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10-09-2017, 06:55 PM #1
Reputation points: 68233
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
So client owns a restaurant that has an SBA loan- THEN has taken 3 advances on top of it. Since restaurants have no real assets (the equipment is cheap and depreciates swiftly), the SBA locked up all of his personal assets with a 504 or 7a.
Since he likely is paying more than 50k per month to advances, chances are merchant is not profitable. The issue is not total equity, it's the LTV on each.. Likely note much to attach to.
Taking on more debt seems like the last thing this merchant should be doing
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