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  1. #1
    Senior Member Reputation points: 43862 ADiamond's Avatar
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    client wants term loan, certainly qualifies for one - cant get approved

    my client did upwards of $2MM in rev YTD, and $1.6MM in previous calendar year. net positive on P&L 3 years in a row. 750 FICO, has two tax liens for 35-40k BUT HAVE BEEN PAID and vacated...

    we tried to get him lending club & funding circle - cant get him approved - FOR WHAT REASON? no idea. not to mention he has a 2 year payment history of paying daily MCA's without flaw.

    he wants $150k...

    anyone have experience dealing with this? i was thing fundation or onemain/springleaf...
    Anthony Diamond
    Underwriter

  2. #2
    I thought Funding Circle pulled out of the US....also other than the one's you just mentioned I'm not sure who to go to regarding term loans right now...

  3. #3
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    Did you try sending him to credit repair to get the tax liens off?
    I have a great option for you - you can make some nice money off of it.

    Then you/we can get him credit lines from banks that you can also make money off of.

  4. #4
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    Quote Originally Posted by ADiamond View Post
    my client did upwards of $2MM in rev YTD, and $1.6MM in previous calendar year. net positive on P&L 3 years in a row. 750 FICO, has two tax liens for 35-40k BUT HAVE BEEN PAID and vacated...

    we tried to get him lending club & funding circle - cant get him approved - FOR WHAT REASON? no idea. not to mention he has a 2 year payment history of paying daily MCA's without flaw.

    he wants $150k...

    anyone have experience dealing with this? i was thing fundation or onemain/springleaf...
    ADiamond,

    We have and will work with companies with tax issues. Do they sell to commercial customers on terms? Kevin.Henry@SeacoastBF.com
    Hedley Lamarr......That's Hedley

  5. #5
    Senior Member Reputation points: 752
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    Quote Originally Posted by ADiamond View Post
    my client did upwards of $2MM in rev YTD, and $1.6MM in previous calendar year. net positive on P&L 3 years in a row. 750 FICO, has two tax liens for 35-40k BUT HAVE BEEN PAID and vacated...

    we tried to get him lending club & funding circle - cant get him approved - FOR WHAT REASON? no idea. not to mention he has a 2 year payment history of paying daily MCA's without flaw.

    he wants $150k...

    anyone have experience dealing with this? i was thing fundation or onemain/springleaf...
    What's the reason for the declines? Does he have an AR/Invoices? If so we can do long term working capital for him. If not, there's a few other consolidation lenders we broker through (not fundingcircle, bondstreet, etc) but private financing companies and funds that'll likely do it. lmk.

  6. #6
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    Anthony,

    We specialize in term loans and lines of credit for well-qualified borrowers. At first glance this request appears solid, but would like to discuss ways we could structure capital for the borrower if they are still in the market. If the request has been satisfied, still give me a call to make sure you have other sources outside of the usual suspects for these types of products.

    All the best.

    Sean
    LiftForward
    917.477.6534
    sean@liftforward.com

  7. #7
    Member Reputation points: 971 Ultimatecloser's Avatar
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    Anthony we may have a solution for your client just need the particulars

  8. #8
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    Quote Originally Posted by ADiamond View Post
    my client did upwards of $2MM in rev YTD, and $1.6MM in previous calendar year. net positive on P&L 3 years in a row. 750 FICO, has two tax liens for 35-40k BUT HAVE BEEN PAID and vacated...

    we tried to get him lending club & funding circle - cant get him approved - FOR WHAT REASON? no idea. not to mention he has a 2 year payment history of paying daily MCA's without flaw.

    he wants $150k...

    anyone have experience dealing with this? i was thing fundation or onemain/springleaf...
    We can help with this. Call or text Renee 702-743-7438

  9. #9
    Quote Originally Posted by ADiamond View Post
    my client did upwards of $2MM in rev YTD, and $1.6MM in previous calendar year. net positive on P&L 3 years in a row. 750 FICO, has two tax liens for 35-40k BUT HAVE BEEN PAID and vacated...

    we tried to get him lending club & funding circle - cant get him approved - FOR WHAT REASON? no idea. not to mention he has a 2 year payment history of paying daily MCA's without flaw.

    he wants $150k...

    anyone have experience dealing with this? i was thing fundation or onemain/springleaf...
    Anthony - if these tax liens are paid off and there is nothing else wrong with the file I can't imagine why it's being declined. With what you are describing, we should be able to put together a loan for the $150k requested over a term of 1-2 years with weekly or even monthly payments. Feel free to call me to discuss.

    Steven Safirstein
    Vice President of Sales & Head of ISO Relations
    Breakout Capital Finance, LLC
    6862 Elm Street, Suite 300, McLean, VA 22101
    O: 703 852 6013 I steven@breakoutfinance.com

  10. #10
    Senior Member Reputation points: 179491 ryan $'s Avatar
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    Ill take a shot at the file

  11. #11
    Like you mentioned Fundation would be a good home for it. If you need someone to submit it to Fundation for you I would be that dude. Let me know we can work it out however you want.

  12. #12
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    If he took out MCA before its highly probable either that its too many inquiries, or too many positions in the past. I've had clients in the same boat and most term lenders do not like if they even had 2 in the past with perfect payment history, or its that the MCA brokers / lenders are pulling his credit too much in the last 12 months.

    Its a catch 22, like it or not traditional lenders look at MCA with a side eye

  13. #13
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    Anthony,

    Please touch base on this one if you still need help. We are Funding (in house) deals that fall short of Funding Circle, Fundation etc. with 24-36 month term advances. We did 300k 24 month 1.4 for a firm last week that has an SBA loan. Broker made 4 points on the deal- and client is thrilled.

    Typically looking for strong deals- that likely have a little fur on them- that need transitional capital to thrive.

    Best,

    Richard

    rg@businesscapitalconsultants.com

    516 510 3855

  14. #14
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    If your customer owns $300,000 'free & clear' (minim) of any type of equipment. I might be able to pull $150,000 cash-out of his equipment at lower rates than the best MCA and with monthly payments / 3 to 5-year repayment term

  15. #15
    Karen37a
    Guest
    If all these things do not work out. I have been dropping down to 95k or 75k, whatever watermark the "algorithms" dictated then showed them how to erase the tax lien once its vacated( some can be removed, some cant) .then did an add on for more money with the same Funder ( 2-3) months later.

    It was easier than trying to point out the fact that its A paper.

    ( seeing those tax liens sometimes puts a bad taste in their mouth, even though they are paid ; not all underwriters...but some think if they were irresponsible once, they can do it again...*not that I agree with the logic*)
    Last edited by Karen37a; 09-13-2017 at 07:33 AM.

  16. #16
    Karen37a
    Guest
    You qualify to have an irs lien removed if these things happen.

    Your tax liability has been satisfied (you’ve paid what you owe) and your lien has been released;
    You are in compliance for the past three years in filing your individual and business returns, and information returns (as applicable) and;
    You are current on your estimated tax payments and federal tax deposits, as applicable.


    There are other remedy's for other types of liens and also liens that were recently paid
    Last edited by Karen37a; 09-13-2017 at 07:48 AM.

  17. #17
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    I can fund the $150k if your merchant has valuable free and clear business equipment and or equity in real estate they're willing to pledge as collateral.

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