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11-19-2019, 04:16 PM #1
- Join Date
- Apr 2015
- Posts
- 206
Merchant seeking low rate and longer term loan
Hello,
I have a client who is seeking a business loan. He currently has a first position, however he wants a loan with low rates and longer terms, for example 1 to 2 years.
What direct funder offers the lowest rates?
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11-19-2019, 04:21 PM #2
- Join Date
- Feb 2019
- Posts
- 124
"I can get you anything you qualify for"
It's not on you. It's on him. Assess his current funding and financial health, always do better if you can.
Edit
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11-19-2019, 05:28 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
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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11-19-2019, 05:31 PM #4
- Join Date
- Feb 2017
- Posts
- 3,429
Lower your expectations for getting 10 points and you'll side get him lower rates.
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11-19-2019, 08:07 PM #5
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 727
Ok so he got an MCA for a reason and now thinks he can get a low rate term loan. We have done these unsecured term loans but the MCA should be seasoned for at least 90 days. Term lender will payoff MCA.
680 + fico with clean bank statements (NO NSF, Average and Ending Balances to support a monthly payment)
EDIT for smaller deals under 100k we can get it done with bank statements onlyLast edited by omegafund; 11-20-2019 at 10:47 AM.
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11-20-2019, 07:50 AM #6
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Maybe client needed money fast- and is now more prepared for a real loan.
Real Banks will not be concerned with NSF's as much as earnings, Global Cash Flow, and Debt Service Coverage. FICO scores are a large component as it speaks to the clients credibility.
There are folks like Fundation, Credibility, Street Shares, Funding Circle, TAB Bank, Independence Bank that will do these- along with a host of other Banks that will do SBA Express.
FICO should be 650+ (though Ben at Omega is not wrong in saying 680- the better the credit the better the deal).
Client will NEED to have YTD PL and Balance within 60 days- 17/18 Corporate returns (and other Corp returns if there are multiple K-1's).
If the client is profitable, has good credit, and is organized- a real loan is very likely
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