[Mako284]

Hey There -

Looking for help -

Company is looking to grow into expanding markets

IT company (Data Center & Application Migration), Healthcare/Government/Retail

Verifiable $1.6M YTD in sales, weekly consistent deposits,

Outstanding A/R $138k

Business established 2002, same owner, 100% ownership

Owner credit score is 695 FICO

A US citizen

Needs 10 year term, would consider other alternatives

Limited assets

0 NSF last 12 months

0 Negative Days

One clarifying issue that was just brought to my attention - they are a couple years behind on filing taxes. They are working with their accountant to get it straight, but thought you should know.

Would like to close in the next 30 days if possible.

Please let me know if any additional information is needed. Your recommendations and feedback are greatly appreciated.

Thank you.
Tom

[Sachip24]

I would reach out to Kevin@ Seacoast maybe something up his ally establishing a ABL facility. A Business that's expanding will be needing more and more capital most likely. To put him where he gets maxed out on a 1st lien and fixed payment when he will need more funds down the line could backfire on merchant. If merchant is willing to do ABL facility if its possible his Line increases as his business increases so they will always have liquidity. If not SBA only way to give him 10 yr term.

[omegafund]

He has not filed taxes in the last couple of years? That would be a concern for outstanding tax liabilities. Most factoring companies would question that. Even if they could get past that issue you have AR of 138k. Best would be 85% of that to start and increase as they get more AR and taxes filed.
No bank will go 10 years unsecured with no tax returns filed. Have him file his taxes and go to SBA.
Or try loanme. to start
If you need assistance on the AR LOC we can help.

Ben

[Hedley Lamarr]

Hey There -

Looking for help -

Company is looking to grow into expanding markets

IT company (Data Center & Application Migration), Healthcare/Government/Retail

Verifiable $1.6M YTD in sales, weekly consistent deposits,

Outstanding A/R $138k

Business established 2002, same owner, 100% ownership

Owner credit score is 695 FICO

A US citizen

Needs 10 year term, would consider other alternatives

Limited assets

0 NSF last 12 months

0 Negative Days

One clarifying issue that was just brought to my attention - they are a couple years behind on filing taxes. They are working with their accountant to get it straight, but thought you should know.

Would like to close in the next 30 days if possible.

Please let me know if any additional information is needed. Your recommendations and feedback are greatly appreciated.

Thank you.
Tom

Sachip24-Thanks for the mention

Hi Tom,

Sounds like something we should review. We are OK with the tax issues and this sounds like an IT staffing play which we love. Kevin.Henry@SeacoastBF.com