If youre looking for a new factoring service and youre coming from CoreFund, give us a call +1 (410) 204 2084. It has been sent. Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. window.googletag = window.googletag || {cmd: []}; CoreFund, Inc. | Copyright 2018 - 2021 |. By having access to a Business Finance Consultant you have access to hundreds of funding sources across the United States as well as Canada, Australia and the U.K. CV22-0851. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. The initial credit line provided to the client on May 31 was increased from $12 million to $25 million on Nov. 2 to provide the necessary availability to support ongoing growth for the client. CoreFund Capital specializes in business financing through invoice factoring. 9-406. 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. Your name will not be used in a follow-up article without your permission. A good factoring partner will have tools and expertise that help you with everything you need, not just same-day cash. Its unclear why Jacob Sacks created the new trust. The Top 10 Best Freight Factoring Companies. Employee Profiles 1. . Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. You save time by having your loan or lease directed to the most appropriate funding source. #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. Shim Sacks did not respond to FreightWaves request seeking comment. She is an award-winning journalist known for her investigative and business reporting. Truckers were hit with a double whammy after CoreFund went dark in mid-July and no one was in the office to release them from the UCC-1 (Uniform Commercial Code) liens filed by the factoring company against the carriers assets. Weatherford, Texas, United States; 11-50; Private; www.corefundcapital.com ; 478,758; Highlights. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under Section 9-626 may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. Factoring involves three parties, the buyer, the seller and the factor. Might learn how to keep it from happening going forward and seeing how to maybe get your money. 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. AVOID THESE PREDATORY FACTORING COMPANIES. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. 9-401. As of late Thursday night, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund. We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. GET PAID Get your cash deposited in your bank account fast! And there are tons of great factoring companies that are ready, willing and able to pick up the pieces. Possibly. }); FreightWaves Grace Sharkey contributed to this report. (e) [Statutory damages: noncompliance with specified provisions.]. 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()); Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. Our credit checks are instant through our online portal. 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. June 3, 2022 Contact Information. The receiver stated the goal is to have this done by the end of this week, Friday 8/5/22. UCC Filings are a standard part of almost all factoring agreements. googletag.cmd.push(function() { The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. CoreFund Capital facilitated an increase to the credit facility for a global logistics and freight forwarding company. Q. Good Afternoon Everyone, The reserve is kept to cater for short payments; payments of a fraction of the amount of the invoice by the debtor or a delayed payment. 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()); 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. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. Email formats & phone numbers of CoreFund Capital 10-50 employees. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers.. In order for you to receive the best possible offers, please make sure your answers above are accurate prior to submitting. Clarissa has covered all aspects of the trucking industry for 14 years. googletag.pubads().collapseEmptyDivs(); If you do not have this, Jason can pull it for you. window.googletag = window.googletag || {cmd: []}; (a) [Judicial orders concerning noncompliance.]. Our agreement: https://loadxfactoring.com/terms-and-conditions/, Our application: https://loadxfactoring.com/loadx-factoring-application/. All things considered, you can argue CoreFund is in default and the contract is no longer valid. A. The law firm Warren Fonville of Fort Worth, Texas, which is representing the younger Sacks, did not respond to FreightWaves request for comment. Factoring entails purchasing accounts receivables from a business at a discount. If you want to factor with LoadX Factoring the rate is 3.5% non-recourse, month to month, free same day and next day pay, no hidden fees. However, former employees with access to CoreFunds Facebook account have been posting updates to its panicking trucking customers since no one has responded to their calls or emails. 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. A debtor whose deficiency is eliminated under Section 9-626 may recover damages for the loss of any surplus. Don't spin your wheels on complicated lease terms or tedious invoice processing. CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs googletag.pubads().enableSingleRequest(); The amount that remains is kept as a reserve by the factoring company and paid after the invoice is cleared by the trucking company's client. View contacts for CoreFund Capital to access new leads and connect with decision-makers. Please know that every employee of CoreFund wishes more than anything we could have continued funding our clients and now that we could release them and end this awful mess but even if we terminated a UCC or sent a release letter it would not be enforceable given we are no longer employees of CoreFund. 