[Fundyman]

There's a lot going on here:

1. Company Averages $50K/month
2. Closed BoA account back in Oct to open new account with other bank.
3. CPA advised they open yet another account, which they did just about 2 weeks ago.
4. Problem is, they opened the account prior to getting any funding.
5. One company had them approved for $11K, but once they found out the account was closed, they declined, as per policy of not funding any account closed within 30 days.
6. This is an unusual funding situation for most lenders, so I need someone to think outside the box.
7. Merchant is stuck because unless he gets plates back on the cars, he can't put his drivers to work, so he barely makes any revenue.
8. Willing to put up vehicle titles as collateral as long as the funding amount is reasonable.
9. Only needs about $10K to make it happen.

If you have a system that allows for funding using a vehicle as collateral, or you have some unique funding system that could accommodate the merchant, let me know ASAP.
Many would say this file is ridiculous to work on, but technically, I've seen quite a few of you boast that you fund startups. Technically, this is far ahead of a startup; guy's in a jam that can easily be solved w/ some collateral & about $8-10K.

Send me a PM if you have an answer.

[mcaguru]

Cresthill Capital ....may be a good option

[Ultimatecloser]

NEW HYBRID FUNDING PROGRAMS FOR YOUR CLIENTS NEEDS



Attached is a file that gives you all the details on the checkbook LOC product. Please review it because it is much more thorough than the info below.

In a nutshell :

Checkbook LOCs are Prime+ accounts that are typically coming out at 5-8% right now. 9.5% is the highest we've seen.
- Approval amounts up to 20% of gross, about $150,000 max per lender, with multiple lenders available.
- Requires 2+ year old corporation, 300k/year gross revenues, and anybody that owns more than 20% needs to have strong personal credit

Docs needed for checkbook LOC review:
1. Completed Prequal
2. last year's business tax returns
3. Credit reports for anybody that owns more than 20%

We also need the answers too the following questions :

Checkbook LOC Questions

1. What is the legal business name?
2. What type of business is it?
3. What date was the business incorporated?
4. How many owners are there?
5. Which City & State is the business based out of?
6. Which City & State do each of the owners live in?
7. What were the company’s Gross sales and Net revenues last year?
8. Does the business have any existing LOCs / Loans? If so, please provide details
9. Please provide a credit report of all owners that have 20% or higher ownership

The MAX a bank will lend on a LOC is 20% of gross revenues.
Excellent credit definitely helps.

[abfunders]

NEW HYBRID FUNDING PROGRAMS FOR YOUR CLIENTS NEEDS

New? Hybrid, eh? It's just a bank product. You forgot to mention everyone needs 700+ credit.
If anyone here wants to do this - contact me and I'll put you in touch with the MAIN company that does this, and you won't have to co-co-broker.

[Fundyman]

Cresthill Capital ....may be a good option

You were my FIRST option, Marcus. How can you fund him when your policy states that you "don’t fund accounts that changed bank accounts within the last 30 days"?

[Fundyman]

NEW HYBRID FUNDING PROGRAMS FOR YOUR CLIENTS NEEDS



Attached is a file that gives you all the details on the checkbook LOC product. Please review it because it is much more thorough than the info below.

In a nutshell :

Checkbook LOCs are Prime+ accounts that are typically coming out at 5-8% right now. 9.5% is the highest we've seen.
- Approval amounts up to 20% of gross, about $150,000 max per lender, with multiple lenders available.
- Requires 2+ year old corporation, 300k/year gross revenues, and anybody that owns more than 20% needs to have strong personal credit

Docs needed for checkbook LOC review:
1. Completed Prequal
2. last year's business tax returns
3. Credit reports for anybody that owns more than 20%

We also need the answers too the following questions :

Checkbook LOC Questions

1. What is the legal business name?
2. What type of business is it?
3. What date was the business incorporated?
4. How many owners are there?
5. Which City & State is the business based out of?
6. Which City & State do each of the owners live in?
7. What were the company’s Gross sales and Net revenues last year?
8. Does the business have any existing LOCs / Loans? If so, please provide details
9. Please provide a credit report of all owners that have 20% or higher ownership

The MAX a bank will lend on a LOC is 20% of gross revenues.
Excellent credit definitely helps.

Sounds like an invitation to spend the next two & a half months working on something that's gonna get declined at the 11th hour...

[Fundyman]

All I really need for this is someone to give me a good source for an asset-based lender who doesn't really have minimums.
WBL used to do this: use the vehicle as collateral, and just fund. I did a loan like that with them about 4 yrs ago. The demand is just extremely light; most people qualify for MCAs. & WBL doesn't lend that way any more.

Need $10-15K w/ a vehicle title as collateral; not the vehicle itself; he needs it for work. Vehicle is worth $29K liquid.

[Fundyman]

At this point, basically, I just need a Title Loan: Car is a 2012 S550 Benz with approx. 80K mi. on it. Value is $31K. Need $11-15K loan.

Please PM best company for those, if you know. State of Mass.

[Jstarr]

Borro or pledgecap

[Fundyman]

Borro or pledgecap

Does Borro ask to hold on to the vehicle? I know PledgeCap does; he needs the vehicle.

[Jacob@MCG]

Hey Fundyman,

Send it our way, there may be a fit. No need to put of the cars at collateral. We specialize in ridiculous files.

ISOSupport@merchantcashgroup.com

[Fundyman]

Hey Fundyman,

Send it our way, there may be a fit. No need to put of the cars at collateral. We specialize in ridiculous files.

ISOSupport@merchantcashgroup.com

You realize the merchant hasn't been able to get any significant revenue since end of December... Right?