Results 1 to 19 of 19
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03-14-2018, 01:01 PM #1
- Join Date
- Dec 2017
- Location
- Brooklyn, New York
- Posts
- 7
Merchant doing 1m+/Month looking for an SBA
I have a merchant with 2 open positions looking for an SBA loan he was funded over 500k between the 2 positions.
He is looking for something with a longer term and better rates. If anyone who is a direct lender can help me broker out this deal as an SBA or can give me an approval please let me know and We can get working together ASAP.
Already got approved by IOU and Qaurterspot so dont reach out to try and broker this deal thinking you can get me a longer term than what I already have.Tony Price
VP of Sales - Biz Advance Now Inc
T: (718) 362-6213 | F: (718) 360-6973
Linkedin: Profile
Email: Tony@BizAdvancenow.com
www.BizAdvanceNow.com
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03-14-2018, 01:06 PM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Hi The Price is Right,
What industry? Have you considered doing an ABL facility? A company billing $1Mil/Month is likely to have $1.5Mil to $2Mil in receivables outstanding. If they have equipment and inventory it might be included in the line. Kevin.Henry@SeacoastBF.com www.seacoastbf.com a division of seacoastbank.comKevin 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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03-14-2018, 01:21 PM #3
- Join Date
- Dec 2017
- Location
- Brooklyn, New York
- Posts
- 7
construction, and he does not have a property for an ABL
Tony Price
VP of Sales - Biz Advance Now Inc
T: (718) 362-6213 | F: (718) 360-6973
Linkedin: Profile
Email: Tony@BizAdvancenow.com
www.BizAdvanceNow.com
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03-14-2018, 01:34 PM #4
Kevin will not touch construction. Have you tried Fundation or Lendistry? Fundation is small on amounts so unlikely to get 500k
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03-14-2018, 01:42 PM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
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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03-14-2018, 01:43 PM #6
- Join Date
- Oct 2016
- Posts
- 4,318
How much A/R do they have?
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03-14-2018, 02:19 PM #7
- Join Date
- Jan 2014
- Posts
- 1,380
If overall financials are good P&L and balance sheets take to Credit Cash. They do 1-2-3 million dollar deals 3-5yr terms, monthly payments. Merchant has to be doing a minimum of 3mill a year and again financials must be sound.
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03-14-2018, 02:48 PM #8
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 464
Send it to SmartBiz. If you're not approved with them, we are.
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03-14-2018, 04:31 PM #9
- Join Date
- Dec 2017
- Location
- Brooklyn, New York
- Posts
- 7
1.2 mil in work waiting to be paid on as per his most recent ar report
Tony Price
VP of Sales - Biz Advance Now Inc
T: (718) 362-6213 | F: (718) 360-6973
Linkedin: Profile
Email: Tony@BizAdvancenow.com
www.BizAdvanceNow.com
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03-14-2018, 04:32 PM #10
- Join Date
- Dec 2017
- Location
- Brooklyn, New York
- Posts
- 7
can you provide me with there information
Last edited by The Price is Right; 03-14-2018 at 05:31 PM.
Tony Price
VP of Sales - Biz Advance Now Inc
T: (718) 362-6213 | F: (718) 360-6973
Linkedin: Profile
Email: Tony@BizAdvancenow.com
www.BizAdvanceNow.com
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03-15-2018, 08:03 AM #11
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Smartbiz specializes in SBA Express and/or 504's (Real Estate). Since the client took 500, what is actually owed? This likely outdistances their Cap.
Depending on location, earnings, Guarantor FICO, and collateral there are several options.
Richard 516 510 3855
www.businesscapitalconsultants.com
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03-15-2018, 08:06 AM #12
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Lastly: We have partners that can provide a LOC off Construction receivables- as long as they are a subcontractor- not GC. Prefer clients doing over 500k per month..
RG
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03-15-2018, 12:19 PM #13
- Join Date
- Mar 2018
- Posts
- 13
Im interested in a third position elliot@acefundingllc.com
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03-15-2018, 08:10 PM #14
- Join Date
- May 2016
- Posts
- 29
I can help with this one. Please check out GoSBALoans.com.
What state is this in?
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03-15-2018, 10:30 PM #15
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 464
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03-15-2018, 10:50 PM #16
- Join Date
- Jul 2015
- Posts
- 1,202
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03-16-2018, 08:08 AM #17
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
I believe you are mistaken Christian, check site: the 504 is the Commercial Real Estate Purchase or Re Finance program that they mention up to $5M.. The SBA 7a EXPRESS is their main product that does not require dollar for dollar collateral- and caps at 350k. Traditional 7a's go up to $5M without a real estate purchase or refinance (up to 5.5 for manufacturers), yet require collateral (M&E, Inventory etc.)- and are considerably more time intensive than EXPRESS. Wanted to clear that up..
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05-09-2018, 03:04 PM #18
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 464
I'm not mistaken. They only offer 7(a) loans for both working cap and real estate. They do not even offer the express product. See this link: https://www.smartbizloans.com/faq
"What types of SBA loans does SmartBiz facilitate?
We facilitate SBA 7(a) loans for working capital, debt consolidation, and equipment purchases as well as SBA 7(a) loans for commercial real estate purchases or refinance."
I have funded many deals with them. I assure you, no Express, and no 504. Call them and ask if you want (they will tell you they fund 7(a)s faster than other lenders fund Express).
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05-09-2018, 03:36 PM #19
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
You're correct. I have since verified they are not working with various SBDC's, and only doing 7a's. My apology.
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