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06-12-2017, 06:22 PM #1
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- Jul 2015
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- 8
NSFs and/or Defaults
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
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06-13-2017, 01:41 AM #2
- Join Date
- Feb 2017
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- 3,463
Factoring. You can email me for some references.
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06-13-2017, 08:49 AM #3
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.Last edited by ridextreme; 06-13-2017 at 09:25 AM.
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06-13-2017, 08:53 AM #4
- Join Date
- Mar 2017
- Posts
- 37
We are a direct Factor, we can help.
Kevin Sampson
Capital Solutions Bancorp
http://capitalsolutionsbancorp.com
ksampson@capitalsolutionsbancorp.com
706-745-8435 Office
561-436-5883 Cell
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06-13-2017, 09:26 AM #5
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06-13-2017, 10:23 AM #6
- Join Date
- Dec 2013
- Posts
- 4,713
Cresthill/Mantis funds tens of merchants a day that have NSF's littered throughout their bank statements!!!
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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06-13-2017, 10:55 AM #7
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06-13-2017, 11:06 AM #8
^ I almost went with that one, but wanted to show how little they both have to do with each other.
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06-13-2017, 12:06 PM #9
- Join Date
- Apr 2014
- Location
- Brooklyn, NY
- Posts
- 8
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 ?
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06-13-2017, 01:39 PM #10
- Join Date
- Jul 2015
- Posts
- 8
Thanks for your contribution to my thread.
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06-13-2017, 01:43 PM #11
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- Jul 2015
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- 8
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06-13-2017, 05:01 PM #12
- Join Date
- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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06-13-2017, 05:08 PM #13Karen37aGuest
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 dealsLast edited by Karen37a; 06-13-2017 at 05:23 PM.
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06-14-2017, 01:07 PM #14
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- Jul 2015
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- 8
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