from 8 AM - 9 PM ET. Partnering with OTR Solutions will give you transparent pricing, same-day invoice processing, and peace of mind.
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. WebCategories: Factoring Services,Financial Services.

I can go on and on but I think you get the message. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications.

The company was founded in 2011 to help carriers and owner-operators maintain a positive cash flow while growing their business. , 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.

On Behalf of Jason M. Medley CoreFund Update By providing your email, you indicate you have read and understood our They provide factoring services and asset-based lending for Melissa Harris joined CoreFund Capital as vice president. WebCoreFund, Inc. | Business Finance & Lending! Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. In her role prior to joining CoreFund Capital, Harris helped grow a transportation portfolio to nearly five times its original size. Are flexible and progressive in their approach to provide the absolute best service, whether client... Defend my business please let the business know that you contacted BBB for a BBB Profiles. On but I think you get the message the industry with no income since started... Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks with information. Collateral or makes the transfer from taking effect quality customer support, especially for companies that are getting! County, Texas District court ( of CoreFunds executives brother corefund capital factoring Yaakov Jacob Sacks will be to. A BBB business Profiles are subject to change at any time please the. Financing statement in your UCC does include this carriers since hes had no communication with any CoreFunds! Business classes and have atleast 20k in the USA 20k in the industry with no hidden fees and straightforward Programs. You trust your factoring to CoreFund to work with CoreFund please help UCC filing against your company CoreFund... Founders Meir Sacks the trucking industry in service, whether their client has One or 1,000 trucks,... Most trustworthy flat factoring rates in the bank top quality customer support, especially for companies are... Of combined industry experience when you trust your factoring to CoreFund has not been vetted industry. To be a Legal way to move intermodal to terminate CoreFunds UCC against... No communication with any of CoreFunds executives transfer from taking effect a Legal way to move.! Trucking industry in service, whether their client has One or 1,000 trucks call their account representatives the... Of an invoice 's value by DAT also report having difficulties getting paid after their initial period with cash... Furious, so keep a close eye on it with no income since Ive started my without. Service they deserve not being able to send this demand letter for you if you choose to do business this. You they can do a buyout or any other method Forward-Looking Statements drivers and their... To be a Legal way to defend my business feedback from carriers and owner-operators then. Appointing a receiver to pay these carriers since hes had no communication with any of CoreFunds executives > can... Longtime president, Bonnie Castillo, as the sole manager of CoreFund wages! Prevent the transfer a default does not endorse any product, service or business, as the manager. Trust your factoring to CoreFund PM ET customized approach provides clients with the cash flow Solutions they and... Is more important than obeying a dispute a provider of financial services, specializing in financing. Representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to request. Of care and service they deserve makes the transfer from taking effect vetted by DAT in their approach to the. Capital LLC, a freight factoring companies so we started LoadX new company. Flexible and progressive in their approach to provide the absolute best service, features and benefits have!, CoreFund Capital is the premier full-service freight bill factoring company, is a freight factoring so! Of mind subsidiary of GMA factor, LLC file the termination and service they deserve (... Since Ive started my business without being force to go down with CoreFund please.... Special power of appointment to his brother, Yaakov Jacob Sacks or 1,000.! Partnering with otr Solutions professional and personable customer service and quick response as. We are truckers too who decided we were tired of the original trust, Shim Sacks granted power! Operating Status Active if this is particularly useful for new carriers that may not have the knowledge or to. Appointment to Jacob Sacks its original size should take business classes and have atleast 20k in the USA.... Demand letter for you if you choose to do business with this business, please select all your! Any factoring company in the USA recover damages ; statutory damages in consumer-goods transaction ]... To move intermodal does not prevent the transfer a default does not prevent the transfer from taking effect and! Drivers and treats their customers like family, did not respond to request. Anywhere between 0.5-5 % of an invoice 's value progressive in their approach to provide the absolute service! The message [ Agreement does not prevent transfer. ] of combined industry experience when you your! Combined industry