Buying out Knight Capital and extending term for trucking
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  1. #1

    Buying out Knight Capital and extending term for trucking

    Have this trucker that has a $55K balance with Knight , got it 3 months ago . Their daily is close to $500 and they want to lower their payments . Any lender that could Payoff night and get them into a new term which will stretch those payments to drop daily ? The don't need any proceeds if the loan is to tight but the goal is to reduce daily

    Any Ideas who can take this?

  2. #2
    Senior Member Reputation points: 54989
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    if your signed up with Cresthill they have a solution for this situation.
    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

  3. #3
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    What's the monthly revenue and how's the credit?

  4. #4
    Quote Originally Posted by mcaguru View Post
    if your signed up with Cresthill they have a solution for this situation.
    Just Sent to Mantisuw and Lerry Doe . I fund often with you guys , actually just closed a $22K yesterday

  5. #5
    Senior Member Reputation points: 38639 patrickw's Avatar
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    Quote Originally Posted by microboby View Post
    Just Sent to Mantisuw and Lerry Doe . I fund often with you guys , actually just closed a $22K yesterday
    Mantis fan detected. I love mantis too! only problem in case if I submit any deal to them I always get fundworks contract for some reason. Is that a bug?
    Patrick Wilson
    Managing Partner
    www.PremierCapitalNetwork.com

    (NO MORE LENDER/FUNDER CALL PLZ)

  6. #6
    Quote Originally Posted by microboby View Post
    Just Sent to Mantisuw and Lerry Doe . I fund often with you guys , actually just closed a $22K yesterday
    Ready for $12K @ 1.48 for 78.62 days?

  7. #7
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    Quote Originally Posted by LYC View Post
    Ready for $12K @ 1.48 for 78.62 days?
    98% chance this would be the actual offer.

  8. #8
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    Quote Originally Posted by patrickw View Post
    Mantis fan detected. I love mantis too! only problem in case if I submit any deal to them I always get fundworks contract for some reason. Is that a bug?
    Cresthill brokers to Fundworks. They keep 5 points for themselves and let you upsell the rest. You have to tell your rep there to keep everything in-house, because their default position is to broker deals that are more competitive than their offers. I know, kind of annoying isn’t it?

  9. #9
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    Quote Originally Posted by patrickw View Post
    Mantis fan detected. I love mantis too! only problem in case if I submit any deal to them I always get fundworks contract for some reason. Is that a bug?
    get rid of a cresthill . they add fees and broker it out . submit to mantis only

  10. #10
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    Quarterspot only needs to net clients 20% on payoffs. That would be your only option for something taken 3 months ago if they took fully-approved amount from Knight other than LoanMe if they are in a LoanMe state. Not sure if Quarterspot does trucking or not. Good luck.
    Last edited by FroFunds; 12-13-2018 at 01:26 PM.

  11. #11
    This has to be the most viable option so far , I do have a relation with QS . will look into it now

  12. #12
    Best funders/Lenders for Trucking are OnDeck, BFS, Business Backer and QS.

  13. #13
    Senior Member Reputation points: 54989
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    For subprime Trucking Mantis IS VERY STRONG !
    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

  14. #14
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    Quote Originally Posted by mcaguru View Post
    For subprime Trucking Mantis IS VERY STRONG !
    bigly

  15. #15
    Senior Member Reputation points: 54989
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    Quote Originally Posted by Nunya View Post
    bigly
    Happy Holidays !
    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

  16. #16
    Quote Originally Posted by WestCoastFunding View Post
    98% chance this would be the actual offer.
    10K @ 1.48 for 80 days ha ha ha you guys know hem by the tee!!!

  17. #17
    Quote Originally Posted by microboby View Post
    10k @ 1.48 for 80 days ha ha ha you guys know hem by the tee!!!
    lmfaooo

  18. #18
    Quote Originally Posted by abfunders View Post
    What's the monthly revenue and how's the credit?
    Cooper focuses on Trucking. We need a few more details, OTR or local? Send it along-


    Robert S Bloink
    EVP of ISO Partnerships
    Direct: 248-341-9477
    Email: bb@cooperasset.com
    Web: www.cooperasset.com

  19. #19
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    trucking isn't doing too hot right now. some folks are turning away from that NICS due to defaults and risk and not wanting to have an oversaturated portfolio of trucking on their balance sheets.

  20. #20
    Senior Member Reputation points: 5016 @jeannette's Avatar
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    If the client is currently factoring we may be able to buy them out and lower their invoice rate. We also provide an OverAdvance usually offering 6-12 month terms at 2% interest that is paid back with their reserves. Call me 770-362-2307 or email jnearing@commercialfund.com
    Jeannette Nearing | Business Development Officer| AmeriFactors
    | M (770) 362-2307
    jnearing@amerifactors.com |

    http://www.amerifactors.com
    https://www.linkedin.com/in/jeannettenearing

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