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02-14-2018, 01:30 PM #1
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- Jul 2017
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- 25
just out of morbid curiosity
got a file that legitimately checks off every **** file box. negative days, sub 500 credit score, california, manufacturing, and a default.
who would fund this bad boy?
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02-14-2018, 01:47 PM #2
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- Feb 2017
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- 3,456
Did you try a factoring company?
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02-14-2018, 02:02 PM #3
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- Jul 2017
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- 25
nope, got any decent recommendations?
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02-14-2018, 03:49 PM #4
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
JD...
Micah's point is to start looking at the balance sheet for solutions. Manufacturers typically have M&E, Inventory, and Receivables to leverage- if they aren't already pledged.
17 Year End P and L and Balance Sheet are the place to start (with a debt schedule of advances).
FICO score and negative days are not all encompassing for an ABL credit facility..
Feel free to contact Micah or the other folks here that are versed in how to potentially handle this type of thing..
RG 516 510 3855
www.businesscapitalconsultants.com
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02-14-2018, 03:53 PM #5
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- Dec 2016
- Location
- Brooklyn N.Y.
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- 428
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02-14-2018, 04:00 PM #6
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- Feb 2017
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02-14-2018, 04:50 PM #7
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- Jan 2018
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- 353
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02-14-2018, 05:15 PM #8
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- Dec 2013
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- 4,713
thanks for the PLUG we have thousands of actual merchants. I would not call merchant ever toilet paper...just because someone has poor credit and high NSF's does not mean that hes not in need of some short term capital.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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02-14-2018, 05:37 PM #9
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- Feb 2017
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- 3,456
Did you try Elevate? Sub-500 FICO. Here's a file we're currently working with:
Elevate: $6,400.00, payback 1.41, $107.00, 84 payments. $200 setup fee, no other fees.
Mantis: $6250, 1.48, 71 days, $139 daily -> Probably a standard 5% minimum fee.
Elevate pays 7 points (on the payback) and they renew with 30% once they've seen 3 weeks paid back (paying 5 points). Renewals are 4.5% on the payback amount.
In 3 weeks, merchant will get $1920. Total payout in 3 weeks? 6400*1.41*.07+1920*.05 = $727.68. (CORRECTED according to Elevate's corrections below)
Mantis @ 10 points pays $625.
Contracts with DL, VC, BL, landlord contact.Last edited by abfunders; 02-15-2018 at 09:40 AM.
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02-14-2018, 05:57 PM #10
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- Jan 2018
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- 353
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02-15-2018, 08:57 AM #11
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- Sep 2012
- Location
- Gainesville Florida
- Posts
- 168
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02-15-2018, 09:18 AM #12
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- Feb 2017
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02-15-2018, 09:27 AM #13
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- Sep 2012
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- Gainesville Florida
- Posts
- 168
We pay that on the funded as it is an add-on to the original advance, but all other commission structures are on the payback amount. We like to keep things simple and not have all these complicated offers with different buy rates and commission structures.
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02-15-2018, 09:31 AM #14
- Join Date
- Jun 2015
- Location
- Gainesville, FL
- Posts
- 200
Good looking out Micah! And like Heather said, yes...we pay 7% on the payback amount
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02-15-2018, 09:56 AM #15
- Join Date
- Jul 2017
- Location
- FL
- Posts
- 35
This Client might be a better fit for A/R financing if they have B2B or Govt receivables.
I am not concerned about credit score, or bank statements - we look at the A/R.
Send me a pm or give me a call or email, and I'll be happy to discuss.
AmeriFactors Financial Group is a DIRECT LENDER and has funded over $5BILLION since 1990.
We offer:
• NON-Recourse Factoring
• PO Funding
• Asset Based Lending (ABL)
We pay brokers recurring monthly residual commissions, on deals funded.
Rob Brownell
Amerifactors Financial Group
215 Celebration Place, Suite 340, Celebration, FL 34747
p: 772-419-8606
e: rbrownell@amerifactors.com
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02-15-2018, 10:14 AM #16
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- Jun 2015
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- 3,325
first position elevate hands down better . 2-10 elevate does not do so mantis has that
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02-15-2018, 11:46 AM #17
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- Dec 2013
- Posts
- 4,713
An ISO just pointed at to me (who works with elevate BTW elevate are good people!) that MANTIS will vast majority of times make an offer on an elevate (and for that matter most other funders )declines so your example holds water on that specific case.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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02-15-2018, 12:36 PM #18
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- Feb 2017
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02-15-2018, 04:52 PM #19
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02-15-2018, 05:40 PM #20
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Ill tell you why.... that specific guy oversees one of the largest brokerage firms in MCA and hes well respected and hes not looking to get into a snowball fight by pointing out a minute little fact. (that MANTIS makes offers on a big portion of declined deals). He would know he has 100+ on his floors.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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02-15-2018, 05:44 PM #21
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- Feb 2017
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02-15-2018, 05:52 PM #22
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- Jun 2015
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as much as i fight and cant stand marcus ( who hung up on me twice yesterday and never returns my call ), there is alot of elevate declines that mantis will fund . 2nd plus positions . lower volume deals and extremely high volume deals . lower deposit counts . and of course vice versa
Last edited by Michael I; 02-15-2018 at 05:55 PM.
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02-15-2018, 06:04 PM #23
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- Dec 2013
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- 4,713
Thanks Michael .... (Did i hang up?).........
Micah....Seems like you're pretty active on here....Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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02-15-2018, 06:08 PM #24
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- Jun 2015
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- 3,325
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02-15-2018, 06:11 PM #25
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- Dec 2013
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- 4,713
could be ... very hectic these days.... next venture will be renting bikes at some Australian beach ...
Last edited by mcaguru; 02-15-2018 at 06:15 PM.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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