Second or Third Position Split w/ Baggage or a Consolidation
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  1. #1

    Second or Third Position Split w/ Baggage or a Consolidation

    I have a men's clothing store producing 25k per month in revenue - 20k in credit card processing. Looking for a split fund. The owner has a weak credit score and w/ negative days and overdraft charges. Slow paid an MCA that resulted in a coj being filed but now has been paid and UCC released with a Zero Balance letter. Currently has WBL in first position with a $65k and Ace in second position with a $7k balance.
    Aug - Had 0 negative days, 20 overdraft charges
    Sep - Had 1 negative days, 23 overdraft charges
    Oct - Had 2 negative days, 28 overdraft charges
    The merchant is open to paying off WBL or consolidating using the equity in home he lives in. The merchant's home is valued at $286,000
    Looking for a max offer.

  2. #2
    Noob Reputation points: 10 jts718's Avatar
    Join Date
    Nov 2018
    Location
    NEW YORK CITY
    Posts
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    We would not be able to do a split but the merchant potentially qualifies for a Reverse Consolidation. feel free to call me with questions
    --
    Warm Regards,



    Jon Tastaca
    Managing Partner

    1979 Marcus Ave
    New Hyde Park NY 11042

    www.BayPointFunding.com

    Direct: 001+646.478.6824

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