Are You The Top Broker?!
November 21, 2024
Broker Battle returns on February 20, 2025 at AltFinanceDaily CONNECT MIAMI. The competition, now the 2nd ever after last year’s very successful launch, is back with an improved format that allows for almost any qualified broker the opportunity to be tested LIVE in person. Broker Battle TWO will also have 3 separate broker categories versus last year’s catch-all. Those categories are Revenue Based Finance, SBA Lending, and Equipment Financing.
All competing brokers will be vetted, tested, and scored through very short judging rounds on the showcase floor. The two top scores from each category will actually compete on stage for the championship.
That means that as opposed to last year’s 6 total contestants and 7 separate battles on stage, this year’s competition could feasibly manage up to 100 contestants for which there will only be 3 total battles on stage (each being a championship). The format allows for more brokers to prove themselves in person while reducing total stage time for the final grand performance.
Each broker will win a cash prize and the distinction of being Top Broker (in their category). To be eligible for entry, you must be an active broker with good ethics and a positive reputation. You must also be registered to attend AltFinanceDaily CONNECT MIAMI where it will take place and enter yourself in the battle itself here.
Broker Battle intends to foster best practices.
New Jersey Tries Commercial Financing Disclosure Bill Again
October 17, 2024For the 7th year in a row the legislature in New Jersey is trying to pass a commercial financing disclosure bill. While a notable component is an APR requirement it also applies a broad warning to brokers.
A broker shall not make or use:
(1) any false or misleading representations or omit any material fact in the offer or sale of the services of a broker or engage, directly or indirectly, in any act that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a broker, notwithstanding the absence of reliance by the buyer; or
(2) any false or deceptive representation in its business dealings.1
The full language can be found here.
Rapital Launched to Support SMEs With Challenging Credit Situations
October 14, 2024A new Australia online lender has today been launched in response to evolving SME funding needs.
Rapital is set to transform the financial landscape to support both brokers and SME businesses facing difficulty in securing funding from existing lenders and banks.
Rapital will focus on offering a direct route for clients with challenging credit situations, such as low credit scores, with loans ranging between $5,000 and $250,000. With a focus on offering fast funding, Rapital aims to make decisions in as little as three hours so SMEs can access the cash boost they need quickly.
Access to funding remains an evergreen challenge for Australia’s SME community. According to a survey by Small Business Loans Australia, 90% of businesses indicated they would exercise caution in borrowing more money in 2024. Despite this caution, business loan demand has spiked, as reported by the Australian Financial Review. Rapital has been launched to help bridge the financing gap, providing SMEs that have been denied funding from traditional lenders with the essential cash boost they need to thrive.
Rapital’s ambition is to help turn a “no” into a “yes” for SMEs needing rapid and flexible financing solutions. The service promises an easy, transparent process with quick funding, empowering businesses to thrive and grow. In these challenging operating conditions, it is vital that smaller businesses have access to rapid and flexible capital. Rapital will offer a much-needed financial lifeline to the business profiles and industries that are often rejected by banks and other SME lenders.
About Rapital
Rapital’s mission is to empower businesses of all sizes, credit backgrounds and industries by providing brokers and SMEs with funding solutions tailored to meet the real-world challenges they encounter.
For media inquiries, please contact:
Rapital Media Team
Email: info@rapital.com.au
Website: http://www.rapital.com.au
BriteCap Financial Announces New CEO
September 16, 2024BriteCap Financial LLC (“BriteCap”), a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans, announced today the appointment of Richard Henderson as the company’s new CEO.
“I’m proud to see Rick take the helm at a time when BriteCap is poised to bring financial solutions to the market at scale,” said outgoing CEO Sri Kaza. “His experience and relationships across the industry will open the door for many more small businesses.”
BriteCap became a member of the growing family of companies under the North Mill Equipment Finance (NMEF) umbrella in 2023. “We are thrilled to have Rick join as the leader of BriteCap,” reported David C. Lee, Chairman and CEO, NMEF. “His two plus decades of success in equipment finance and working capital lending dovetail well with our strategy to offer comprehensive capital solutions for small and medium sized businesses. In particular, we look forward to developing unique solutions and programs for our key referral partners in partnership with BriteCap.”
“I’m excited to join BriteCap and lead such a respected, values-driven company,” said Rick Henderson, CEO, BriteCap Financial. “BriteCap has built an exceptional, tech-enabled funding platform that blends the speed and convenience of self-service with the expertise of a supportive team, making it easier and faster for small and medium-sized businesses to access the capital they need to grow. I look forward to collaborating with the BriteCap team and our strategic referral partners to build on this legacy, developing innovative solutions that empower America’s business owners and the finance brokers who support them.”
BriteCap operates from offices in North Hollywood, CA and Las Vegas, NV.
About BriteCap Financial
BriteCap Financial is a leading provider of working capital for America’s small business owners. Since 2003, BriteCap combines technology, non-traditional credit algorithms to provide fast, convenient and affordable working capital direct to businesses or through their broker network. For more information about becoming a partner, visit britecap.com/become-a-partner.
About North Mill Equipment Finance
NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,500,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, and Voorhees NJ.
