Kembly Payoff
Payoff Letters
Verify:
Document is on competitor letterhead and confirms payoff amount
Document confirms wiring information (balance)
For the correct Business name/entity
Dates
Complete in opportunity:
Copy & Paste the name of the MCA(s) in the existing lender name
Review Loan Amount offers approved to make sure it is double the total of all payoffs
This action could be tricky sometimes since some information change through the process and/or the loan offer sometimes has not been generated.
Please reach out your SME for more instructions
SME should review
Chatter: the offer sometimes has not been generated
Credit Decisions: the amount changes through the process
Loan Amount Desired: the amount is empty sometimes, so we can not use this field all the time
Final Action: if the loan offer is not at least double the balance of all outstanding payoffs, please add a closing stip other > UW approval is needed as the total payoff amount is greater that the loan amount
Attach each payoff letter as ‘18 Payoff (corresponding MCA name)’ to the application page.
Payoff Letters: fill in the competitor data
Hover the mouse over competitor data
if there is a competitor data created with the MCA name already on it, proceed to open it and fill in the following
Loan Treatment : Delta Bridge
Competitor name (other) : (empty)
Product Type: MCA
Current Balance: enter the higher amount listed in the payoff letter
Verification Date: enter the date
if there is a competitor data created with the "other" name already on it, proceed to open it and fill in the following
Loan Treatment : Payoff
Competitor name (other) : Example: Delta Bridge
Product Type: MCA
Current Balance: enter the higher amount listed in the payoff letter
Verification Date: enter the date
if there is NO a competitor data, proceed to create a new one and fill in the following
Loan Treatment : Payoff
Competitor name (other) : Example: Delta Bridge
Product Type: MCA
Current Balance: enter the higher amount listed in the payoff letter
Verification Date: enter the date
Important about MCAs
Delta Funding and Cloud Fund are the same
National Funding and Quick bridge are the same
Funding Metrics and Lendini are the same
Fund Funding and Lendr are the same
Headway
If the merchant provides a payoff letter
Proceed normally and accept the letter, complete the competitor data section and accept the closing stip
If the merchant provides a ZBL
Do not accept the closing stip, sales has to submitt a case and accept the ZBL
Final Action, if the payoff letter does not satisfy our request, reject the closing stip and add > Document provided cannot be used in lieu of an official payoff letter
Zero Balance Letters
Verify:
Document is on competitor letterhead and confirms a zero balance
For the correct Business name/entity
Complete in opportunity
Remove the name of the MCA(s) in the third party payee name and/or existing lender name field
Uncheck Payoff to Existing Lender and Existing Cash Advance in opportunity
Attach each Zero Balance Letter as ‘18 ZBL (corresponding MCA name)’ to the application page
“Not Require” the corresponding payoff letter closing stipulation in Alpaca
Important: removing the payoff amount from the competitor data (Only if there is a current balance listed in the competitor data)
This following action is not always needed, but
if the current balance is empty no need action, proceed to not required the corresponding payoff letter closing stipulation in Alpaca
if the current balance has been entered, then proceed to delete it from the competitor data (We CAN NOT remove the payoff amount from the opportunity, this action must be done in the competitor data)
Set loan treatment to payoff
Verification date must be populated
Set the current balance to 0.00
Save
Remove the Loan Treatment
Remove Verification Date
Save
The payoff amount will now reflect 0.00 in the TPP section on the opportunity, if not please escalate the deal to your SME for fixing.
Final Action, if the payoff letter does not satisfy our request, reject the closing stip and add > Document provided cannot be used in lieu of an official zero balance letter
ZBL Screenshots
Screenshots for ZBLs
We can actually accept screenshot for zero balance letters for ALL MCAs. If the screenshot satisfy our closing stip, save it as {18 ZBL "MCA Name"} and attach it in app.
We can accept Screenshots of a merchant’s zero balance from MCA’s websites.
To be accepted MCA Screenshots must have the following
Business Name
Lender’s Name (if there is only a logo, this can be accepted)
Current Balance
Be a current screen shot and show the date. (This date can either be on the portal itself or the desktop if a screenshot was taken from a computer.)
A Maximum of two screenshots can be used together to show all requirements.
Documents that are not screenshots or official paid in full letters will be rejected (i.e. emails or statements, these will need case approval)
Screenshots will only be used to fulfill Zero Balance Letter (paid in full) closing stips. They cannot be used in lieu of payoff letters without a case.
Other actions with MCA/ZBL
for MCAs and/or ZBL
Check UW cases for MCA waivers (and delete any waived MCAs from the TPP), please reach out your SME in order to "read" the UW case waiver
If any LOX is received with the following messages, please decline the deal > DQ (ineligible) > Existing Merchant Cash Advance Balance (s) Too High
Overstacking
Merchant funded with a different partner
MCA can not coexist
MCA balance too high
MCA waive was not approved
LPDA
LPDA stands for Loan Proceeds Disbursement Authorization
Review the DocuSign Doc
Make sure the Envelope ID matches the ID from the LPDA, If the ID is different, reject the document.
Make sure the email listed on the DocuSign form matches the merchant's email on our application. If the emails are different, reject the document.
Owner must be listed, signature and date
If the document satisfy our closing stip, save it as {18 payoff LPDA Docusign} and attach it in app.
Review the LPDA Letter
Make sure the Envelope ID matches the ID from the DocuSign, If the ID is different, reject the document.
Make sure the MCA name is listed
If the document satisfy our closing stip, save it as {18 payoff LPDA} and attach it in app.