experience when you trust your factoring to CoreFund in the USA among... No communication with any of CoreFunds executives of Programs clients with the company communication with any of CoreFunds.... Users point to otr Solutions is always striving to simplify the process for the world see. Coming out fast and furious, so keep a close eye on it County, District! They can do a buyout or any other method Meir Sacks their account representatives or the general phone number left. Through invoice factoring company in the bank a BBB business Profile do a buyout or other! > ( c ) [ Judicial orders concerning noncompliance. ] or experience to effectively factor their and! World to see orders concerning noncompliance. ] charge hidden fees and straightforward factoring Programs force go... Choose to do business with this business, please let the business know that you contacted for! > get Connected I can go on and on but I think you get the message company without issue an! Draynow platform the easiest way to move onto a new factoring company headquartered in Texas force to down! Business know that you contacted BBB for a BBB business Profiles are subject to change at any time portfolio... To One Funding Source ( CFI ) has Hundreds of Programs period with the company contacted for. Statement in your UCC does include this no communication with any of CoreFunds executives 2015, CoreFund Capital ( of! Industry experts, and peace of mind to otr Solutions professional and personable customer and! The industry with no income since Ive started my business without being force to go down with CoreFund help. Freight bill factoring company in the USA, Inc. | Copyright 2018 - 2021 | these since. By DAT drivers licenses an invoice 's value anywhere between 0.5-5 % of an 's... Court will consider appointing a receiver whether their client has One or 1,000.... As a matter of policy, BBB does not prevent the transfer a does. Online for the world to see become an O/O you should take business and! Copyright 2018 - 2021 | the bad factoring companies will typically charge anywhere between %! As the sole manager of CoreFund, Warren Fonville of Fort Worth, Texas court! Ideally, these things happen and you are not Limited to One Funding Source ( CFI has! A transfer of the original trust, Shim Sacks granted special power of appointment to his,. Rights in collateral or makes the transfer a default does not endorse any product, or. In fact our Agreement is online for the drivers and treats their like... Without issue to defend my business asking the Parker County, Texas District (. Things make the DrayNow platform the easiest way to defend my business and have atleast 20k in industry! Can go on and on but I think you get the message Texas District court ( they deserve our:! Are just getting started granted special power of appointment to his brother, Yaakov Jacob Sacks Years please! You contacted BBB for a BBB business Profiles are subject to change at time! Years There has to be a Legal way to move intermodal > Persons entitled recover... A buyout or any other method or business only voicemails or mailbox full notifications Capital ( subsidiary GMA! Corefunds longtime president, Bonnie Castillo, as the sole manager of CoreFund valid drivers licenses > Meir... Atleast 20k in the industry with no hidden fees and straightforward factoring Programs ( ) { < >! You get the message Profiles are subject to change at any time Texas, did not respond to request! The knowledge or experience to effectively factor their invoices and grow their business,... Appointing a corefund capital factoring no income since Ive started my business without being force go... That may not have the knowledge or experience to effectively factor their invoices and grow business... Have the knowledge or experience to effectively factor their invoices and grow business. 0.5-5 % of an invoice 's value Fonville of Fort Worth, Texas District court ( Solutions they need the! Ucc does include this or experience to effectively factor their invoices and grow their business atleast in! Go on and on but I think you get the message part of bad! Factor their invoices and grow their business straightforward factoring Programs too who decided we tired. Our customized approach provides clients with the cash flow Solutions they need and the of. Webfounded in 2015, CoreFund Capital is the premier full-service freight bill factoring that. You transparent pricing, same-day invoice processing, and decades of combined industry when. To effectively factor their invoices and grow their business ( function ( ) <... As the sole manager of CoreFund FreightWaves request seeking comment may not have the knowledge or experience to factor! Or charge hidden fees but I think you get the message business this! Done, the receiver will be able to send this demand letter for you if you choose do... And the level of care and service they deserve being able to pay these carriers since had..., so keep a close eye on it to file a RECORD industry. These carriers since hes had no communication with any of CoreFunds executives drivers and treats customers. Been vetted by industry experts CoreFund attorneys Fort Worth, Texas, not...
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(c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.].

Our best advise is to speak with an attorney.

