[getlikwid247]

Are there any good 1st position lenders out there that payoff more than 50k!?!

[@jeannette]

Retail Capital will pay off up to 75K, but the merchant must net 50% of the Advance.

[J.Celifarco]

most will go up to 75k from what I have seen

[getlikwid247]

Ok 75k would work but will retail capital pay off more than one advance?

[@jeannette]

Retail Capital will only pay off one balance. The merchant needs to have only one open balance for us to make an offer.

[Andy]

good luck ,very few funders will pay off 2 advances, especially with balances that high. I would assume they must do well over 100k a month for you to even be asking if it can be done

In order to get this done you need to do a lot of business with the funder, and have them make exceptions for you. Funders will make exceptions to the 1 balance rule, or the 50% rule, if the file is otherwise clean and you do a decent amount of business with them

[WhoisKingsley]

I know one lender that they will have to net 35% the rest are 50% and up

Questions to ask yourself- When did they take the advance? If it's less than a month (sometimes two) - FAT CHANCE - We know the trick. Do a payoff, lender gets paid, wait a month- do it again.

What is their monthly gross for the past 3 months? Average that- roughly do 80% (max) of that and see if they can net 50% and do a payoff ***Every UW and company is different- this is if the merchant has great statements and awesome credit....I only know this because I've seen a merch with $120K avg balances, get an $85xxx approval and pay off an est. $50k that they had a balance with. BUT the loan was a longer term AND the company who did the payoff and first position put them in a better place. You really have to ask yourself if it makes sense

[Eric S]

Find out the terms on their current deal. Is it a 3-8 month deal? If so, was that the longest term he was offered? That will tell you a lot about what they can get now. If times are tough, I bet his qualifications have sank since then too. Symptoms of this might be a lot of inquires, declining bank balances, if the current deal funded just a few months ago and my favorite, they will sell you how awesome their business is.

If he/she has a premium deal and you managed to get an app out of him/her with out knowing which lender to use and what options they have, I am simply amazed. Kudos. (and face/palm, I can't help but think of all the stupid delaying reasons merchants have tried with me because another broker is telling them they can get them something that obviously isn't available).


and while thinking about the many things my customers have said have been promised to them, face palm

[golf2014]

The customer will have to sign a no stacking agreement, which means if they get an advance to pay off the others and they get money...they can't get another advance on top of it. If they do, they will be in default and the entire balance will become due and collections could be started..in addition once this might occur..chances of getting another advance ever r slim to none.

[Sean Cash]

Legit merchant cash advance contracts have this clause already by default. They don't need a special no-stacking addendum. It's part of almost every contract already.

[J.Celifarco]

it has always been part of contracts and it has not stopped people from stacking. MCC, Advance Me, and all the bigger banks have had this in their contracts from day 1 and it has not stopped people from stacking on them. What would this no stacking addendum do that those clauses have not?

[Akanzer]

Swift Capital will pay off up to $100K and multiple balances so long as the merchant can net roughly equal parts new cash.

[bdshaw]

Your client might be better served by a little outside the box approach utilizing a traditional installment loan with rates as low as 6% and terms to 120 months.
Bob

[jcastore]

Principis has paid off 5 advances and moved into first position for me. You must net 40% and underwrite after contracts are signed. From my experience if there's enough "meat on the bones" there will be a funder looking to start eating!


Joe Castore
Blue Granite Funding
347-322-6624

[L_LOTT_ARF]

We can do 100% refinances since in most cases we're able to put merchants in a better (cash flow) situation. We'll lend up to 13.75% of a merchant's annual sales (cash and CC) over an 18 month term on a weekly ACH repayment.

[J.Celifarco]

We can do 100% refinances since in most cases we're able to put merchants in a better (cash flow) situation. We'll lend up to 13.75% of a merchant's annual sales (cash and CC) over an 18 month term on a weekly ACH repayment.

Will you payoff multiple balances???

[L_LOTT_ARF]

The only 2nd position lender we will pay off is IOU Central, in addition to paying off the 1st as well.

[J.Celifarco]

Got it.. Thanks for the info

[Maurice A Blanding]

My name is Maurice Blanding With the Richmond Capital Group What type of business do you have and what a good contact number for you. you can email me a Maurice@Richmondcapitalgroup.com

[John Bouskila]

we do it at yellowstone capital. if you want to hear about shoot me an email.