[brokerCompany]

Have a contractor that does 500k deposits monthly.
Current balance around 40k.
Need 125k+ at longest term
Credit is bad 590s.
Need a 12 month term..
Already factoring
Direct funders?

[NoBigDeal]

Pearl Capital

[ryan $]

Credit will be an Issue.

I get Great Programs from Vital for Contractors.... again not sure about the credit though

[JHausen]

Ryan Vital goes through Strategic's platform right?

[brokerCompany]

Vital has been little weak with us on offers.

[golf2014]

Current balance 40k..and they are no re upping him..i think that explains it all

[Karen37a]

Go for 100k stay under the watermark

Find out why his credit is 590 ...10/20 points makes all the difference in the world.

Mortgage brokers use to do something called a "rapid rescore" where they bumped the credit right before submission.Others talked to clients ONE YEAR before they bought a house...long game to fix their finances.

Some Mortgage brokers learned the credit algorithms and created computer programs to:: bump:: like a whack a mole game. ( ** add...which spured a deep seeded hatred between some collections teams and the Independnt mortgages brokers who have been whamping them for decades, and why some know the collection rules laws like the back of their hand and do not let clients default or go after them when they do ** )
The reason the credit is 590 makes a difference.If its medical bills for $30 collections or default on credit cards or tax lien.
If I see someone defaulted on all their credit cards I am asking "what happened to your credit cards" and then I think they are one step from bankruptcy.
Now if the person has 5- 10k a month in avg daily balance...that will move a file thru for a certain dollar amount

People yell at me but. Id rather ditch the file on the front and find a good one...then wait and get a dead air no response: crickets: from a funder who will find those things out( maybe depending on underwriter) . A few reps say " why are you sending me this shiate lol( even though we screen things) then I put my tap dancing shoes on .( if there is a valid reason and who knows I could be wrong and being lied to)


( I know people want a simple answer but the answer to why you cant do it is more productive, then spend your time finding the right files or keeping the dollar amount in the right perspective)

I am saving the trees

[Karen37a]

Current balance 40k..and they are no re upping him..i think that explains it all

Golf. Some strong isos are blocking the reup because we want the file going thru us

Also, some brokers have left the industry and also some funders/renewal teams/ isos drop the ball and forget about the merchant. Or he says he doesn't want a re-up and[I] 2 weeks later changes his mind and you randomly land on him on a phone call.(** edit...sales lines**)
Many reasons he may not be re-upped....We have been in numerous battles over the "payoff letter" once requested. The renewals dept will not let it go and try to keep the file. Another reason for the bickering on these sites.

Somone wins the sale and someone loses...and some will not lose gracefully and go to knock you out of the industry. And I can promise you it isnt the rate...its the salesperson

Doesn't help when we are yelling ...boooo yahhh in ya face when we make the sale lol

[Cfairbank]

Have a contractor that does 500k deposits monthly.
Current balance around 40k.
Need 125k+ at longest term
Credit is bad 590s.
Need a 12 month term..
Already factoring
Direct funders?

Call up Steve and tell him you want to sell our FactorAdvantage product and he'll explain it. Multiple patents pending, factors love it (as do brokers that we offer it to), it eliminates the need for stacking or cash advances, and, through this product, we've funded 490 FICOs and complete, zero-revenue start-ups (with a contract) at A+ paper rates (all in house). We target merchants already factoring or a have invoices/AR that can be factored -- no restriction on positions consolidated (aka liens cleared out for factor) and as always, zero net an option. APRs starting in teens. Quite possibly the easiest product to sell on these boards if you have any factoring relationships, a client with AR (factored or otherwise), or a factor in a deal. Right now, you have a factor that is subject to notification risk and cannot renew their client -- this fixes those issues -- and we've raised a boatload of cash for this product (check the press release). Again, this product requires a factor partner or AR, period.

[RichardGerard]

Have a contractor that does 500k deposits monthly.
Current balance around 40k.
Need 125k+ at longest term
Credit is bad 590s.
Need a 12 month term..
Already factoring
Direct funders?

As it was mentioned that this is a contractor, I wonder about retainage, milestones, and paid when paid issues with GC's.

First thing that I would want to understand is the advance rate- what percentage the factor is giving to contractor mindful of retainage. If that number is around 70-75 percent, we work with a few partner lenders that can more aggressive, AND offer a line of credit (yes for contractors).

Second- I would want to see the contractors AP. If he is factoring and he is not paying his subs- perhaps that Is why he has a 590 FICO.

Carl and Steve's FactorAdvantage program is useful in many instances- but understanding why the client needs ancillary capital behind senior debt is an important part of this equation.

[Jess]

As it was mentioned that this is a contractor, I wonder about retainage, milestones, and paid when paid issues with GC's.

First thing that I would want to understand is the advance rate- what percentage the factor is giving to contractor mindful of retainage. If that number is around 70-75 percent, we work with a few partner lenders that can more aggressive, AND offer a line of credit (yes for contractors).

Second- I would want to see the contractors AP. If he is factoring and he is not paying his subs- perhaps that Is why he has a 590 FICO.

Carl and Steve's FactorAdvantage program is useful in many instances- but understanding why the client needs ancillary capital behind senior debt is an important part of this equation.

Yes but "Press Release" and "pending patents" "ton of capital"...this is like Ranger to Princeton Alternative to Argon deja vu.

[brokerCompany]

We were able to get a longer term and advance out to 125k with current funder.
Some good responses from carl and Richard but merchant did not have time to go through that process. Will revisit with that in a couple of months