CoreFund, Inc. | Business Finance & Lending! 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. HardCore Dispatch Services, LLC is a dispatch company for OTR truckers looking to keep their trucks loaded and running. CONSHOHOCKEN, Pa., Jan. 27, 2021 /PRNewswire/ -- DrayNow, the first real-time intermodal marketplace, and CoreFund Capital, a premier full-service. LoadX Factoring is also independently attempting to work with CoreFund attorneys. Corefund Capital Closure - Need-to-know CAVI, Inc. 3 Years Website & Phone: 1880 Santa Fe Dr #400 Weatherford 76086 United States. Your email address will not be published. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. Contact Us Today! (d) [Recovery when deficiency eliminated or reduced.]. This has left their clients scrambling to cover costs. CDL Grad, No Experience 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. CoreFund Capital is one of the best factoring companies out there. , 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. Read 10 Reviews of CoreFund Capital to check if it is legit. ALIENABILITY OF DEBTORS RIGHTS. Loss caused by a failure to comply may include loss resulting from the debtors inability to obtain, or increased costs of, alternative financing. 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. Receiver works to get truckers paid after CoreFund Capital's abrupt Most likely the financing statement in your UCC does include this. 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. CoreFund Capital, LLC Appoints Bonnie Castillo New President. CoreFund Capital LLC, a freight factoring company, is a premier provider of financial services, specializing in business financing through invoice factoring. CoreFund Capital Reviews | Read Customer Service Reviews of The petition states that this is because of a , between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). Thank you everyone. }); 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. s inability to obtain, or increased costs of, alternative financing. CoreFund clients please know that every factoring company is in the same position, waiting for this receivership to start allowing releases. DrayNow & CoreFund Capital Announce Partnership Good Afternoon Everyone, Mar 19, 2014 . }); Clarissa has covered all aspects of the trucking industry for 14 years. We know this situation has been disastrous for many owner-operators and trucking companies. LoadX Factoring helping CoreFund Capital Clients (with updates) CoreFund Capital LLC | Better Business Bureau Profile BBB accredited since 5/8/2018. On Behalf of Jason M. Medley CoreFund Update CoreFund is dedicated to our clients and provides loyal service so you can focus on your business and keep your word to your clients! 4 Years Many of those we are trying to help are small 1 truck operators who are days away from closing down. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. CoreFund Capital Best for startups and small fleets As a (relatively) small trucking business with between one and 100 HGVs, competing with the big boys can be tough. Their online reviews are overwhelmingly positive, with many reviewers noting that they've worked with CoreFund Capital for years without ever experiencing a problem. Four things To Do If You've Been Factoring With CoreFund - Bobtail The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. LoadX Factoring was able to confirm through a top executive of CoreFund that all staff were fired, including executive staff, early in the week. CoreFund was founded by industry veterans with the sole mission of making factoring easier and more transparent to truckers and the transportation industry. 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. Please select the number of verifiable months youve been driving professionally using your Class A CDL within the last 3 years. Court docket-appointed receiver Timothy Hassenger is engaged on getting lots of of truckers' accounts receivable paid almost three weeks after a authorized feud between brothers relating to the belongings of a household belief led to the abrupt shutdown and firing of all workers at CoreFund Capital, a Texas-based factoring firm. 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. The hard part is over and the judge appointed a receiver in the CoreFund case. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. Paying wages due is more important than obeying a dispute. Customers describe CoreFund Capital as reliable, saying that they always deliver funds on the day they are . Please try again later. The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. James Rothman Named CEO of GMA Factor, CoreFund Capital 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. 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. However, TBS Factoring does pride itself on its lack of extra fees. AVOID THESE PREDATORY FACTORING COMPANIES. 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. googletag.cmd.push(function() { The case is schedule to be heard on 8/1/2022 at 9am in the Parker County 415th District Court. Feel free to pass this information along as you see fit. As with the previous question, if a factoring company does factor a load for you without a CoreFund release and new NOA then that factor may never get paid. Attorneys, rival factoring firms and brokerages have acquired quite a few calls from a few of CoreFund's roughly 350 trucking purchasers, together with many owner-operators, who're determined for solutions and could also be pressured to shut their doorways if they will't pay their drivers or buy gas. First, none of the information below constitutes legal advice, and you should consult an attorney. COREFUND CAPITAL - Business Financing - 1880 Sante Fe Dr, Weatherford If you send them to CoreFund they will be placed in an already long queue. Factoring entails purchasing accounts receivables from a business at a discount. 