Results 1 to 9 of 9
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01-03-2018, 01:46 PM #1
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Long time client trying to refinance 2.7 Million in debt
Full disclosure, this is a little out of my realm so not sure really if anything can be done here (or if it makes sense to refinance).
I have a client I have been working with for a while that would like to refinance approximately 2.7 million in debt. His goal is to have just one large payment a month and prolong payments to reduce overall monthly amount.
Here is a breakdown on the $2.7 million in debt that he would like to refinance:
1.) Acquistion Loan- Bank Loan: Current Balance: $1,212,000
2.) Equipment Loan- Bank Loan: Current Balance: $389,000
3.) Line of Credit- Bank LOC: Current Balance: $350,000
4.) Commercial Mortgage: Current Balance: $223,000
5.) Commercial Mortgage: Current Balance: $185,000
6.) SBA Loan: Current Balance: $340,000
Business Information
Manufacturer in NY, acquired in 2012, a little over 2 Million yearly revenue, owners FICO approximately 750
I can get any additional information that is needed from the business owner.
Please PM me if you can help! Thank you.
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01-03-2018, 02:00 PM #2
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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, 02:10 PM #3
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Are they profitable?
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01-03-2018, 02:46 PM #4
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Kevin you are correct, majority of the debt is held by one bank.
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01-03-2018, 02:51 PM #5
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WestCoastFunding, they are profitable every year according to business tax returns.
2015 shows $95,000 profit
2014 shows $118,000 profit
I only have P&L for 2016, not the return, but that shows profit as well.
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01-03-2018, 03:04 PM #6
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- Quogue, NY
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01-03-2018, 03:58 PM #7
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01-03-2018, 04:02 PM #8
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Is the client willing to pay higher rates and shorter just to get it under one roof? The SBA rates are impossible to beat.
The best way to do this is to walk into a bank and get a new blanket loan.
If he wants to pay a higher rate, I can possible help you on this one. I can't touch Richard's toes, but you can try me.
What's the exit strategy?
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01-03-2018, 10:48 PM #9
I see two mortgages. Is it for the building where the business operates out of? If so, what is the est. value of the property? And what city in NY?
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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