Media Contacts:
For BriteCap:
David Schneider
Vice President of Marketing
BriteCap Financial, www.BriteCap.com
david.schneider@britecap.com
954-494-1606
For NMEF:
Don Cosenza
Chief Marketing Officer
NMEF, www.nmef.com
dcosenza@nmef.com
203-354-1710
Anticipated Attendance to B2B Finance Expo Surges
September 12, 2024
Registrations for the inaugural B2B Finance Expo taking place Sept 23-24 at Wynn, Las Vegas have already exceeded attendance to AltFinanceDaily CONNECT MIAMI 2024 and may well surpass Broker Fair 2024’s turnout in New York City. Due to this overwhelming interest the opportunity to buy tickets may end soon. Make sure your ticket is secured here.
Interest in the event, which will encompass commercial finance folks from across across SBA, CRE, MCA, Equipment Financing, term loans, LOCs, factoring, investment banking, and more, is quickly propelling B2B Finance Expo to be the largest commercial finance event of the year. Brokers, lenders, funders, vendors, tech, data, legal, leads, and more are among those registered to attend. The featured guest speaker is Steve McLaughlin, CEO of FT Partners.
Brokers will benefit from the wide array of relationship partners available at the show. The event has the backing of the Small Business Finance Association (SBFA) and AltFinanceDaily.
DailyFunder Adds Real Estate Lending Forum
September 7, 2024
DailyFunder, the largest online community of small business finance professionals in the US, has added a real estate lending subforum to its platform. The new category marks the first time any category has been added to the platform in more than a decade. Unsecured business lending and merchant cash advances have for a long time dominated the user content.
According to the site, financing secured by real estate has experienced rising organic interest over time to the point where it warrants separation.
“It has become obvious over time that more and more real estate financing deals are being pitched in the Deal Bin so we have decided to make an entire category just for that,” the site said. “We can use this [new real estate lending] subforum for posting relevant deals or discussions. We have tried to move over a bunch of related posts so that they’re viewable in one place here but it’s hard to go through so many as this forum has racked up nearly 185,000 posts overall so we obviously didn’t hit them all.”
The category description says “Commercial, residential, hard money, mortgages, raw land, refis, cash out, construction, and all real estate lending” and it can be used to discuss the business or to post deals looking for lenders. It is completely free to use the DailyFunder forum. Users only need to register to post. Brokers and lenders rely on it every day. As of last public report, the site was garnering 2 million annual page views in 2021.
California Bill Aims to Add Consumer Debt Collection Protections to Commercial Debts
August 20, 2024Among several commercial finance bills currently making their way through the legislature in California is SB1286, which would apply consumer debt collection protections to commercial debts.
If this bill were to eventually pass commercial debt collectors would need to obtain the same license currently required under existing law for consumer collectors. In addition, it would be a crime for a collector of a commercial debt “to send a communication that simulates legal or judicial process or that gives the appearance of being authorized, issued, or approved by a governmental agency or attorney if it is not.”
There are still more components that would require compliance as well. Like the fact that under current law a debt collector is required to stop collecting a consumer debt when an alleged debtor provides the debt collector with certain information, including information relating to the debtor’s status as an alleged victim of identity theft. This would also apply to commercial debts. The full language of the bill can be read here.
Another bill moving along right now is SB1482, which would “would impose various duties on commercial financing providers and brokers, including, among other things, prohibiting the taking of a confession of judgment or power of attorney at any time before a default.”
Although both bills were introduced all the way back in February, they are currently being passed through committees.
Kris Roglieri Alleged to Have Transferred Assets to Third Parties
August 16, 2024The Chapter 7 Trustee managing the personal bankruptcy of Kris Roglieri brought new information to light on Thursday by alleging that Roglieri lied heavily in his original bankruptcy petition. In addition to hiding assets, income, expenses, debts, gifts, and records from the bankruptcy process in part by running them through many business entities he owned, he also moved funds from his personal account into his Commercial Capital Training Group, LLC (CCTG) bank account just weeks before filing for personal Chapter 11 bankruptcy back in February. From there, assets from CCTG and assets from the National Alliance of Commercial Loan Brokers, LLC (NACLB), another business he owned, were transferred to third parties to be preserved as safekeeping for Roglieri’s own benefit.
“[Roglieri] thereafter transferred the assets including without limitation operations, funds, good will, client lists, and other personal property of Commercial Capital Training Group, LLC and the National Alliance of Commercial Loan Brokers, LLC to third parties,” the Trustee wrote. “[Roglieri] facilitated the transfer of assets from the Debtor Entities to dissipate the value of the Debtor membership interest in the Debtor Entities as a potential source of payment to creditors of the Debtor bankruptcy estate.”
On May 15, AltFinanceDaily reported that the NACLB Conference had changed its name to Commercial Loan Broker Association (CLBA).
“The third parties are preserving the value of the transferred assets for the benefit of the Debtor,” the Trustee wrote. Assets belonging to the Roglieri estate were to have been turned over to the Trustee but were not.
Roglieri allegedly “facilitated the transfer of assets, including operations, funds, goodwill, client lists, and other personal property of Prime Commercial Lending, LLC to third parties” as well.
The Trustee has asked the Court to deny Roglieri a discharge of his bankruptcy. The full complaint can be viewed here.
