[LJH365]

Construction Contractor looking for a payoff and net $100k or a 2nd position.


Main issue is April bank statements- merchant made 0 deposits due to a screw up with a builder he was working with. During April he he renegotiated his mca into a weekly (he renegotiated before it defaulted) Details below:


Current MCA- $43k balance, paying $308 daily.

Last 11 months

July 2016 184k
Aug 2016 $130k
Sept 2016 $120k
Oct 2016 $109k
Nov 2016 $141k
Dec 2016 $88k
Jan 2017 $93k
Feb 2017 $202k
March 2017 $350k
April 2017 $0
May 2017 $38k

Has $907k in open receivables for jobs that should be completed within the next 60 days.

Tax returns for 2016 show $1.2 mil
Credit is high 600s.

I don't have a P & L or balance sheet.

Thanks

[ryan $]

what state is he in?

[ryan $]

I can get it done, not in house, we would take 20% of Commission

Depending on which state he is in depends on if we can do it... How flexible is he? Does he need to Pay off? Or can he just net what he wants?

Also, his sales are irratic, how are upcoming months of last year?

Recievable Factoring?

Does he have equipment?

Most likely not an MCA Deal, would pay 2-5 points - Plus Fee sheet of 1-3 Points

[RichardGerard]

Hey Sean..

Construction Company- strike 1

Renegotiated payments- strike 2

Revenue in April and May- ........

[nrh1lp]

Do you have an M&E report? Might be able to do something based off of the value of his equipment.

[therealrichzone]

If your contractor has $200,000 of equity in equipment owned, we can cash out $100,000 and our terms and rates will be friendlier than an MCA. Call for more info