2 Years Attorneys, rival factoring companies and brokerages have received numerous calls from some of CoreFund's approximately 350 trucking clients, including many owner-operators, who are desperate for answers and may be forced to close their doors if they can't pay their drivers or purchase fuel. googletag.cmd.push(function() { 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. Paperwork is submitted easily through email. Can I invoice loads directly and have the broker pay me? sales@corefundcapital.com; 800-405-5464; 1880 Santa Fe Dr #400; 76086; Weatherford; United States; Categories. 2) No BBB accreditation UCCs are regulated by law and all parties involved in a UCC filing must follow these regulations. (f) [Statutory damages: noncompliance with Section 9-210.]. Freight Factoring | The Truckers Resource Attorneys for CoreFund have indicated this morning they may file for voluntary bankruptcy or receivership as noted yesterday. Freight bill factoring with CoreFund Capital keeps your business rolling: Free same-day funding including Saturdays w/ no monthly minimum! Drivers on the hook after CoreFund Capital's sudden closure Additionally, we are saddened and sickened by how this is impacting our clients who we consider family and we are legally unable to do anything to help as they struggle to stay in business.. 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. 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()); Crown Financial is a Houston factoring company founded in 2000. Frost Bank did freeze CoreFunds operating account, and CoreFund believes TBK Bank will do the same. (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. Without your consent employers will not be able to contact with job offers, would you like to opt-in now? 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 . CoreFund Capital Freight/Invoice Factoring - Blog These reviews are mostly positive, many reviewers have mentioned they are working with CoreFund for years without facing any problems. googletag.cmd.push(function() { Truly a great group of people. In order for you to receive the best possible offers, please make sure your answers above are accurate prior to submitting. Harris is experienced in a range of factoring operations. googletag.enableServices(); Each company we work with has specific experience requirements for their drivers. Subject to subsection (h), if requested by the. More updates coming. At this moment there is no way for a factoring company to arrange buyouts or releases until this is resolved. The court will consider appointing a receiver. Our factoring agreements give you the freedom and flexibility to maintain your customer relationships with confidence and trust. Wait. Can any other factoring company factor my loads right now. Before signing a contract, detailed information about the trucking company . Section (c) states that an event of default occurs when any guarantor fails to perform their obligations to Purchaser. 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. It does not look like it at the moment. Employee Profiles 1. . Working with companies of all. 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. Please be careful with those saying they can. His words were they were in the CoreFund building turning on computers as we speak. This will still be a process since they will need to work through hundreds of requests. Trucking is a community-based industry chances are, you have a friend whod be willing to lease your truck(s) under their authority. CoreFund Capital LLC | Better Business Bureau Profile We have seen CoreFund client contracts and Section 21.1 No Lien Termination without Release also possibly limits this ability. CoreFund was founded by industry veterans with the sole mission of making factoring easier and more . With a commitment to clien ts and a customized approach, CoreFund combines their cash flow solutions with a superior level of care and service. Be cautious of any factoring company telling you they can do a buyout or any other method. They answer questions and handle our business promptly in a professional and courteous manner. Harris is experienced in a range of factoring operations. Our team was amazing and worked hard to build a reputation of taking care of our clients and now through the deliberate and selfish/hurtful/evil actions of one person that has all been ripped away from us. googletag.cmd.push(function() { CoreFund offers same-day factoring to trucking companies throughout . PH 281.352.6032 The petition states that CoreFunds, have been wrongly shut down. whose deficiency is eliminated under Section, may recover damages for the loss of any surplus. 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. CoreFund is described as simple, transparent, and reliable. They are also attempting to help as much as they are able. CoreFund executives have not issued a statement about the factoring companys future. Our best advise is to speak with an attorney. Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). Carriers unable to pay drivers, purchase gas after CoreFund Capital Our commitment is to . 