[Davincinc]

I have a merchant with 3 businesses with a combined revenue of 9m a year. Slight profits showing in 2017 but had a hit in 2016 with a 220k loss showing. 5yr in business

They do not have real estate to pledge but with a 710 fico and a 685 fico for the owners,
cash flow seeking a 24-36 month product.

Any recommendations of a lender or a product?

Has 1 open balance mca 425k 8 months left on the balance 38% paid down from funding.


Da Vinci

[Kevin Henry-Seacoast]

Hi Da Vinci,

What industry?

Best,

Kevin

[J.Celifarco]

I have a merchant with 3 businesses with a combined revenue of 9m a year. Slight profits showing in 2017 but had a hit in 2016 with a 220k loss showing. 5yr in business

They do not have real estate to pledge but with a 710 fico and a 685 fico for the owners,
cash flow seeking a 24-36 month product.

Any recommendations of a lender or a product?

Has 1 open balance mca 425k 8 months left on the balance 38% paid down from funding.


Da Vinci

Being its a second position IOU can get out past 12 months but I doubt you will get to 24.. 15-18 months I would say is the max you will find inside the MCA space

[mcaguru]

Look into liftfoward

[Davincinc]

Look into liftfoward

no real estate:/

[Davincinc]

Being its a second position IOU can get out past 12 months but I doubt you will get to 24.. 15-18 months I would say is the max you will find inside the MCA space

iou wont offer more than 150k and has a history of files getting backdoored

[Davincinc]

Hi Da Vinci,

What industry?

Best,

Kevin

payroll and employment firm

[J.Celifarco]

iou wont offer more than 150k and has a history of files getting backdoored

I have never had any issues with IOU with them backdooring deals. Also not sure when you last worked with them but they do go higher then 150k

[Kevin Henry-Seacoast]

payroll and employment firm

Are they providing staffing services or are they a PEO?

[Davincinc]

yes staffing service and payroll solutions for many companys, mostly food establishments and a few local uber contracts

[Kevin Henry-Seacoast]

yes staffing service and payroll solutions for many companys, mostly food establishments and a few local uber contracts

We provide factoring and asset based lines of credit. Staffing is an industry we really like. I would be happy to take a look.

Best,

Kevin

kevin.henry@seacoastbf.com

[WestCoastFunding]

yes staffing service and payroll solutions for many companys, mostly food establishments and a few local uber contracts

This is so in Kevin’s wheelhouse.

[@jeannette]

I have a merchant with 3 businesses with a combined revenue of 9m a year. Slight profits showing in 2017 but had a hit in 2016 with a 220k loss showing. 5yr in business

They do not have real estate to pledge but with a 710 fico and a 685 fico for the owners,
cash flow seeking a 24-36 month product.

Any recommendations of a lender or a product?

Has 1 open balance mca 425k 8 months left on the balance 38% paid down from funding.


Da Vinci

Factoring is the way to go with Staffing. The open MCA balance of 425 may cause problems if they do not want to subordinate a first position UCC or pay the balance off out of first funds. If the AR Aging is clean we can usually provide an OverAdvance to help the client. I would love to talk to you in more detail, jnearing@commercialfund.com

[patrickw]

Has 1 open balance mca 425k 8 months left on the balance 38% paid down from funding.


Da Vinci

Do you mind sharing the funder name?

[Christian]

I may be able to get it done, depending on how profitable 2017 looked with add backs and if 2018 interim financials look better than 2017.

[RichardGerard]

Steven,

The key might be how 9M in top line is distributed. Is most of it in one entity and the others are essentially pass through entities? Where is the AR? Is it under the firm that took out the 425K?

If they can supplant the existing short term debt with a LOC from Kevin, even if there is a shortfall there are cost effective options to subordinate the balance.

[sigmundpannu]

I have never had any issues with IOU with them backdooring deals. Also not sure when you last worked with them but they do go higher then 150k

I haven't ever had a problem with IOU, and just funded a $250,000 deal 3 weeks ago with them.