[JVD6905]

Oil and Gas Services (not a driller, just a servicer) seeking a Line of Credit based off of it's AR

Here is the issue, concentration.... they have one main account they invoice (albeit for 400-600k) a month

Looking for thoughts and strategies on how to get them some funds

[mcaguru]

I dont think hes looking for MCA --I know Many MCA decline foir industry...we at Mantis have funded MANY OIL service ventures. (will fund hours after sub).

[Kevin Henry-Seacoast]

If they are providing pipeline services chances are they are milestone billing or progress billing the work which will make it tougher. If it is straight up complete and bill maintenance work, we might have an interest depending on who the end customer is. Honestly.... We don't do a lot of O&G business as you can swing a dead cat in Houston and hit about 100 factors that know the industry well.

KH

[JVD6905]

If they are providing pipeline services chances are they are milestone billing or progress billing the work which will make it tougher. If it is straight up complete and bill maintenance work, we might have an interest depending on who the end customer is. Honestly.... We don't do a lot of O&G business as you can swing a dead cat in Houston and hit about 100 factors that know the industry well.

KH

They bill time and material weekly

[Kevin Henry-Seacoast]

They bill time and material weekly

Would have to have a strong balance sheet. If any of those invoices goes sideways....there is no way out.

I suggest reaching out to a factor in Texas that does a lot of O&G.

[JVD6905]

Would have to have a strong balance sheet. If any of those invoices goes sideways....there is no way out.

I suggest reaching out to a factor in Texas that does a lot of O&G.

other than googling, do you have any recommendation of factor companies in Tx ?

[Kevin Henry-Seacoast]

other than googling, do you have any recommendation of factor companies in Tx ?

Check your PM