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. Werner, Erin . Corefund Capital Company Profile | Management and Employees List - Datanyze Everyone trying to call their account representatives or the general phone number were left getting only voicemails or "mailbox full" notifications. Do you have a story to share? 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.cmd.push(function() { 9-406. 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. No matter what you do, We will continue to be here to help you. Operating a successful business requires your . Our Take: This section dictates that the account debtor (the client or a broker) can request from the assignee (CoreFund) reasonable proof that the assignment has been made (a Notice of Assignment). Our credit checks are instant through our online portal. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. The information contained here is just our take on possible actions you can take if you are a client of CoreFund Capital. , an assignee shall seasonably furnish reasonable proof that the assignment has been made. CoreFund's other services - online credit checks, fuel discounts, fuel advances and more - give small to mid-sized operators access to big company benefits. Please watch out for the predatory factoring companies. But a buyout, or any other type of method through normal means, is impossible right now because there are no staff to process this. 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()); 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. 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. 6-11 Months Not likely. googletag.pubads().collapseEmptyDivs(); 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. The factoring company, Corefund Capital (Corefund) has ceased operations. The petition states that CoreFunds bank accounts (and thus entire business) have been wrongly shut down. 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()); CoreFund Capital Hires Harris as Vice President - ABFJournal At that point they will be able to begin the process of terminations. Corefund Capital | TruckersReport.com Trucking Forum | #1 CDL Truck While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. CoreFund Capital LLC, an invoice factoring company, provides business and cash flow solutions through full service invoice factoring. 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 gptAdSlots.push(gptSlot); }); Some brokerages and other factoring companies say the newly appointed receiver may be crucial. Can they factor new brokers? googletag.pubads().collapseEmptyDivs(); the court order brings us much closer to meeting the needs of CoreFunds factoring clients.. Our customized approach provides them with the cash flow so. 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. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Thank you. googletag.pubads().enableSingleRequest(); We also suggest you login to your CoreFund portal and download every report year to date, broker list, collection notes, etc that you can. to allow CoreFund to continue daily operations without fear accounts being frozen or Wakefield and Sacks closing the business. 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. googletag.pubads().enableSingleRequest(); Silver Spring, MD 20904. A. I am extremly happy with the services . 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. Industries we serve Business services Manufacturing Oil and gas Staffing Factoring amounts $ 50,000 $ 25,000,000 Robyn Barrett Managing Member This section refers to defaulting on the contract. CoreFund Capital understands the importance of strong relationships. 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. window.googletag = window.googletag || {cmd: []}; Our customized approach provides them with the cash flow solutions they need and the level of care and service they deserve. Whether you do business with us at LoadX Factoring in the future or not, we are here to help as much as we can. Edit Details . googletag.enableServices(); Melissa Harris joined CoreFund Capital as vice president. *NOTE: LoadX Factoring was started by truckers, for truckers in order to help other truckers and help them avoid predatory factoring companies. The petition states that this is because of a spat between the parties who control CoreFunds holding company and trust (Wakefield and Sacks). 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. 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. No factor. Marathon Financial Factoring Services (800)647- 0850 | 18 seguidores en LinkedIn. 12510 Prosperity Drive Update from OOIDA is the correct update - CoreFund Capital | Facebook 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. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. The ones who work daily at CoreFund are great people and we hope a resolution is found for their sake. Get on the road, stay on the road, and grow. googletag.pubads().enableSingleRequest(); I spoke to a carrier yesterday out of New York that submitted three invoices to CoreFund last week and no one responded to her so shes stuck in limbo, Ashley Dellinger, vice president of sales and marketing of Utah-based Express Freight Finance, told FreightWaves. He currently represents about 50 trucking companies stonewalled by CoreFund and said the number is climbing every minute.. window.googletag = window.googletag || {cmd: []};