[Sachip24]

merchant does about 500k monthly
fico 800+
Auto Dealer in Florida
looking for 250k longest term possible

[WestCoastFunding]

Can't think of any. In theory SFS won't do used auto but could look at new auto sales if it has a service dept. but even that is so slim. The prob with auto is that even though they did $500k, that could just mean 10-20 cars sold. On top of that their margins are so slim. Their cost of goods sold can be as high as 90% or more.

[RichardGerard]

Earnings is the key here.. As the lender will likely not like the fact that the Auto Dealer has a Floor plan, the FICO and earnings will be the determining factor of who will underwrite the file..

If the borrower shows earnings on last years corporate return, feel free to touch base..

rg@businesscapitalconsultants.com

[gail_waters]

merchant does about 500k monthly
fico 800+
Auto Dealer in Florida
looking for 250k longest term possible

actually have a very similar client, so greenbox does auto, accord if 650 plus fico and 5 years in biz, vitalcap if 650 fico and 2 years in biz.....then for 2nds everest and lendini will do a max of 50k

[Karen37a]

I've found that they do not consider it "tier 1" because of the floor plan

The floor plan is in 1st position so it is almost always 2nd position.Also when you break down the 500k monthly...each car they sell they buy for x amount ...example 30k, they put maintenance into it then sell it for 35k? 40k?

So they are not making 500k in a traditional sense...10 cars sold @ 50k = 500...20 @ 25k. When I have been in that position I have talked them down a bit.

See how many cars sold, amount of floor plan and from who...then you have a fighting chance...no way on the 250k though imo


Google map satalight the location to make sure its not an outhouse and ask him how many cars belong to him not on consignment ( so you dont waste time or get your heart broken on the close backend )

They make money on the finance, like we do ( multiple lenders )

[Karen37a]

west said I am dating an albanian used car sales person...he told me

[BB_Cooper]

If it otherwise qualifies as Tier 1, why aren't they just adding another Flooring Facility?

[Karen37a]

If it otherwise qualifies as Tier 1, why aren't they just adding another Flooring Facility?

Here come the real underwriters, with real questions

[matt.estes]

BlueVine works with auto dealers all the time. We go as low as 4.6% simple interest - think of it as a 1.05x over 6 months. We won't give as large approvals as other lenders (because we are a line of credit, not a loan / advance). However, most folks won't even do these deals...

Matt
929 2020 8152