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First off, hello to all. I'm fairly new to the space and have only signed up with a handful of funders.
Anyone that can steer me in the right direction here will be much appreciated. Looking to find a home for this client.
Food & Beverage Industry
78K average deposits 98% through CC's
Less than 5 years TIB
Wants lower than 8% hold back on 30K
Need a Direct Funder who can make this client's dream a reality.
Suggestions are welcome.
PM for more details.
Credit Card Split - Hold Back will be in the range of 15% to 20% with a 6 to 9 month turn.Quote:
Originally Posted by Just1Guy
(I do not believe an 8% Hold-Back is a reasonable option)
or a possible SBA Loan - get him more capital for a longer term.
Example - SBA loans: 1X a month principle and interest payment, 10 yr. term & no prepayment penalty.
$125k is only $1468/month.
25K would be in the range of $350.00 per month.
Call me or email for application.
If the deal is super clean and qualifies for our platinum level pricing we might be able to do 7.5% remittance. If not it will most likely be 9-12% remittance. We specialize in credit card split deals and have been funding them since 2005.
You have got to sit down and do the math.Quote:
Originally Posted by Just1Guy
They're asking for about a 15-18 month turn here (assuming 1.30-1.4)... tough one.
$78k total monthly deposits with 98% of it being CC sales? If they're only looking for $30k, this shouldn't be more than a 5-6 month deal at an 8% holdback.
Correct Zach. Tough one. He does have offers on table all higher than 10%.
You have to take into consideration that this client is processing roughly 75-80K in CC's per month. 10% is a lot. Very short term.
ACH is an option as well if anyone has any suggestions on 15-18 months.
Are you guys approving your own deals or still using BFS?Quote:
Originally Posted by GRP Funding
Your math is correct on this deal.
Id say its 7-8 Month deal.
BFS should be your best bet!Quote:
Originally Posted by Just1Guy