, 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. June 3, 2022 Contact Information. The Top 10 Best Freight Factoring Companies. googletag.pubads().enableSingleRequest(); googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[468, 60], [728, 90], [300, 100], [320, 50]], 'div-gpt-ad-1665767472470-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); Apex Capital Corp - Established and help navigate . }); Hundreds of small-business truckers who use CoreFund Capital to factor their accounts receivable are struggling to stay afloat after the Weatherford, Texas-based company abruptly closed its doors 10 days ago and fired its entire staff over a legal spat between two brothers. Melissa Harris joined CoreFund Capital as vice president. 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. Paying wages due is more important than obeying a dispute. Extended hours, including Saturday funding. We have been with CoreFund Capital LLC, since September 2021; CoreFund Capital has the industry expertise, stability and outstanding customer service . Get on the road, stay on the road, and grow. We have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. We just need them to be allowed to do so.. Everyone in the industry has heard of the CoreFund case by now, so letting them know youve been affected by it could earn you some empathy points. (6) fails to comply with Section 9-616(b)(2). #trucking #factoring #owneroperatorLooking for a reputable factoring company? According to court documents, Shim Sacks founded CoreFund Capital in 2014. NO! (800) 405-5464 Corefund Capital Profile and History CoreFund Capital LLC, an invoice factoring company, provides business and cash flow solutions through full service invoice factoring. Our credit checks are instant through our online portal. googletag.pubads().enableSingleRequest(); window.googletag = window.googletag || {cmd: []}; Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. Can any other factoring company factor my loads right now. But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. }); 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. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. 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. googletag.pubads().enableSingleRequest(); PH 281.352.6032 Founded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. 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. Our best advise is to speak with an attorney. CoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. }); While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. In fact our agreement is online for the world to see. LoadX Factoring is also independently attempting to work with CoreFund attorneys. Unfortunately, there will be a very small number of factoring companies that may try and take advantage of the situation and make claims that are completely not true. We know about them shutting down and owing money. Might learn how to keep it from happening going forward and seeing how to maybe get your money. 5+ Years, Please select ALL of your current, valid drivers licenses. Employee Profiles 1. . The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. googletag.pubads().enableSingleRequest(); Freightwaves has done some reporting on the CoreFund case and LoadX Factoring has a great page of day-to-day updates on their website if youve missed any information. Create your own unique website with customizable templates. 9466 Georgia Ave, Since Parker County, Texas, District Judge Graham Quisenberry appointed Hassenger as the receiver for CoreFund last week, Hassenger and former employees are back in the office working to reestablish the CoreFund operations., On Friday, Michelle Buckalew, managing director of PR firm Sunwest Communications, said CoreFund is fully operational as Hassenger, along with CoreFund employees, work on addressing customers needs and providing them with cash flow solutions and the level of care and service they deserve.. Again, there are some limits when it comes to chattel paper here but we believe there is still recourse by the courts to provide relief. Is your factoring company next? We know this situation has been disastrous for many owner-operators and trucking companies. Can they? Our Take: Simply put, if the secured party (CoreFund) is not following the UCC regulations you have the right to file a lawsuit against them for damages incurred due to their failure to comply. googletag.pubads().collapseEmptyDivs(); the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. According to the receiver, all CoreFund staff are back in the offices today and working with the receiver to begin to reconcile accounts and payments. As of late Thursday night, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund. googletag.pubads().enableSingleRequest(); gptAdSlots.push(gptSlot); Apply Now! This means that the receiver is able to act on behalf of CoreFund to release the UCC1s and notices of assignment and make payout arrangements, Medley said via email. Charter Capital works with many oil and gas servicing companies who have gained a competitive advantage with invoice factoring. 9-401. Trust your transportation leasing and finance needs to Convoy Leasing & Sales. 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. 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. window.googletag = window.googletag || {cmd: []}; Melissa Harris joined CoreFund Capital as vice president. Can I invoice loads directly and have the broker pay me? 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 . The petition is asking the Parker County, Texas District Court (Case No. A COURT APPOINTED RECEIVER WOULD NEVER ENTER INTO SUCH AGREEMENT. UCC Filings are a standard part of almost all factoring agreements. CoreFund Capital | 287 followers on LinkedIn. Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. WHAT IS OFFERED: Free Same Day Funding Fax or Email Invoices Full Advance Options Free Credit Checks on potential Customers Free Invoice Auditing Extended Funding Times Saturday Funding to CFC Fuel Card Attorneys, rival factoring companies and brokerages have received numerous calls from some of CoreFunds approximately 350 trucking clients, including many owner-operators, who are desperate for answers and may be forced to close their doors if they cant pay their drivers or purchase fuel. Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); As of right now, NO FACTORING COMPANY has the ability to release you from your NOA or UCC. A. Spencer Fane LLP Didn't know where to put this but can be moved, but i figure I'd throw it out there for O/O or Small carriers/fleet owners. Here an argument can be made that CoreFund did deem itself insecure and unable to perform its obligations through a series of Facebook comments made by its official Facebook account stating, We sincerely apologize for this situation and understand our clients who count on us are rightfully upset. 5 stars all day long Date of experience: November 08, 2019 Share SC Sherwyn Cox 1 review US Aug 24, 2019 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. Harris will be responsible for day-to-day operations at CoreFund Capitals corporate office in Weatherford, TX. Required fields are marked *. 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. We want to be transparent. 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. With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. A. Harris is experienced in a range of factoring operations. If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. Again, the information here should not be construed as legal advice, but only as our opinion on the matter. At that point they will be able to begin the process of terminations. Unless you plan on staying with CoreFund, it is best to hold onto those invoice and send them to your new factor when you receive your release. We dont have a timeframe on when the courts can take the matter up and rule, so it is recommended that clients proceed to send a 20 day UCC termination demand letter to CoreFund as we explained below under 9-509. 2 Years
NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. First, none of the information below constitutes legal advice, and you should consult an attorney. We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. A. 04/30/2022. It is never an easy situation to deal with when something like this happens and people are out of work through no fault of their own. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. googletag.cmd.push(function() { 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. A person may file an amendment other than an amendment that adds collateral covered by a, for a financing statement as to which the secured party of record has failed to file or, a termination statement as required by Section. googletag.enableServices(); Please contact an attorney to help you in the matter if you are affected by this CoreFund shutdown. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. CoreFunds UCC statements are still in place, and any factoring company that makes a loan is in a second lien position, she told FreightWaves. If CoreFund does not comply and does not send an NOA upon request, the debtor may discharge its obligation to pay CoreFund and may pay whomever they wish, even if CoreFund send an original NOA some time prior. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); The two attorneys we suggest are Jason Medley and David Jencks. 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. googletag.enableServices(); Buckalew was hired to work with CoreFunds communications team and the receiver to address carriers concerns. Join Our Community. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. 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. This section refers to defaulting on the contract. They answer questions and handle our business promptly in a professional and courteous manner. According to court documents, Meir Shim Sacks founded CoreFund Capital in 2014. Please try again later. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. Shim Sacks did not respond to FreightWaves request seeking comment. If this is a new broker for you that does not have a CoreFund NOA then it is likely you can invoice directly and get paid. 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. View contacts for CoreFund Capital to access new leads and connect with decision-makers. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov "Jacob" Sacks. 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. In order for you to receive the best possible offers, please make sure your answers above are accurate prior to submitting. If we can help in any other way, dont hesitate to reach out to our team at Express Freight. There is no doubt that CoreFund Capital is an outstanding factoring company. . I give my express consent authorizing TruckersReport and its, $10-$20 per advance, available 7 days per week, Free Credit Checks on potential Customers, Quick and Easy Qualifying online application. Please be careful with those saying they can. 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. The news about this case is coming out fast and furious, so keep a close eye on it. Normally, this would be an option. 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. If you have a news tip or story idea, send her an email to, Copyright 2023, All Rights Reserved, FreightWaves, Inc, Receiver works to get truckers paid after CoreFund Capitals abrupt closure, Loaded & Rolling (Enterprise Fleet News/Analysis), Carriers unable to pay drivers, buy fuel after CoreFund Capital closes. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. Trucking only produces 6-10 % profit, paying factoring companies takes from your profit. }); Some brokerages and other factoring companies say the newly appointed receiver may be crucial. Now some of you may have noticed in your CoreFund contract. You most often will hear of UCCs if one of your customers refuses payments to your factor or, in the case of CoreFund's closing, if the factor does not make good on their payments to their carriers. , Please select all of your current, valid drivers licenses have noticed in your CoreFund contract in for! 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