I have a client that owns a chain of 3 tanning salons, each is a separate LLC, he is doing about 1 million a year in sales, has a 700 credit score and wants to consolidate 300,000 in debt that is currently at 12% to 30% APRs can Anyone help me, help him?
He is ideally looking for a 5 year term
I would like to get him a rate less than 12% if that's possible?
Email or tex me if you can help, my email is sales@buytanningsalons.com or you can text 424-281-7918 thank you !
Fyi I am an ISO
1 million in sales between all three? That's about 83 to 84,000 a month. If these numbers are right, they wouldn't qualify for 300,000 with ZERO balances, much less a buyout of 300,000. Add to that the current debt of 12%-30% APR? You want BETTER than that?
Maybe if the guy owns some real estate, our boys over at WBL can offer him something, but they sure as **** ain't gonna do it for no 12%
Sorry if you find this abrasive...just keeping it real, so you can move onto the next one.
It is doable. Just take a $310k advance deal at 1.45 factor rate and pay off the existing $300k at 12% APR. This allows the owner to net $10k for a short vacation. Then once he is back from vacation, assist him to apply for $500k SBA loan to pay off that $450k advance. Everyone wins; the owner got a vacation; you, the ISO get to make mucho dollars.
<This is a joke; please don't do this.>
Where it becomes challenging is when you push the debt past the SBA Express program threshold of 350k. That forces client to have at least 100% collateral.
Chambo is right about the 12% though.. Why would a lender deploy capital to a business at 4X's their monthly top #? Their profits better be substantial, the credit impeccable, the equipment basically new etc... If that were the case they likely wouldn't be in the spot they're in..