Results 1 to 7 of 7
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02-26-2020, 07:35 PM #1
- Join Date
- Oct 2018
- Posts
- 9
Any idea who can possibly consolidate this merchant?
Retail: Hardwares
Business since: 2008
Monthly deposits: $150k-$180k
Credit: 620-650
Ending balance: $8,000 ($1200 on January)
Consolidate 2 loans (OnDeck and one another)
$200,000 to net $70-80k
Must be competitive enough to consolidate
We only have offers as 3rd position.
Who's good at this? Thanks DF!
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02-26-2020, 07:57 PM #2
- Join Date
- Oct 2016
- Posts
- 4,318
Essentially asking for $280,000 for a company doing $150-180k a month?
This isn’t getting done as an MCA.
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02-26-2020, 10:10 PM #3
Idk why people don't know or research the business and requirements for approvals before diving into it and asking these kinds of questions. He owes 130K and he grosses 150K/mo (assuming it's pure revenue and not transfers or loans) so he would need to qualify for 260K.
I think the question should be how do I sell this 3rd position to the business owner instead of asking how to put a squre peg into a round hole.
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02-26-2020, 11:06 PM #4
- Join Date
- Sep 2019
- Posts
- 402
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03-03-2020, 01:30 PM #5
- Join Date
- Sep 2019
- Posts
- 7
hey call my office I can get this deal done for you all long 8606976399
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03-03-2020, 01:39 PM #6
- Join Date
- Jun 2019
- Posts
- 196
hahahaah hahaha
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03-03-2020, 02:01 PM #7
- Join Date
- Oct 2019
- Posts
- 49
BP4130,
SPRING 2020 UW GUIDELINES:
PREMIUM- 3-10 MONTHS - 1.15 - 1.25 BUYRATES - UPSELL TO 15 POINTS - BUYOUT INTO 1st POSITION -1st AND 2nd POSITIONS- DAILY/WEEKLY OPTIONS - 675 FICO - 30k MINIMUM MONTHLY SALES - UP TO 2 DAYS NEGATIVE - 30 MONTHS MINIMUM TIME IN BUSINESS
STANDARD- 3-9 MONTHS - 1.21 - 1.32 BUY RATES - UPSELL TO 12 POINTS - BUYOUT INTO 1st AND 2nd POSITION - 1st - 3rd POSITION FUNDING - DAILY/WEEKLY OPTIONS- 550 FICO - 10k MINIMUM MONTHLY SALES - UP TO 5 DAYS NEGATIVE - 12 MONTHS MINIMUM TIME IN BUSINESS
HIGH RISK- 2.5-5 MONTHS - 1.28 - 1.37 BUY RATES - UPSELL TO 10 POINTS - NO CONSOLIDATIONS - 1st-6th POSITION FUNDING - DAILY PAYMENTS ONLY - NO CREDIT SCORE MINIMUM - 10k MINIMUM MONTHLY SALES - UP TO 7 DAYS NEGATIVE- 6 MONTHS MINIMUM TIME IN BUSINESS
John Galante
The Smarter Merchant
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