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. Effective immediately, Express Freight Finance will offer a 60-day contract with a 30-day release clause for those carriers impacted by this situation with no set-up, due diligence, or early termination fees. googletag.defineSlot('/21776187881/FW_Super_Leaderboard', [[300, 50], [970, 90], [300, 100], [728, 90]], 'div-gpt-ad-1668097889433-0').defineSizeMapping(gptSizeMaps.banner2).addService(googletag.pubads()); the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. Attorney Jason Medley, in Houston, Texas, is filing an emergency intervention and involuntary receivership on behalf of all CoreFund carriers. CoreFund Capital is the premier full-service freight bill factoring company in the USA. Is your factoring company next? CDL Grad, No Experience Because of the event of default the agreement can be terminated. Factoring involves three parties, the buyer, the seller and the factor. Please be careful with those saying they can. Harris is experienced in a range of factoring operations. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. 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. 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. Join Our Community. PERSONS ENTITLED TO FILE A RECORD. Jason is able to send this demand letter for you if you request it. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. 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. CoreFund is described as simple, transparent, and reliable. If youre currently a CoreFund client, because of the UCC currently governing your agreements, your customers will likely not be able to release any funds to another factor. This still has some risks if the Debtor actually owes money to the Secured Party. As a business owner, moving freight should be your top priority - but managing financials can pull focus away from your trucks. Our Take: You can file an amendment to terminate CoreFunds UCC filing against your company if CoreFund fails to file the termination. Many of those we are trying to help are small 1 truck operators who are days away from closing down. googletag.pubads().collapseEmptyDivs(); window.googletag = window.googletag || {cmd: []}; googletag.pubads().enableSingleRequest(); 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. In the meantime, we are here to help.. This is exactly why factoring companies suck. Each company we work with has specific experience requirements for their drivers. Q. 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 . googletag.enableServices(); Currently, CoreFund has a UCC Filing for all of its customers. Q. May 7. They provide factoring services for. googletag.cmd.push(function() { Contact information for Attorney Jason Medley: Jason M. Medley While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. 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. CoreFund Capital | Weatherford TX 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. 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.. googletag.pubads().enableSingleRequest(); More updates coming. I have provided information to them in hopes they can also put pressure on Shim Sacks and Chris Wakefield, the parties responsible for shutting our doors with no plan of how to take care of the carriers. Can any other factoring company factor my loads right now. The last thing we want to see them do is to lock themselves into long-term contracts as a short-term fix. 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. }); 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. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. 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. googletag.enableServices(); 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. 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). Update 7/28: Freightwaves just published a comprehensive update of the CoreFund situation. Hes concerned about not being able to pay these carriers since hes had no communication with any of CoreFunds executives. Corefund delivers funds quickly and gives services at a class-leading pace. Paperwork is submitted easily through email. A hearing is schedule for tomorrow, Wednesday 7/27/22. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. After several communications with their team, we are allowing the receivers staff and the CoreFund staff (many of whom we are told returned to work under the pending receivership) to have time to access the computer systems and review the list of our carriers, which number slightly above 100 at the moment.. VP with Express Freight FinanceTel: 770.500.9435adellinger[at]expressfreightfinance.com. The petition states that this is because of a , between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). 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. Staffing Agencies. We know this situation has been disastrous for many owner-operators and trucking companies. 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()); }); He said the CoreFund situation is rare in the factoring world. In theory, this would be a free process much like any normal day if you wanted to get out of your CoreFund agreement before any of this had happened. Melissa Harris joined CoreFund Capital as vice president. Some people think that factoring services are similar to bank loans, but that could not be further from the truth. In fact our agreement is online for the world to see. If you or someone you know needs support, please dont hesitate to reach out. The hard part is over and the judge appointed a receiver in the CoreFund case. According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. window.googletag = window.googletag || {cmd: []}; OTR Solutions - Fastest funding and best true non-recourse factoring program. Financial Services . 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. googletag.enableServices(); }); googletag.cmd.push(function() { googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); Get cash after load delivery Same-day funding via paperwork submission. Menu icon A vertical stack of three evenly . If you owe money, we will make sure that you agree on that amount and then we will consider making payment into the court registry or their lawyers trust account. whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. Major Update: Thursday 7/28/2022, 2pm cst. But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. Edit Details . Subject to subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. Lesson learned! 