[rld]

I have a client right now that didn't take my advice and has 5 loans he is trying to pay.

He is going to have to file chapter 11. You want to avoid stacking beyond a short term 2nd like the plague.

I am sure you have had a million PM's from brokers and lenders trying to get your business by now.. If you haven't found the right one yet send me a PM and I would be willing to run the numbers for you and give you my advice whether to pay off ODC or get a 2nd or just ride it out. Sometimes not making a move at all is the best course of action.

[Travis MSG]

I'm a broker as well as a private funding source for my clients that don't meet my own standards. I work with OnDeck and I know that stacking on them is bad for your relationship. OnDeck will build your business credit and you don't want them also reporting you stacked on them. In regards to you being called and promised better rates, it's only a pitch to get your documents 99% of the time.
There are two lenders who compete with OnDeck. I work with them as well. The companies you mentioned are "ISOs" (brokers). Nomatter what you do, make sure you pay ODC off. No second position, plus 2nd position is more expensive. I would like to speak with you if you are back in the market for capital. I can provide as much as your seeking. I do the traditional advances, I will buy and lease property for additional locations, and I will provide asses based funding. Based on what I see here, I believe you may qualify for my "in-house" funding.
Please contact me if you have not signed a contract yet.
Travis
O- 646-561-3072

PS, watch JSL. The math I see in his post is incorrect. 20K at 1.40 is 28k, not 24k

[JSL23]

You're right-should not do math quickly in my head. But really, who cares?! The point remains the same: Paying a slightly more expensive 2nd position, in certain situations makes a lot more sense than a Refi (okay so he is paying back $28,000 even better).

PS-watch Travis MSG "you may qualify for my in-house funding" is code for "I'm a broker that is going to send your application to every Lender on the block! And if you would like something quasi asset based I can offer the WBL product!" And Travis, it is A-S-S-E-T based, not A-S-S-E-S based, although Asses based funding is something I'd love to see!