Results 1 to 10 of 10
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01-03-2018, 12:08 PM #1
- Join Date
- Mar 2015
- Posts
- 62
Looking for 1MM LOC
Business does 4MM+ annually, good credit, lots of aging A/R to be leveraged, looking for lowest cost access to 1MM that will at the very least feel like a LOC. Not looking to put any real estate collateral up.
Any ideas here? Appreciate it!
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01-03-2018, 12:11 PM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,485
What industry? Kevin.Henry@SeacoastBF.com
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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01-03-2018, 12:11 PM #3
- Join Date
- Feb 2017
- Posts
- 3,429
What's the current debt?
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01-03-2018, 12:33 PM #4
- Join Date
- Mar 2015
- Posts
- 62
He Rents out Commercial Equipment he owns and owns real estate.
Per merchant debt is 350k to a bank on an existing LOC
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01-03-2018, 12:35 PM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,485
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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01-03-2018, 03:57 PM #6
- Join Date
- Feb 2017
- Posts
- 3,429
Unsecured will be impossible.
I can get you a secured line, but he'd obviously have to buy out the bank, who has first position and a blanket UCC. Maybe we can finance his equipment and give him more working capital.
Send me an email Skytop, there's a lot of good business to be done!
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01-03-2018, 04:35 PM #7
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Skytop,
My colleagues Kevin and Micah make excellent points. As Kevin mentioned the AR is likely pre billed so the Net Operating Income of the entity, and the Guarantors credit will likely play a large role in finding the right credit facility.
Should you wish to discuss in greater detail, please feel free to do so..
RG 516 510 3855
www.businesscapitalconsultants.com
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01-03-2018, 04:57 PM #8
- Join Date
- Feb 2017
- Posts
- 3,429
Let me clarify on this one: We can help him an unsecured credit facility that won't make a UCC lien for $150,000, but for $1mm, he'll have to re-fi everything. UNBLOCs might be possible to get a few $150,000 bank lines at once, but again, the senior debt is key.
And from my experience recently, convincing a merchant to buy out the bank rates for higher rates and worse terms is very hard!
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01-03-2018, 10:51 PM #9
If he's willing to pledge the property (if he comes around to it), a 30-year amort. mortgage will certainly offer lowest payments. Keep us in mind.
Criton Capital, LLC
12508 W. Atlantic Blvd
Coral Springs, FL 33017
Tel: 786-210-5557
Fax: 786-228-0884
loans@critoncapital.com
www.critoncapital.com
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01-04-2018, 07:22 AM #10
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Since the client is unwilling to leverage Real Estate (and we do not know the extent of existing leverage), and there appears to be a pre billing component to the AR- earnings, FICO, and M and E are the only things left to squeeze.
Without understanding those dynamics how to attack this is just speculation.