[capitalkey]

Which lenders are more likely to approve a business with multiple NSFs and/or past defaults but show a good amount of revenue coming in.

I know you may need more specifics but in general.

Here is an example of a client I am working with... Trucking... 2.5m/year gross rev, looking for $150k. Has other mca/loans balance of about $100k left.

Thanks in advance.

Mike

Capital Key

[abfunders]

Factoring. You can email me for some references.

[ridextreme]

Which lenders are more likely to approve a business with multiple NSFs and/or past defaults but show a good amount of revenue coming in.

LOL so he has defaulted on previous advances, BUT he shows a good amount of revenue coming in?

That is like getting declined for a car loan at the dealership but saying to the finance guy "I know I have 4 previous repo's- but I have brown eyes!".

One has nothing to do with the other.

[KMSampson]

We are a direct Factor, we can help.

[ridextreme]

We are a direct Factor, we can help.

LOL That's a new one a direct factor hahaha!!!!!!

[mcaguru]

Cresthill/Mantis funds tens of merchants a day that have NSF's littered throughout their bank statements!!!

[Cambridge]

LOL so he has defaulted on previous advances, BUT he shows a good amount of revenue coming in?

That is like getting declined for a car loan at the dealership but saying to the finance guy "I know I have 4 previous repo's- but I have brown eyes!".

One has nothing to do with the other.

The eye color wasn't a good example.

I'd say it's closer to getting declined for a car loan at a dealership and saying to the finance guy "I know I have 4 previous repos - but I have a good amount of income!"

[ridextreme]

^ I almost went with that one, but wanted to show how little they both have to do with each other.

[greg]

Hi Marcus,


Cresthill/Mantis funds tens of merchants a day that have NSF's littered throughout their bank statements!!!



Honestly, if a merchant has a recent payment plan that had just finished in May, looking for a 3rd position, with 120k monthly deposits, currently has 2 positions in total 35k balance ...

Another merchant is in a current repayment plan...

Will Cresthill consider funding these merchants ?

[capitalkey]

Thanks for your contribution to my thread.

[capitalkey]

LOL so he has defaulted on previous advances, BUT he shows a good amount of revenue coming in?

That is like getting declined for a car loan at the dealership but saying to the finance guy "I know I have 4 previous repo's- but I have brown eyes!".

One has nothing to do with the other.

Thank you for your helpful response. I hope one day I can return the favor.

[mcaguru]

Hi Marcus,


Cresthill/Mantis funds tens of merchants a day that have NSF's littered throughout their bank statements!!!



Honestly, if a merchant has a recent payment plan that had just finished in May, looking for a 3rd position, with 120k monthly deposits, currently has 2 positions in total 35k balance ...

Another merchant is in a current repayment plan...

Will Cresthill consider funding these merchants ?

If merchant adjusted payments for a while and went back to normal - we usually fund.

[Karen37a]

Cap Key

Some Funders take into consideration if all the nsfs were in one day or two, stemming from one event ( eg vendor bouncing a check ) or isolated incident...some do not care either way....Negative days weigh more into the equation( with some). Was it the slow season? Or just losing business etc.

All industries( sic codes ) are looked at differently ( some are more in favor than others with particular funders ).

The default one is hard to conquer unless he had a temporary heart attack and rose from the dead ( being facetious )

When I looked at these in the past when I was first placing deals I thought " would I put my money into this? " then id think hell no ( disclosed upfront to funder the issue ) and I got it funded anyway because certain companies are more tolerant than I would have been ( if it was my money)

I called a Funder or 2 saying " you made a mistake on the underwriting you are offering 80k " it should be 30k-40k...
( lowering my commission like a fool )
10 plusyears in business, 720 plus credit took the offer up and over the hump. You will learn whats in their wheel house and risk tolleranc level after many deals

[capitalkey]

Cap Key

Some Funders take into consideration if all the nsfs were in one day or two, stemming from one event ( eg vendor bouncing a check ) or isolated incident...some do not care either way....Negative days weigh more into the equation( with some). Was it the slow season? Or just losing business etc.

All industries( sic codes ) are looked at differently ( some are more in favor than others with particular funders ).

The default one is hard to conquer unless he had a temporary heart attack and rose from the dead ( being facetious )

When I looked at these in the past when I was first placing deals I thought " would I put my money into this? " then id think hell no ( disclosed upfront to funder the issue ) and I got it funded anyway because certain companies are more tolerant than I would have been ( if it was my money)

I called a Funder or 2 saying " you made a mistake on the underwriting you are offering 80k " it should be 30k-40k...
( lowering my commission like a fool )
10 plusyears in business, 720 plus credit took the offer up and over the hump. You will learn whats in their wheel house and risk tolleranc level after many deals

Thanks for your insight Karen. Much appreciated!