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10-31-2018, 03:43 PM #1
Is This a Waste Of Time? Thoughts?
Hey Guys,
Had this deal come across my desk. Borrower has a lot going on, but his monthly revenue is strong. Thought I'd give a last attempt and put it on here before passing on it. He's trying to consolidate a 1st position & net $30K or an aggressive 2nd position even.
Email summary borrower sent me below:
Defaulted with a funder around Oct 2016. Basically reached a settlement of $66,000 which includes attorney fees and everything. I started repayment in December of 2017. I have not missed any payments on that and currently owe $30,000 on the $66,000. I pay $3000/month on that.
We are looking for a loan of $125,000.
We have been in business for 2yrs and some months. Current revenues are $175,000-$200,000/month and growing every month.
2015 Revenue - $550,000
2016 Revenue - $670,000
2017 Revenue - $1.1 million
2018 Estimated $2.1 million
Basically I have a settlement that I owe around $30,000 on which I pay $3,000/month. I also have a merchant advance that I owe $87,400 on. The advance has a daily payment of $450. So I owe around $120,000 with almost $12,000/month of debt service just on these two loans. My current monthly revenues are around $175,000 with steady growth and a new customer starting next week that should increase revenues by $20,000-$40,000/month. I am in the local trucking and delivery business.
Credit scores are around 572 & 578
No Real Estate or Equipment!!Last edited by NickHubbard; 10-31-2018 at 06:37 PM.
Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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10-31-2018, 05:02 PM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,483
Factor 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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10-31-2018, 06:40 PM #3Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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11-01-2018, 08:11 AM #4
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,483
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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11-02-2018, 02:25 PM #5
I dont think Seacoast will look at a 90k revolver too small for the big bankers
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11-05-2018, 10:16 AM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,483
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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11-07-2018, 05:13 PM #7
- Join Date
- Aug 2018
- Posts
- 17
Hi Nick,
This is right in our wheelhouse and we would love to take a look at it if your client is interested in factoring his receivables. We are also willing to provide a daily rate or a 15-day rate if that works better for their net 14 terms.Alyssa Akins, COO | Evergreen Funding, Inc. | alyssa@evgfunding.com | 888-344-7522, ext. 101 | www.evgfunding.com
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