[Zonefund]

Which sba bank would be the best fit for large transportation companies?

Here are details:

-15+ tib
-740 fico
-Cross country trucking
-1.3m avg monthly rev, adb 200k, no neg days
-17 returns show small loss
-18 returns show strong profit
-Over 50 trucks as collateral, debt is 2mill, forced liquidation value of equip is 4mill
-A/R currently factored, but he has 800k-1.4m outstanding
-Owns the biz location (industrial location) where trucks are stored, 1.2mill total value, 240k lien w/ his bank

Thanks in advance for any advice on where to place it. I only work w/ smartbiz and newtek (commish here is very low).

[kzone702]

Currently in process of funding deal where client has strong revenue and collateral similar to your client.
We can used trucks and real estate as collateral for the loan.
Let's talk to get a better understanding of this deal. Rob, 1-877-219-9576

[Kevin Henry-Seacoast]

Which sba bank would be the best fit for large transportation companies?

Here are details:

-15+ tib
-740 fico
-Cross country trucking
-1.3m avg monthly rev, adb 200k, no neg days
-17 returns show small loss
-18 returns show strong profit
-Over 50 trucks as collateral, debt is 2mill, forced liquidation value of equip is 4mill
-A/R currently factored, but he has 800k-1.4m outstanding
-Owns the biz location (industrial location) where trucks are stored, 1.2mill total value, 240k lien w/ his bank

Thanks in advance for any advice on where to place it. I only work w/ smartbiz and newtek (commish here is very low).

ZoneFund-Who are they factoring with? Perhaps we could offer a better deal.
SBA-Have you tried Live Oak Bank?

[LJH365]

It will depend on what state the business is in.

[sigmundpannu]

I would recommend Stone Bank, they like cleaning up balance sheets.

[mcaguru]

newtek

[Kevin Henry-Seacoast]

I think he is seeking an alternative to Newtek.....

[mcaguru]

got it....

[Zonefund]

ZoneFund-Who are they factoring with? Perhaps we could offer a better deal.
SBA-Have you tried Live Oak Bank?

Theyre with RTS. 95% advance rate 12%/year according to merchant.

[Zonefund]

It will depend on what state the business is in.

Michigan, can you give me a referral to a lender that'll do it?

[Kevin Henry-Seacoast]

Theyre with RTS. 95% advance rate 12%/year according to merchant.

RTS is very good. Trucking is all they do. If we came in and provided some savings on factoring it probably would not increase cash flow that much and RTS would likely lower rate to keep the client. It they were paying high teens it would make much more sense.

Since the equipment is levered at 50% of LV....there is not much there. You best bet would be finding liquidity in the real estate. You best bet would be finding a traditional loan on the real estate. If the company is in Florida, I would be happy to show it in to our commercial team.