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06-17-2014, 09:56 AM #1
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Buyout and replace existing loans while subordinating their first lien position.
I have two similar deals. Both have relatively new loans with lenders who will not subordinate their first lien position to a
factor.
Both companies qualify for new loans for the amount outstanding but not much more.
Does anyone know of any direct lenders who would consider these deals?
Bob 734-929-3800
rshaw@advancecredit.com
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06-17-2014, 05:08 PM #2
- Join Date
- Apr 2014
- Posts
- 73
Buyout and replace existing loans while subordinating their first lien position.
As far as I know they want the merchant to keep at least 50% of the capital when paying off competitor loans. So your clients will have to pay those loans at least half way off before they can refinance.
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06-18-2014, 01:21 PM #3
We can get this deal done but the merchant must net 60% of advance after payoff if refinancing.
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06-18-2014, 01:43 PM #4
- Join Date
- Jan 2013
- Location
- Berlin, CT
- Posts
- 191
What kind of loans do these merchants have out? Traditional bank financing?
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06-18-2014, 02:11 PM #5
- Join Date
- Jun 2014
- Posts
- 541
If the debt service isn't crushing, this is a deal that we would fund w/o the subordination agreement-
Robert S Bloink
EVP of ISO Partnerships
Direct: 313-218-4663
Email: bb@cooperasset.com
Web: www.cooperasset.comLast edited by BB_Cooper; 06-18-2014 at 02:14 PM.
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