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08-18-2020, 10:51 AM #1
- Join Date
- Oct 2017
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- 62
$500K/Month Autobody Shop w/ 10 MCA Positions, Healthy Average Balances and 700 FICO
Hi All,
I normally wouldn't post a deal with so much MCA debt, but it's in underwriting with one of our nonbank SBA partners for an SBA 7(a) working cap refi for $500K over a 10-year term, and we just want to make sure he gets the ~$40K he needs by the end of today. We're out of options in our lender network for this beyond a reverse consolidation, which the client won't consider (and we don't blame him). There's nothing we can see wrong with the file besides the crazy stacking: healthy average balances, never missed a payment, has favorable taxes/financials, etc. Please direct message me if this is something you think might be in your wheelhouse...thanks!Last edited by capfront; 08-18-2020 at 10:57 AM.
CapFront
210 Old Country Rd, Ste 101
Garden City, NY 11501
P:844-466-6394
info@capfront.net
www.capfront.net
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08-18-2020, 12:19 PM #2
- Join Date
- Sep 2019
- Posts
- 109
Call Slate Capital
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08-18-2020, 01:11 PM #3
- Join Date
- Jun 2017
- Posts
- 2,049
10 Positions?
What is his Daily Payments?
Why not take a Reverse?
Judging by his amount of Positions the Payments would have to be high. What is the first week or 2 of deposits? Does it get close to $40k?
Not that it is ideal. But he could take Week 1 and if need be Week 2 of a Reverse. Then Stop the Weekly Deposits. He just got the money he needed.
If your Paid out on the whole Reverse up front, Comish will be adjusted to 40k....
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08-18-2020, 04:07 PM #4
- Join Date
- Oct 2017
- Posts
- 62
He definitely clears $40K/week. He understands how much higher of a factor rate he'd be paying on a reverse and he doesn't need help reducing his payments. We were able to get an offer for $35K over 40 daily payments at a 1.40 buy rate. Fingers crossed that it closes!
CapFront
210 Old Country Rd, Ste 101
Garden City, NY 11501
P:844-466-6394
info@capfront.net
www.capfront.net
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08-18-2020, 05:44 PM #5
- Join Date
- Jun 2017
- Posts
- 2,049
If his PAYMENTS were $40k a week....A Reverse would give him $40k - And he would stop taking the weekly deposits.
It's not about Lowering the Payments, Its about getting him the money. Prob would of been longer term than 40 Days too. And lower buy rate (depending on credit)
Reverses don't have to be sold as reverses, Incremental Advances.....
He can Take One Week, 2 Weeks of Deposits or keep going.
Ive had alot keep going.
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08-18-2020, 06:24 PM #6
- Join Date
- Oct 2017
- Posts
- 62
Ah, understood.
In this case, the merchant was just really adamant about just wanting another simple MCA position, so we serviced the request as literally as we could (and the merchant is appreciative of it).
We're aware of incremental advances, and in certain situations, those might make sense. Thanks for the tip!CapFront
210 Old Country Rd, Ste 101
Garden City, NY 11501
P:844-466-6394
info@capfront.net
www.capfront.net
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08-19-2020, 10:53 PM #7
- Join Date
- Mar 2019
- Posts
- 254
EPIC ADVANCE
Mark@epic-advance.com
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08-18-2020, 05:15 PM #8
- Join Date
- Aug 2020
- Posts
- 15
you can send it to us and we will take a look at it for you.
Frank Scarso
CEO/ Avanza Capital
3974 Amboy Rd, ste 306
Staten Island, NY 10308
212-457-1573
franks@avanzacapitalllc.com
www.avanzacapitalllc.com
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08-28-2020, 11:05 AM #9
- Join Date
- Aug 2020
- Posts
- 14
Hi,
My name is Izzy,
Hit me up i can help you with funding with in a few Hours..
Feel free to call me on 202-836-7538
Looking forward helping you out.
Thanks
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