Results 1 to 8 of 8
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09-21-2020, 05:07 PM #1
- Join Date
- Jun 2016
- Location
- Brooklyn
- Posts
- 54
MERCHANT LOOKING FOR SOME CONSOLDATION ON 550K in MCA LOANS
Merchant has outstanding loans with Altria, Knight and one other MCA of 550K. Merchant does about 1 million a month. He is is in trucking/oil. Has strong AR but does have credit line/loan with his bank in first position so some type of traditional loan consolidating doesn't work. Revenue is strong but main accounts sweep so balances always look off. Looking for a consolidation of not all but maybe two positions, the two lowest being at 117K and 150K. Good credit and strong payment history over the years.
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09-21-2020, 05:18 PM #2
- Join Date
- Feb 2017
- Posts
- 3,464
The bank isn't giving him enough liquidity.
He should consolidate with a factor and leverage his equipment/trucks combined to get a term product.
Should be able to muster enough to pay off the bank and the MCAs.
Then the factor acts like a line of credit, and he can use it more flexibly than the term product that his bank is giving him that's forcing him into the MCA space.
Alternatively, get a factor that will come in on a second position. I know one that does that
Reach out to me, I love complicated files like this.
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09-22-2020, 01:03 PM #3
- Join Date
- Sep 2019
- Posts
- 109
Is the A/R from strong credits? I have a direct contact for an aggressive factoring company?
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09-22-2020, 01:21 PM #4
- Join Date
- Sep 2020
- Posts
- 26
Sounds like something we can do a reverse on if the merchant is current on payments, shows good balances, and # of deposits are high enough. 30-50% reduction in payments. We can take up to 5 positions on the reverse consolidation and up to $1.5mm. Let me know.
mike@gandgfunding
631-681-3343
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09-22-2020, 02:15 PM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Another stacked trucking company. Two options: Option 1:
Call a bankruptcy attorney. Option 2: Depending on what is owed to the bank, find a cost effective factor that can finance all AR. Hopefully there is enough availability to ay off the advances and the bank line. A $12Mil revenue trucking company should NOT be paying higher than 12-15% all-in. Post refinancing seek to finance some of the trucks if needed. This should be done via SBA.
Expensive capital never works for a trucking company. If they need to reply on expensive money to stay in business.....they should get out of the business.
If you can't get option 2 done....go for option 1.Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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09-22-2020, 04:30 PM #6
- Join Date
- Jun 2020
- Posts
- 2
we can do it no problem
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09-22-2020, 04:32 PM #7
- Join Date
- Apr 2019
- Posts
- 318
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09-27-2020, 11:27 AM #8
- Join Date
- Nov 2018
- Posts
- 17
I can do it www.consolidatedfunding.net
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