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. 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. Our Take: Even if your contract with CoreFund states that the transfer of rights is prohibited (a new factoring company takes over in case of default), this section does not allow such prevention. 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 We hope the staff of CoreFund Capital are being taken care of. As of Monday night, July 25th, the company confirmed via Facebook that, unfortunately, the entire CoreFund team was terminated. (6) fails to comply with Section 9-616(b)(2). 04/30/2022. 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. Factoring services, unlike bank loans, focus on the value of receivables. 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. Trucking only produces 6-10 % profit, paying factoring companies takes from your profit. 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. Great article for financing spectators such as us along side informative work around to make sure we have the back bone strong enough to handle all our clients through this. In addition to any damages recoverable under subsection (b), the. ALIENABILITY OF DEBTORS RIGHTS. Except as otherwise provided in subsection (b) and Sections 9-406, 9-407, 9-408, and 9-409, whether a debtors rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. (g) [Limitation of security interest: noncompliance with Section 9-210.]. View All Contacts . PERSONS ENTITLED TO FILE A RECORD. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. Subject to subsection (h), if requested by the. googletag.pubads().enableSingleRequest(); Because CoreFund is closed and is not replying to any request, it is reasonable to assume they will also not be sending NOAs upon request either this possibly allowing brokers to send payments elsewhere since they do not have a current NOA as requested. Corefund has gone above and beyond and helped me manage my cash flow . While the old trust only named Shim Sacks children as beneficiaries, the new trust lists both brothers children as beneficiaries. Section (d) states that if the Purchaser deems itself insecure with respect to the prospect of repayment or performance of its obligations then this will constitute an event of default. Ashley Dellinger, Vice President at Express Freight Finance, said, Carriers are upset and panicked at this time. Charter Capital works with many oil and gas servicing companies who have gained a competitive advantage with invoice factoring. With month-to-month agreements and no hidden terms or fees, why not start getting your cash fast today, All rights reserved. 24 were here. which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. Extended hours, including Saturday funding. If this process runs as planned, our fees will be very manageable and divided among the group. googletag.pubads().enableSingleRequest(); Alternatively, you may file a termination demand letter with CoreFund. . You can view the order here: https://hubs.ly/Q01hQDNy0. The petition states that CoreFunds, have been wrongly shut down. 4 days ago 10 trucking companies that used their services were having issues. Wait. 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. As part of the original trust, Shim Sacks granted special power of appointment to Jacob Sacks. googletag.enableServices(); It does not look like it at the moment. googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); CoreFund Capital provides its services on a contractual basis. 2 Years 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. A. Every month 400 people find a job with the help of TruckersReport. CoreFund Capital can help you manage cash flow by purchasing your outstanding invoices through a process called transportation factoring or freight bill factoring. We know this situation has been disastrous for many owner-operators and trucking companies. 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. The news about this case is coming out fast and furious, so keep a close eye on it. 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. 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. There are additional workarounds that can be explored.. 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. Silver Spring, MD 20910. We are doing everything in our power to restore things back to normal operations however we are currently unable to do so therefore we understand if our clients need to make other arrangements., CoreFund Capital Facebook Post, 7/22/2022 at 1:25pm cst, All, I would suggest you contact OOIDA. googletag.cmd.push(function() { Some carriers expressed concerns that if they stay with CoreFund, they fear they will wind up in the same situation in a month or two if the feud between Meir Shim Sacks and his younger brother, Yaakov Jacob Sacks, isnt resolved. (2) if the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price. The worst of the CoreFund fiasco is over: yesterday (July 28, 2022), the judge in the court case about the factoring company appointed a trustee on behalf of CoreFund Capital. 2. They answer questions and handle our business promptly in a professional and courteous manner. Any invoices uploaded during this time will be processed on Tuesday, January 17. By checking this box and clicking the "Send me job offers" button below, I represent that I: By checking this box and clicking the "Send me job offers" button below. 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. , Shim Sacks granted special power of appointment to Jacob Sacks created the new trust lists brothers! Facebook that, unfortunately, the buyer, the owner-operators and trucking companies ) [ Judicial orders concerning noncompliance ]. 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