[MCABroker123]

Let me know if anyone can help, see below:

The Company has been around since 2010 in FL They started in MA location 4th quarter of 2017. In FL, they sold their accounts to various factoring companies. However, those companies started seeking too much in settlement starting in 2017, which killed the FL market. Their AR went from 21mm in FL in 2017 to just over 7mm YTD in 2019. In order to rectify that, The company entered into several agreements to repurchase those accounts. In order to do so, they have to pay off most of that debt by June of 2021. The issue is that making the payments necessary to accomplish this is choking the company. As of 11-30-19, they have around 15mm in debt, ~9mm of which is short-term debt.

In MA, they sell everything outright. It is anticipated that by doing so they are losing at least 50% of the AR’s settlement value.

The Company is looking for a long-term loan to put them in a position to continue to grow MA, refocus the FL market, and remain current on their obligations.

[premiercap]

How much they looking for?