2.5 Mil annual wholesaler, 5 traditional loans/LOCs outstanding. Seeks consolidation

General:

14 years in business, import/export fragrance wholesaler. Owns his home, has liquidity in cash (75k), retirement (92k) and securities (112k).

Cash Flow:

163k monthly spread out among 3 accounts. 1.9M in 2013 and 2.5M in 2014 annual revenues, gross profit went up 66% from 2013-2014. 2015 taxes are still pending but 2015's annual was 2.3 M.

Right now his monthly A/R's are about 150-200k, but peak months ranges from 250-300k which turns every 60-75 days.

Outstanding Debt:

5 traditional loans/LOCs out with Santander, Chase, and Sovereign banks with low monthly payments all with 5 year terms except for one with 10 year.

Total outstanding balances are ~390k, 5 monthly payments totaling ~11k.

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Client is looking to pay off all traditional lines and consolidate under one lender/entity, net the rest of capital for inventory.

Seeking a long-term product of 5+ years and around 500-750k. We have already tried FundingCircle (too overleveraged), Fundation (hard cap of wholesalers 150k+). Still out with Dealstruck.

Client will not accept MCA rates.

Hello LOG:
The existing loans sound more like term loans than lines of credit.
The importance is generally term loan lenders do not take an all asset lien thus allowing lenders who offer products that look more like traditional loans to lend to companies like your client.
This sounds like an Asset Based. Loan using inventory and accounts receivable as collateral.
If you interested in exploring this please contact me.
Bob