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08-03-2018, 12:11 AM #1
- Join Date
- Dec 2017
- Posts
- 277
Consolidation/Buy Out
Business Type: Convenience Store.
Location: Tennessee.
Time in business: 11 years.
Merchant痴 credit score: 683.
Average monthly deposits for last 3 months: $83,000
Average daily balance for last 3 months: $2,900
3 overdrafts in last 3 months.
3 negative days in last 3 months.
Has 2 MCA positions:
1. Remaining balance is $40,000 and pays $172 per day with 12 months remaining.
2. Remaining balance is $35,000 and pays $324 per day with 5.5 months remaining.
Total daily payment: $496.
The merchant is looking to lower his payments. He doesn't want to involve tax returns because he doesn't report much. I am aware a consolidation is difficult because of the time remaining on the 1st position. A buy out of the 2nd position would work if the merchant can lower his daily by at least 50%. Your input is greatly appreciated. Thank you in advance.
Michael Sla*****er
msla*****er@sla*****er.com
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