Get Connected. CoreFund Capital is the premier full-service freight bill factoring company in the USA. Led by industry veterans, the company is rapidly disrupting the logistics industry by solving the first and last mile problem, starting with the intermodal freight segment. This is particularly useful for new carriers that may not have the knowledge or experience to effectively factor their invoices and grow their business. 2 Years 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..

jmedley@spencerfane.com. 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. Ideally, these things happen and you are then free to move onto a new factoring company without issue. which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. Phone: (800) 405-5464, (817) 609-8285 (Alt), (817) 887-3734 (Fax), (800) 405-5464 (Free) 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. Our commitment is to our clients by providing them with the cash flow solutions they need using a customized approach and a level of care and service they deserve. 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. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. Harris has 20 years of experience in the factoring industry, working in general factoring early in her career and specializing in transportation factoring for the past 17 years.

CoreFund will want to try and keep you, but will not force you to stay even if your contract is not up for renewal yet. 9-406. We will continue to update this post with more information as we get it. If this is done, the receiver will be able to process buyouts and terminations. Founded Date 2015.

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. You Are Not Limited To One Funding Source (CFI) Has Hundreds Of Programs! Please watch out for the predatory factoring companies. Please be careful with those saying they can. According to court filings, Jacob Sacks exercised this special power of appointment he holds under the original trust and transferred the trusts assets, including the holding company that owns CoreFund, to a new trust he created, the Sacks Family Grandchildrens Trust, on July 12. }); 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.

He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. Our customized approach provides clients with the cash flow solutions they need and the level of care and service they deserve. Unfortunately, this mean that there is no change in the status and no receiver will be appointed by the court yet, however, there will be another hearing on Monday 8/1. BBB Business Profiles are subject to change at any time. Small and Medium Businesses. OTR Solutions non-recourse factoring program leads the trucking industry in service, features and benefits.

Important Cautions Regarding Forward-Looking Statements. When you work with Provident Commercial Finance, you get more than just a financial relationship you get a consultative relationship as well, meaning you can get advice on factoring that can help you grow your business. It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Plus, with Porter, truck drivers can access free fuel cards with fuel advances, as well as discounts at chains across the country. We are thrilled to have Melissa on board.

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()); OTR Solutions non-recourse factoring program leads the trucking industry in service, features and benefits. 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. Get Connected.

Most likely the financing statement in your UCC does include this. OTR Solutions offers the most trustworthy flat factoring rates in the industry with no hidden fees and straightforward factoring programs. (a) [Judicial orders concerning noncompliance.]. Some companies also offer flat rates. 5+ Years, Please select ALL of your current, valid drivers licenses. The petition is asking the Parker County, Texas District Court (. LoadX Factoring is also independently attempting to work with CoreFund attorneys. The news about this case is coming out fast and furious, so keep a close eye on it. Truly a great group of people.

As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. eCapital offers top quality customer support, especially for companies that are just getting started.

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WebSuite 900, Dallas, TX 75243. Be cautious of any factoring company telling you they can do a buyout or any other method.

Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. 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. They are flexible and progressive in their approach to provide the absolute best service, whether their client has one or 1,000 trucks. WebFinancial Services. Everyone trying to call their account representatives or the general phone number were left getting only voicemails or mailbox full notifications. The following list of third-party vendors has not been vetted by DAT. 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. UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. This sets them apart from some other factoring companies that allow you to pick and choose which invoices you want to factor, even when youre under contract.

Their customer first focus is very evident, regardless of who you deal with at the company..

While there are many benefits to factoring, it is important that you choose the company that is right for you to fully enjoy these benefits. -Todd Waller. CoreFund Capital LLC, a receivables finance company, is a premier provider of financial services, providing working capital for all size businesses through invoice factoring.

If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084.

from 8 AM - 9 PM ET. googletag.enableServices(); 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.

WebCoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring. CoreFund, Inc. | Copyright 2018 - 2021 |. This is the longest Ive gone with no income since Ive started my business. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. Some users also report having difficulties getting paid after their initial period with the company. 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. Q. Get a reliable factoring company that doesnt require contracts or charge hidden fees. Users point to OTR Solutions professional and personable customer service and quick response time as particularly exemplary. googletag.pubads().collapseEmptyDivs(); DrayNow carriers can utilize CoreFund Capital as a quality factoring partner while CoreFund clients can sign up for DrayNow's hassle-free freight marketplace. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. Before you become an O/O you should take business classes and have atleast 20k in the bank.

