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  1. #1

    Looking for non-ACA funding for merchant-730 FICO

    Hello folks,

    I have a long-time merchant, who has gotten several loans through me over the years, who is looking for working capital of about 100-200k. As stated in the title, he currently has a 730 FICO and would like more favorable terms than our MCA/ACH programs.

    Are there any FUNDERS (and I repeat....FUNDERS) who would like to consider this merchant, and if so, what are your requirements?

    (To those of you in FL, I'm praying for you and your families!)

  2. #2
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    Did you try Funding Circle or SBA?

  3. #3
    Quote Originally Posted by abfunders View Post
    Did you try Funding Circle or SBA?
    No sir. I don't know if I want to deal with all of SBA's paperwork, and I'm not too familiar with Funding Circle, but I will look into that option. Thank you for your feedback.

  4. #4
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    SBA is a lot easier than you think.
    www.smartbizloans.com

    I am still a broker with Funding Circle, they aren't allowing new brokers. Shoot me over an email, we can discuss the various programs that you should know about I can submit it for you. FC is a bit tight - I just got a rejection on a 700+ credit score due to low business credit.

  5. #5
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    Quote Originally Posted by ezmerchant View Post
    No sir. I don't know if I want to deal with all of SBA's paperwork, and I'm not too familiar with Funding Circle, but I will look into that option. Thank you for your feedback.
    The ENORMOUS difference in rates, terms and expected debt service payments to the borrower should be worth a few hrs of their time to fill-out SBA paperwork.

  6. #6
    That's a fair statement. Very fair statement.

  7. #7
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    Quote Originally Posted by ezmerchant View Post
    Hello folks,

    I have a long-time merchant, who has gotten several loans through me over the years, who is looking for working capital of about 100-200k. As stated in the title, he currently has a 730 FICO and would like more favorable terms than our MCA/ACH programs.

    Are there any FUNDERS (and I repeat....FUNDERS) who would like to consider this merchant, and if so, what are your requirements?

    (To those of you in FL, I'm praying for you and your families!)
    Simple Interest Business Loan or a Credit Card Split.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  8. #8
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    What industry? how does he get paid by his clients?

  9. #9
    Send me a email with details and i'll see what we can do. Have direct money but it has to make sense.
    Robb
    repayne@financier.com

  10. #10
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    If your client owns some valuable equipment, we can probably refinance it and put some cash in his hands

  11. #11
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    95% of my business is SBA, and I understand not wanting to go through a SBA loan for this size of a loan. That said, you could place this as an SBA express loan. You can get those through quicker than a typical SBA loan. Someone here mentioned smartbiz, and they have a great track record and have relationships with SBA lenders. If it were me, I would go with a direct lender like Celtic Bank.

  12. #12
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    Quote Originally Posted by sbaguy View Post
    If it were me, I would go with a direct lender like Celtic Bank.
    What does Celtic pay on an SBA?

  13. #13
    Hello If this scenario is still on the table I may have a solution that's the perfect fit. shoot me a email repayne@financier.com

  14. #14
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    Sorry, I just saw this. It depends on your volume with them and how good the broker is at putting a package together. If the broker is just doing an intro and sending a few financials they will probably only get 1%. That said, if the broker is good at putting an SBA file together and send a decent amount of volume then they can make up to 2% on general-purpose deals. Celtic is not the best paying SBA lender, but they do deals that others won't. The best paying SBA lender can vary from bank to bank depending on the relationship. You may be getting 3-4% at bank A, while I would only get 1% submitting there. I may have a better relationship with bank B and get 3-4% there, while you only get 1%. Like most things, it just depends.

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