Results 1 to 22 of 22
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07-25-2018, 03:11 PM #1
2nd Position behind Ondeck
Manufacturer 150k monthly
Ondeck around 150,000
Has more orders. Looking for 2nd position 50-100k
California
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07-25-2018, 03:12 PM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Factor or ABL that!
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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07-25-2018, 03:13 PM #3
- Join Date
- Aug 2014
- Posts
- 620
Sounds like a very attainable offer to get if they have strong daily ending balances. Feel free to reach out if I can be of any help.
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07-25-2018, 03:16 PM #4
- Join Date
- Mar 2016
- Posts
- 657
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07-25-2018, 03:18 PM #5
- Join Date
- Feb 2017
- Posts
- 3,463
If you're not insisting on 10 point on THIS deal and you're more interested in long-term growth and long-term relationships with the company, factoring/ABL and/or a bank loan-LOC hybrid are you best bet. You'll make much more in the long-run, and whoever your rep is that brought in the deal will be stuck working for you for a long time since there will be residual income as long as they're working for you.
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07-25-2018, 03:25 PM #6
- Join Date
- Oct 2015
- Location
- NYC
- Posts
- 119
We love 2nd position. With the limited amount of info you provided I can only say if everything is normal such as credit and ADB it should be attainable. Feel free to reach out.
Kermit Tolbert
Business Developer
Arcarius
Direct-(201)484-8548
kermit@arcariusfunding.com
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07-25-2018, 03:34 PM #7
- Join Date
- Dec 2013
- Posts
- 4,713
I cant comment about other funders... we look at the deal based on the specific-cash flow. seems like will come out very strong ..you'll have offer in hour or so and contracts back-in will fund today!
In fact from the dozens of deals will fund today many were ONLY first sent to us today! youll have commission before weekend !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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07-25-2018, 03:56 PM #8
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07-25-2018, 03:58 PM #9
My manager has offered this guy factoring. Does not want it
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07-25-2018, 04:03 PM #10
- Join Date
- Feb 2017
- Posts
- 3,463
He can qualify for an ABL with the right lender, which won't need notification.
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07-25-2018, 04:10 PM #11
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
I scratch my head with this all the time..... Why would a business owner chose a more expensive and non revolving facility to finance working capital. Finding an ABL facility with a $250K minimum might be a challenge as most true ABL lenders start at $1Mil minimums. If it is found, the rates may be as high if not higher than a bank owned factor like us. They won't require notification, but will require dominion of cash-lock box. There are some out there that provide factoring where notification is soft and the company will manage collections so there is very little interaction with the customers. Happy to chat about it.... There is a better way ....
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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07-25-2018, 04:26 PM #12
- Join Date
- Sep 2015
- Posts
- 122
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07-25-2018, 04:31 PM #13
- Join Date
- Feb 2017
- Posts
- 3,463
These clients think that their clients will think, "Oh, you're factoring, you must be in a worse financial situation than we knew, so we'll renegotiate our terms." Also, they think that if they don't pay, the factor will do "hard" collections, and the client has a need to "protect" their clients.
These clients are being paranoid.....
There are still other ways to get it done, ABLs non-notification may be doable for as little as a $250,000 LOC. Direct factoring may be cheaper as far as cost to capital, but may be more more expensive depending on how leveraged the client wants to do, and may offer more liquidity than a conservative bank. Almost certainly a quicker underwriting.
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07-25-2018, 05:30 PM #14
Literally any direct lender who funds in California at a second pos. will hop OnDeck. Totally depends what they have with OnDeck though, so competing with their terms and rates at a second might be the tricky part, but I'd submit it to any A paper lenders who do 2nd's.
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07-25-2018, 05:36 PM #15
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Micah as much a anything else clients fear factoring because it means they are assigning (selling) their invoices (and that they have heard horror stories about third parties trying to collect too zealously). In most instances you're right- they're paranoid- since factoring firms interests dovetail with those of the client.
ABL divisions of banks (think Kevin at SeaCoast), offer factoring and ABL facilities- and the cost of capital is NOT more expensive for the dominion of cash ABL facility. Other folks providing ABL LOC's offer the same products- but if they are borrowing their capital from a bank, the cost of their capital will be higher (to clients) than a Bank providing an ABL- makes sense?
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07-25-2018, 06:06 PM #16
- Join Date
- Feb 2017
- Posts
- 3,463
Of course the cost of capital isn't more for an ABL at Seacoast (or the 2 other bank-owned facilities that I work with) than a regular factor. I'm just commenting that other lenders who do smaller ABL's that are not banks... their cost to capital is higher, which means rates may be higher. However, they have other ways to curtail their costs and offer the clients rates and/or costs (meaning, the difference between a factor rate vs APR...) of their capital that are management and can help the business grow.
As with everything, it's just a matter of knowing what options are out there, then presenting the right one that the client will appreciate to help close the deal. Lender likes borrower, borrower likes lender, broker gets paid for cementing the relationship, hopefully everyone (except the lenders who didn't fund) wins.
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07-26-2018, 06:04 PM #17
Marcus My client is not in the market for 1.49 rates 4 month terms. Seems to be the case with most of your offers
Last edited by brokerCompany; 07-26-2018 at 06:13 PM.
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07-26-2018, 06:20 PM #18
- Join Date
- Mar 2016
- Posts
- 908
Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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07-26-2018, 07:27 PM #19
- Join Date
- Aug 2016
- Posts
- 831
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07-31-2018, 11:11 AM #20
- Join Date
- Jan 2017
- Posts
- 389
Have you tried getting a 2nd position with us yet?
Paul Boxer
Merchant Marketplace
Chief Operating Officer
Chief Revenue Officer
Cell: (516) 805-9209
paul@merchantmarketplace.com
www.merchantmarketplace.com
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08-09-2018, 12:14 PM #21
- Join Date
- Nov 2014
- Posts
- 438
LoanMe offers monthly payment term loans from $3,500 to $250,000. Minimum FICO 500, Minimum TIB 90 days. Multiple positions ok, final approvals based on affordability, not strictly revenue or deposits. We can work with all "For-Profit" Industries. Give us a call 949-535-7798
LoanMe Business
949-535-7798
Email: Business.Loans@LoanMe.com
www.loanme.com/SBL-partner
1900 S State College Blvd. Suite 300
Anaheim, CA 92806
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09-28-2018, 11:06 AM #22
- Join Date
- Sep 2018
- Posts
- 33
IF you haven't funded this, send it over!
Would love to take a look and fund this baby!SVP Funding
Direct: 1-646-561-2892
Main: 1-800-955-2411 x1168
Fax: 1-347-246-4338
bridgette@svpfunding.com
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