Results 1 to 7 of 7
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08-07-2019, 03:20 PM #1
- Join Date
- Jan 2014
- Posts
- 56
Line of Credit, under 600 credit score
Merchant is a restaurant with a sub 600 score. Are there any new funders that are doing LOC for under 600 score?
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08-07-2019, 03:37 PM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,943
Not that I'm aware of - a credit card split / lock box may be a funding option.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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08-07-2019, 03:40 PM #3
- Join Date
- Feb 2017
- Posts
- 3,411
Dave, stop trolling. stat asked about a LOC.
Theoretically Fundbox says they will, as they used to not even run credit, but their box tightened and have been declining due to credit more often.
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08-07-2019, 03:48 PM #4
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,477
Stat,
Have you tried ARF Financial?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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08-07-2019, 04:47 PM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,943
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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08-07-2019, 06:09 PM #6
Why would you even consider selling him a LOC? Do you wanna work for peanuts or do you wanna work for real money is the bottom line (besides the merchant selling the salesman and dictating to him what he "wants").
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08-08-2019, 09:03 AM #7
- Join Date
- Feb 2017
- Posts
- 3,411
Dave, it may be an option, but he knows that. Jumping on this thread to market co-brokering on this is classic trolling. You know, like the guy who is doing $5mm/month and a 1.499 / 120 payments is offered?
ridextreme, interesting to see you back, you haven't been around for a while. Why consider selling a LOC? Because clearly this client is LOOKING for one, so as a broker, while you don't have to offer it, just walking into your "store" for a loan and only offering the expensive ones, maybe he'll go to a different store? He's not your slave and he's not "dictating terms." He might just go elsewhere. When (or if) he doesn't qualify for Fundbox, go the MCA route. I've done that on one than more occasion, and then made money with CFG, and for a different file made great money on a huge deal with WBL.
And besides, if you're a true broker and not a sales guy, then you can arrange the match, and don't leave money on the table. Besides, residuals aren't bad.
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