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. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. CoreFund Capital LLC Founded in 2015 Description CoreFund Capital LLC, a freight factoring company, is a premier provider of financial services, specializing in business financing through invoice factoring. The credit facility was structured by CoreFund Capital with a wholly-owned subsidiary of a publicly traded company through an amended secured accounts receivable facility. (6) fails to comply with Section 9-616(b)(2). PERSONS ENTITLED TO FILE A RECORD. 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. Itll take a couple of days to add your truck(s) to their insurance and get their decals, but once you have it, you can book your own loads under their authority and make a deal to share revenue. 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. 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. Except as otherwise provided in Section 9-628: (1) a person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and. If you are owed money, we will likely simply reserve our right to seek it later. Four things To Do If You've Been Factoring With CoreFund - Bobtail Yes. 9-401. The petition states that CoreFunds, have been wrongly shut down. Trucking Press Releases & News (Page 4) - PR.com As part of the original trust, Shim Sacks granted special power of appointment to his brother, Yaakov Jacob Sacks. CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. Paying wages due is more important than obeying a dispute. googletag.enableServices(); Read 10 Reviews of CoreFund Capital to check if it is legit. Currently we are all at the mercy of the court system, CoreFund attorneys, and CoreFunds owners. Freight bill factoring with CoreFund Capital keeps your business rolling: Free same-day funding including Saturdays w/ no monthly minimum! (b) [Agreement does not prevent transfer.]. Our commitment is to . 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. DrayNow & CoreFund Capital Announce Partnership Business to Business Service; Good Afternoon Everyone, 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. Do you have a story to share? The following is from Todd Waller, former Business Development Officer at CoreFund Capital. Factoring services, unlike bank loans, focus on the value of receivables. Weatherford, Texas-based CoreFund LLC had recently ceased operations in the midst of an ongoing spat between the two brothers in charge of CoreFund's holding company. Again, the information here should not be construed as legal advice, but only as our opinion on the matter. Company: User ID: Password: v4.5.0.1811 Best viewed in Explorer 9.x and above, Firefox 35.x and above, Chrome 50.x and above. If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. Factoring Loads - Find Truck Dispatchers - FindDispatchers.com GET PAID Get your cash deposited in your bank account fast! We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. By providing your email, you indicate you have read and understood our In addition to any damages recoverable under subsection (b), the debtor, consumer obligor, or person named as a debtor 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 9-509(a); (4) fails to cause the secured party of record to file or send a termination statement as required by Section 9-513(a) or (c); (5) fails to comply with Section 9-616(b)(1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or. Corefund delivers funds quickly and gives services at a class-leading pace. It does not look like it at the moment. Loss caused by a failure to comply may include loss resulting from the. CoreFund Capital | LinkedIn CoreFund clients please know that every factoring company is in the same position, waiting for this receivership to start allowing releases. (a) [Other law governs alienability; exceptions.]. 6-11 Months Corefund Capital | TruckersReport.com Trucking Forum | #1 CDL Truck 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. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. Privacy Policy. Photo credit: Jim Allen/FreightWaves. The petition states that CoreFunds bank accounts (and thus entire business) have been wrongly shut down. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. (214) 242-5800 Corefund Capital Profile and History CoreFund Capital LLC, an invoice factoring company, provides business and cash flow solutions through full service invoice factoring. Can they factor new brokers? Loss caused by a failure to comply may include loss resulting from the debtors inability to obtain, or increased costs of, alternative financing. googletag.cmd.push(function() { 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()); 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. 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. googletag.pubads().collapseEmptyDivs(); var gptSlot = googletag.defineSlot('/21776187881/Sidebar1EAS', [[300, 250], [336, 280], [300, 600]], 'div-gpt-ad-b7-i-fw-ad-6').defineSizeMapping(gptSizeMaps.sidebar1).setCollapseEmptyDiv(true).addService(googletag.pubads()); Paperwork is submitted easily through email. 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.cmd.push(function() { Please try again later. CoreFund Capital is a great factoring company, their reviews online are a testament to that. A recipient of a request under Section 9-210 which never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection. (1) a person that, at the time of the failure, was a, , or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and. She is an award-winning journalist known for her investigative and business reporting. 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. 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 Capital LLC - $6.2 Million Revenue | Kona Equity In fact our agreement is online for the world to see. Spencer Fane LLP 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. With a commitment to clien ts and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. If you're looking for a new factoring service and you're coming from CoreFund, give us a call +1 (410) 204 2084. If you have a news tip or story idea, send her an email to, The only thing missing in your inbox is FreightWaves. . This may be good news as it may allow for a faster path for removing UCCs and NOA to allow clients to sign on to a new factoring company without issue. 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. (g) [Limitation of security interest: noncompliance with Section 9-210.]