Results 1 to 5 of 5
Threaded View
-
06-19-2014, 09:08 AM #1
Need To Stop The Bleeding
I've been in the finance business for almost 30 years and I've been in the cash advance industry about 8. In all of my years in business I've never seen a file like the one I received last night!! OMG.....I have a major headache.
Merchant is an upscale restaurant doing about $170K a month in gross revs.
Has 7 MCA's that keep allowing him to renew. Merchant is paying out over $5000/day in MCA's. Hasn't even been in business a year. He owes out approx $484,000 in advances. I need to figure out a way to stop the bleeding with this guy. He already has a small SBA, I may be able to consolidate these advances with a larger SBA, but I haven't completely convinced myself I can get my bank to do it.
Suggestions????