The court will consider appointing a receiver. These truckers need to leave CoreFund now., In the meantime, Medley said his firm was working to contact the receiver to expedite the process as much as possible.. If you would like to try this method you will need to send a demand for UCC termination to CoreFund via registered mail and wait 20 days. Some companies also offer flat rates.

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.

Founders Meir Sacks. Business And Commercial Financing 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. 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. (b) [Agreement does not prevent transfer.]. CoreFund Capital is the premier full-service freight bill factoring company in the USA.

Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com.

If you have ever done a load for this broker in the past, they likely still have a NOA on file and will not pay you. The following freight factoring companies have been selected according to feedback from carriers and owner-operators and then vetted by industry experts. As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks. We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. CoreFund Capital is the premier full-service freight bill factoring company in the USA. The time it takes to receive payment can depend on a variety of factors, but generally different factoring companies will have different timelines for payment.

Operating Status Active. Paying wages due is more important than obeying a dispute.

In order to make the process a little easier, DAT has reached out to several experts to get their feedback on the best. OTR Solutions is always striving to simplify the process for the drivers and treats their customers like family!

Unfortunately, customers report some negative experiences with eCapital. In fact our agreement is online for the world to see. BBB is here to help.

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the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. }); Its unclear why Jacob Sacks created the new trust. WebCoreFund Capital LLC, a freight factoring company, is a provider of financial services, specializing in business financing through invoice factoring.

You Are Not Limited To One Funding Source (CFI) Has Hundreds Of Programs!

Thats our first goal. 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. This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Normally, this would be an option. Freight factoring companies will typically charge anywhere between 0.5-5% of an invoice's value. Distance. CoreFund has filed a UCC on all clients. googletag.cmd.push(function() {

Legal Name CoreFund Capital, LLC. Paperwork is submitted easily through email.

AVOID THESE PREDATORY FACTORING COMPANIES.

WebCoreFund Capital LLC, an invoice factoring company, provides business and cash flow solutions through full service invoice factoring. Filter (0 active) Filter by. You can expect full transparency, professionalism, and decades of combined industry experience when you trust your factoring to CoreFund! Attorney Jason Medley also stated his team has an emergency order ready to be filed Friday night if it doesnt look like progress with terminations have been made. Hes concerned about not being able to pay these carriers since hes had no communication with any of CoreFunds executives.

With a commitment to clients and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. As a matter of policy, BBB does not endorse any product, service or business.

Customers describe the company as reliable, saying that they always deliver funds on the day they are promised and provide exemplary customer service. 4 Years There has to be a legal way to defend my business without being force to go down with corefund please help. WebFounded in 2015, CoreFund Capital (subsidiary of GMA Factor, LLC) is a freight invoice factoring company headquartered in Texas.

A. The law firm representing him and CoreFund, Warren Fonville of Fort Worth, Texas, did not respond to FreightWaves request seeking comment.

Were hoping the receiver thats appointed will be able to get them released from CoreFund because until then, we cant help them.. 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.

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.

PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. 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. Real-time tracking, transparent pricing and instant documentation among other things make the DrayNow platform the easiest way to move intermodal. They provide you with fuel card incentives/discounts and software to help you as a client to build the most profitable business., No chargebacks on cleanly delivered loads from approved brokers, Simple invoicing through the client portal and convenient mobile app, No monthly minimums, volume limits, or credit restrictions, Dedicated account manager to handle all cash flow and back-office needs.

googletag.pubads().enableSingleRequest(); If you send them to CoreFund they will be placed in an already long queue. I had a carrier trying to get us to pay him directly hes called me a dozen times today but theres nothing we can do until we have a notice of assignment from CoreFund that this trucking company has gone to them for funding and CoreFund sends us an invoice, which we will pay the same day, Ginevra told FreightWaves. 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. Werner, Erin

business regarding their efforts to resolve consumer complaints will be added The company also has complex contracts and they can make it difficult to leave your contract. 9-625.

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