. An argument could be made that Frost Bank is a guarantor to CoreFund and they have frozen CoreFunds account thereby failing to perform their original obligations to CoreFund. CoreFund Capital - Overview, News & Competitors | ZoomInfo.com var gptSlot = googletag.defineSlot('/21776187881/Sidebar4EAS', [[300, 250], [336, 280], [300, 600]], 'div-gpt-ad-b10-i-fw-ad-9').defineSizeMapping(gptSizeMaps.sidebar1).setCollapseEmptyDiv(true).addService(googletag.pubads()); LoadX Factoring - Freight Factoring by Truckers Receiver works to get truckers paid after CoreFund Capital's abrupt The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). This will expedite helping you move on to a new factor, without waiving the right to get your Reserves released (that will be step 2). 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 Factoring company resumes operations - Land Line Unfortunately, . 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()); authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed. CoreFund was founded by industry veterans with the sole mission of making factoring easier and more . googletag.pubads().collapseEmptyDivs(); Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. fails to comply with a request regarding a list of collateral or a statement of account under Section. Todd Waller, former business development officer at CoreFund Capital, was among those fired. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. It will take a little time for the receiver to get into the offices, get access to accounts, etc, but the hard part is over. 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. CoreFund Capital LLC, an invoice factoring company, provides business and cash flow solutions through full service invoice factoring. Carriers unable to pay drivers, purchase gas after CoreFund Capital Contact information for Attorney Jason Medley: Jason M. Medley Before joining FreightWaves, she wrote for Land Line Magazine and Trucks.com. A. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. On Behalf of Jason M. Medley CoreFund Update 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. The petition is asking the Parker County, Texas District Court (Case No. window.googletag = window.googletag || {cmd: []}; Carriers unable to pay drivers, buy fuel after CoreFund Capital closes CoreFund Capital Provides $25MM Credit Facility for - Commercial Factor 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. . Send me an email. But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. The two attorneys we suggest are Jason Medley and David Jencks. A. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. googletag.pubads().enableSingleRequest(); Our customized approach provides them with the cash flow so. We will continue to update this post with more information as we get it. So for example, if you factored an invoice worth $5,000 with TBS Factoring, and your customer took four weeks to pay TBS, your final percentage owed would be 5%, or $250 of the total $5,000. 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. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. Ideally, these things happen and you are then free to move onto a new factoring company without issue. CoreFund is described as simple, transparent, and reliable, customers say they always deliver funds quickly and give services at a class-leading pace. 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. Details. 9-625. Can any other factoring company factor my loads right now. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. 5+ Years, Please select ALL of your current, valid drivers licenses. }); googletag.cmd.push(function() { No factor. We are in contact with the International Factoring Association, the largest factoring association in the world, and also the association that both CoreFund and we at LoadX Factoring are a part of. 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. View All Contacts . Contact. Working with companies of all. 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. 3) No TheTruckersReport.com comments CoreFund Capital - loannexus.com Tony Ginevra, director of operations for Florida . Lesson learned! 2. Somebody needs to go to jail for the hardships that youve caused in the past 2 mths! Every month 400 people find a job with the help of TruckersReport. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). Corefund Capital Discussion in 'Ask An Owner Operator' started by Judge, Aug 3, 2022. This morning thousands of trucking companies found themselves without money to pay employees, buy fuel, or even afford basic necessities after CoreFund Capital, a major freight factoring provider, shut down its business without any warning. which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. Our staff is hurting and struggling with this as we were completely blindsided. Before you become an O/O you should take business classes and have atleast 20k in the bank. 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. Crown Financial is a Houston factoring company founded in 2000. 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. googletag.pubads().enableSingleRequest(); 1 Year . but it could be risky for those companies that are already factoring CoreFund truckers' accounts receivable. On January 9, 2019, freight factoring company, CoreFund Capital, and its sister dispatch company, HardCore Dispatch Services . Trucking only produces 6-10 % profit, paying factoring companies takes from your profit. window.googletag = window.googletag || {cmd: []}; 3. Our credit checks are instant through our online portal. googletag.enableServices(); PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. In CDL School Now 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. Get on the road, stay on the road, and grow. }); 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. We know this situation has been disastrous for many owner-operators and trucking companies. 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. 2) No BBB accreditation 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. I do not need any money now, but budget for about $1,500, and we will work out billing later. Hundreds of small business truckers depend on their services to stay afloat. HardCore Dispatch finds the best loads, negotiates the best rates, and. I have spoken to the attorney for CoreFund. 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. According to court documents, Meir Shim Sacks founded CoreFund Capital in 2014. The receiver has the ability to act for CoreFund, meaning issuing releases, etc. CoreFund Capital Hires Harris as Vice President - Commercial Factor googletag.enableServices(); As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. About $ 1,500, and we hope a resolution is found for their.! 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