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01-30-2018, 09:19 AM #24
Reputation points: 12169
- Join Date
- Jul 2015
- Posts
- 168
Please note that we do have some outdated content on the website in places, we can now go up to $1mm on high quality regular deals (does not apply to consolidation program). We currently do not have a formal cap for the zero-net consolidation program but yes once we get above $100k we want to see overall higher 'cleanliness' in the file, higher credit, more revenue, older biz etc etc.
I'm going to post our 'smell test' for the zero-net consolidation program below to avoid confusion. Again this program is not easy to qualify for but if your merchant does check the boxes it is much much better than a perverse consolidation. You can get up to 13.20% and it can cut your merchant's payments significantly more than a perverse consolidation goes since we can go 8-11mo in this structure. If you've got a merchant that hits at least 5 of these you should at least check to try and get the full consolidation first.
a. In business at least 3 years
b. Owner FICO 599+
c. No more than 80% combined balances to monthly gross sales/net deposits
d. Debt burden test: On paper refi’ing the current balance at a 10mo 1.35 reduces the current daily payments by at least 50%
e. Max 4 negative days in last 60 days of bank
f. Has not taken a new advance within last 30 business days, i.e. 1.5 months.
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