[shieldfunding]

went into contract for 36 months term loan, but fell through last minute as well breakout couldn't give approval, personal credit is perfect 750-800.
here are the details
opened a 4th restaurant and requested a loan from American Express since they provided approval within 24 hours; however, their repayment term is a year at a very high interest rate. (wait till she sees what is really out there lol )

looking for $150,000 loan to be repaid in 18 mnths @18%-24% to payoff the two American Express loan, one under XXXXXXXXX Inc. with an estimated payoff as of today of $79,438.57 and the second one under XXXXXXXwith an estimated payoff as of today of $69,324.00.

Here is some information from the other 3 restaurants

XXX - Open Date: June 1, 2015
2016 Gross Annual Sales $ 1,593,497

XXX - Open Date: February 29, 2016
2016 Gross Annual Sales $1,075,866

XXXX - Open Date: June 19, 2017
June Sales from the 19th thru the 30th (12 days) $41,782.54
i was hoping to to bring to rapid on their 18 months top program but not in busness long enough ...
any suggestions other than MCA

[moe]

Rapid Advance

[Yankeeman07]

went into contract for 36 months term loan, but fell through last minute as well breakout couldn't give approval, personal credit is perfect 750-800.
here are the details
opened a 4th restaurant and requested a loan from American Express since they provided approval within 24 hours; however, their repayment term is a year at a very high interest rate. (wait till she sees what is really out there lol )

looking for $150,000 loan to be repaid in 18 mnths @18%-24% to payoff the two American Express loan, one under XXXXXXXXX Inc. with an estimated payoff as of today of $79,438.57 and the second one under XXXXXXXwith an estimated payoff as of today of $69,324.00.

Here is some information from the other 3 restaurants

XXX - Open Date: June 1, 2015
2016 Gross Annual Sales $ 1,593,497

XXX - Open Date: February 29, 2016
2016 Gross Annual Sales $1,075,866

XXXX - Open Date: June 19, 2017
June Sales from the 19th thru the 30th (12 days) $41,782.54
i was hoping to to bring to rapid on their 18 months top program but not in busness long enough ...
any suggestions other than MCA

Business Line of Credit or possible a Credit Card Split/Lockbox.

[MCAVeteran]

why couldn't breakout approve that profile. banks? the longer term loans are very hard to get approved. the financials are highly scrutinized.

[ryan $]

Im sure he has equipment in those restaurants - leaseback

[shieldfunding]

they did not approve because they did not believe it made sense for merchant to pay off an 12% APR loan for higher rate.. got her approved upto $250K with rapid over 15 months 1.23 .she is considering 150K because believe it or not she actually would prefer daily versus withhold on amex .. but she does want me to find something else meanwhile j

why couldn't breakout approve that profile. banks? the longer term loans are very hard to get approved. the financials are highly scrutinized.