtor or, whose deficiency is eliminated or reduced under Section. }); I told the judge that when elephants fight, the whole world shakes, Medley told FreightWaves. If you want to factor with LoadX Factoring the rate is 3.5% non-recourse, month to month, free same day and next day pay, no hidden fees. If CoreFund does not reply to the demand within 20 days, you may try to proceed with this method. May 7. CoreFund was founded by industry veterans with the sole mission of making factoring easier and more. He will need 1) a copy of your CoreFund factoring agreement and 2) your original UCC1 filed by CoreFund against your assets. Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. Our credit checks are instant through our online portal. GMA Funding LLC, a global leader in factoring and alternative commercial finance, announced that the board of directors have selected James Rothman as Chief Executive Officer of GMA Factor and its operating units GMA USA and CoreFund Capital. Werner, Erin . A restraining order can also be requested to stop CoreFund from enforcing contract terms or penalties they believe they can asses if you proceed on your own without them with another Factor, etc. 5+ Years, Please select ALL of your current, valid drivers licenses. googletag.pubads().enableSingleRequest(); We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . Per a recent thread in the International Factoring Association (IFA) forum from Jason Medley on the process of filing a termination demand letter: A 20-day notice under UCC 9-513(c) can be sent to CoreFund. CoreFund Capital is a great factoring company, their reviews online are a testament to that. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks. Please know that every employee of CoreFund wishes more than anything we could have continued funding our clients and now that we could release them and end this awful mess but even if we terminated a UCC or sent a release letter it would not be enforceable given we are no longer employees of CoreFund. Here are 4 things you should do right now if you were factoring with CoreFund: Those brokers have never received a Notice of Assignment (NOA) from CoreFund, so you can still actively haul for them. If you do not have this, Jason can pull it for you. gptAdSlots.push(gptSlot); Thank you. CoreFund Capital has filed a petition for a restraining order and injunction against Frost Bank, TBK Bank, Chris Wakefield, and Meir Shim Sacks. 9-401. Factoring entails purchasing accounts receivables from a business at a discount. googletag.pubads().collapseEmptyDivs(); Todd Waller, former business development officer at CoreFund Capital, was among those fired. On Behalf of Jason M. Medley CoreFund Update Q. Contact information for Attorney Jason Medley: Jason M. Medley }); googletag.cmd.push(function() { Of note, Express Freight Factoring is a member of the International Factoring Association. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. These reviews are mostly positive, many reviewers have mentioned they are working with CoreFund for years without facing any problems. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under Section 9-626 may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. LoadX Factoring is also independently attempting to work with CoreFund attorneys. Factoring Lines of Credit Business Loans Working Capital Equipment Leases Merchant Financing Commercial Property Accounts Receivable Sale-Leaseback Financing If you provide me with your company name and contact information, we will be getting terminations of the factoring agreement, UCC3 Lien Terminations, Revocations of the Notice of Assignment to your account debtors/customers, and confirmation of any amount owed to CoreFund or owed to you by CoreFund. 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019 Do you have a story to share? Can any other factoring company factor my loads right now. (a) [Other law governs alienability; exceptions.]. Loss caused by a failure to comply may include loss resulting from the. Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of any loss caused by a failure to comply with this article. Factoring involves three parties, the buyer, the seller and the factor. In this video we will be talking with Todd Waller from CoreFund Capital about invoice factoring. Factoring - https://www.corefundcapital.com/ . googletag.pubads().collapseEmptyDivs(); CoreFund is described as simple, transparent, and reliable. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. . And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. All things considered, you can argue CoreFund is in default and the contract is no longer valid. VP with Express Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com. Ideally, these things happen and you are then free to move onto a new factoring company without issue. View contacts for CoreFund Capital to access new leads and connect with decision-makers. 4 days ago 10 trucking companies that used their services were having issues. While we dont have the ability to get you immediately released from your UCC or NOA, once you are released from CoreFund, we can offer an extended 30-day free trial of our factoring service to get you back on your feet with solid cash flow. However, former employees with access to CoreFunds Facebook account have been posting updates to its panicking trucking customers since no one has responded to their calls or emails. We just need them to be allowed to do so.. Many of you are now aware that CoreFund is currently closed due to an ongoing lawsuit and that all staff was terminated last week and is now legally unable to conduct any business whatsoever. Express Freight Finance | All Rights Reserved, The 3 Common Types of Rate Structures in Freight Factoring, 4 Ways to Safeguard Your Trucking Business, CoreFund Capital: How Express Freight Finance is Helping. Melissa Harris joined CoreFund Capital as vice president. in a filed record, as applicable, may recover $500 in each case from a person that: (3) files a record that the person is not entitled to file under Section, (1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or, may recover damages under subsection (b) and, in addition, $500 in each case from a person that, without reasonable cause, fails to comply with a request under Section. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers., Medley is a listed attorney for members of the trade group, the International Factoring Association, to use. window.googletag = window.googletag || {cmd: []}; Ask a question, send us a note we are here for you, and we always respond at the speed of your business. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. Call Ashley Vogan at Triumph at (915) 331-1606 (Office) Be sure to tell her I . Have a safe holiday. Brokerages and factoring companies say they are powerless to help the truckers until CoreFund releases the UCC-1 (Uniform Commercial Code) liens filed by the factoring company against carriers assets. Because CoreFund is closed and is not replying to any request, it is reasonable to assume they will also not be sending NOAs upon request either this possibly allowing brokers to send payments elsewhere since they do not have a current NOA as requested. Many of those we are trying to help are small 1 truck operators who are days away from closing down. There are some possible legal ramifications for the new factor as well. Cash Flow, Invoice Factoring, Financial Services, Accounting, Customer Service: Founded: 2015: Contacts 7. Here are a few excerpts of this regulation that may be of use. Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a). You'll have access to over 81,000 square feet of coworking space, 900 tech-focused events, 150+ of the top tech mentors in Texas, quarterly Founders . Heres a great list of the top 50 logistics companies in North America. I feel for these guys because many are living load to load right now, but we legally cant pay the carriers directly because we have to pay CoreFund first.. , the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. CoreFund Capital | Weatherford TX }); Court-appointed receiver Timothy Hassenger is working on getting hundreds of truckers accounts receivable paid nearly three weeks after a legal feud between brothers regarding the assets of a family trust led to the abrupt shutdown and firing of all employees at CoreFund Capital, a Texas-based factoring company. Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. googletag.enableServices(); s inability to obtain, or increased costs of, alternative financing. Scott Christiansen is the managing director for SafeWater Capital, the company overseeing the receivership for CoreFund.According to Christiansen, all of CoreFund's employees have returned to the office and business operations and procedures for the factoring firm have returned to normal. There was little to no prior warning other than a comment posted to an earlier Facebook thread from the company on Thursday, July 21st, at 8:30 PM. ALIENABILITY OF DEBTORS RIGHTS. Might learn how to keep it from happening going forward and seeing how to maybe get your money. We are excited to watch them become a dominant player in their industry.". googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); 2) No BBB accreditation googletag.cmd.push(function() { Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. CoreFund Capital can help you manage cash flow by purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. CoreFund has been providing freight factoring services for over six years and management team has 30+ years of combined transportation factoring experience - from 1 truck owner . Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. On Aug. 4, the factoring company reopened for business. Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. The two attorneys we suggest are Jason Medley and David Jencks. CoreFund capital has definitely made my opinion change and to be honest I never think twice about getting my money the day promised. Additionally, we are saddened and sickened by how this is impacting our clients who we consider family and we are legally unable to do anything to help as they struggle to stay in business.. This would allow a receiver to be appointed by the court allowing all Notice of Assignments to be revoked and UCCs to be terminated. Also needed is a revocation of a notice of assignment that is sent to the truckers customers instructing them to make a payment to CoreFund, which in turn pays them. A debtor or consumer obligor may recover damages under subsection (b) and, in addition, $500 in each case from a person that, without reasonable cause, fails to comply with a request under Section 9-210. I have spoken to the attorney for CoreFund. A good factoring partner will have tools and expertise that help you with everything you need, not just same-day cash. This is a moving target for sure, Medley said in an email to FreightWaves. Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a). Frost Bank and TBK Bank operate CoreFunds operating accounts, while Wakefield and Sacks own controlling stakes in CoreFunds holding company. (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. Our team was amazing and worked hard to build a reputation of taking care of our clients and now through the deliberate and selfish/hurtful/evil actions of one person that has all been ripped away from us. googletag.pubads().collapseEmptyDivs(); Heres the latest, according to Freightwaves: Jason Medley, an attorney with Spencer Fane told some of the affected companies about the appointment of the trustee yesterday: This means that the receiver can act on behalf of CoreFund to post UCC1 and assignment notices and negotiate paymentsAlthough the effect is not immediate the recipient still has to formally enter the process by paying a deposit, etc. These funding sources are monitored daily for the best interest rates and terms available to your business. Please be careful with those saying they can. googletag.enableServices(); 2. Silver Spring, MD 20910. This still has some risks if the Debtor actually owes money to the Secured Party. Truckers were hit with a double whammy after CoreFund went dark in mid-July and no one was in the office to release them from the UCC-1 (Uniform Commercial Code) liens filed by the factoring company against the carriers assets. googletag.enableServices(); Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. CoreFund, Inc. offers highly personalized service and help cut through the red tape that is often involved in securing business loans from banks and other lending institutions. failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price. (d) [Person entitled to file certain amendments.]. A. var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[728, 90], [468, 60], [300, 100], [320, 50]], 'div-gpt-ad-b1-i-fw-ad-1').defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads()); The petition states that this is because of a , between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). simple, transparent, and reliable Factoring Program. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. As of publication, FreightWaves calls to Jacob Sacks, Shim Sacks and Chris Wakefield, listed as the chief of staff of CoreFund, also had not been returned. They also needed a revocation of a notice of assignment that is sent to the truckers customers instructing them to make a payment to CoreFund, which in turn pays them. googletag.enableServices(); Ashley DellingerExpress Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com, Ask a question, send us a note we are here for you, and we always respond at the speed of your business. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. A hearing is schedule for tomorrow, Wednesday 7/27/22. An agreement between the debtor and secured party which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. She is an award-winning journalist known for her investigative and business reporting. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. googletag.cmd.push(function() { Your email address will not be published. Feel free to pass this information along as you see fit. The most common UCC in trucking is a UCC-1 lien. A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if: (1) the secured party of record authorizes the filing; or. Extended hours, including Saturday funding. Or call us, Sales: 877-807-3006 After several communications with their team, we are allowing the receivers staff and the CoreFund staff (many of whom we are told returned to work under the pending receivership) to have time to access the computer systems and review the list of our carriers, which number slightly above 100 at the moment.. googletag.pubads().collapseEmptyDivs(); googletag.pubads().enableSingleRequest(); googletag.pubads().enableSingleRequest(); googletag.enableServices(); Required fields are marked *. WHILE THERE ARE ONLY A FEW BAD APPLES, THEY DO NOT SPEAK FOR THE REST OF THE MANY MORE HONEST AND REPUTABLE FACTORS IN THE INDUSTRY. CoreFund Capital Freight/Invoice Factoring. If a secured party fails to comply with a request regarding a list of collateral or a statement of account under Section 9-210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. Corefund Capital screwed their customers. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. 3. 1) No Information / feedback online company is too new. googletag.cmd.push(function() { It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. googletag.cmd.push(function() { Please try again later. If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. We are thrilled to have Melissa on board. Keep in mind however that UCC Section 9-513 Termination Statement limits this ability if the financing statement on the UCC covers accounts and chattel paper. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or "mailbox full" notifications. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers.. Get a reliable factoring company that doesn't require contracts or charge hidden fees. There is no doubt that CoreFund Capital is an outstanding factoring company. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767737710-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). The case is scheduled to be heard in the Parker County, 415th District Court under Case No. Truly a great group of people. CoreFund Capital | 287 followers on LinkedIn. If youre currently a CoreFund client, because of the UCC currently governing your agreements, your customers will likely not be able to release any funds to another factor. This section refers to defaulting on the contract. Jason Medley, partner with law firm Spencer Fane in its Houston office, is representing more than 100 trucking companies that were affected by the CoreFund shutdown. However, late Thursday, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund, which may help truckers gain access to funds more quickly. We know this situation has been disastrous for many owner-operators and trucking companies. Attorneys for CoreFund have indicated this morning they may file for voluntary bankruptcy or receivership as noted yesterday. The petition is asking the Parker County, Texas District Court (. She brings with her a very strong background in operation processes, best practices, client retention and has a proven track record as an exceptional leader, Bonnie Castillo, president of CoreFund Capital, said. CoreFund, Inc. | Copyright 2018 - 2021 |. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies.

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