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10-20-2014, 11:36 PM #1
- Join Date
- Jan 2014
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- 283
QUESTION: Is this "Not a big deal?" OR a "Deal Breaker?"
I have a client who has agreed to move forward on a decent sized offer. They are a Commercial Construction company on the upswing, depositing $150k-$250k monthly. The only problem for them, like many others in that industry is working capital. They don't want to turn down jobs but they must have x amount to cover costs, materials, payroll, etc. while they work their projects and wait to get paid.
They are agreeing to a Cash Advance/Loan for the immediate future. The (potential) issue is: they have also accepted a Factoring arraignment starting in about a month as a more long-term solution. They are a couple of days from funding and the client asked me if there is a conflict. Now, I am pretty sure that as long as the Lender agrees to take a subordinate UCC it is all good.........am I correct? I know it is not exactly apples and oranges but taking an Advance, and then Factoring is not stacking........or is it? Or is it a case by case issue? If a Lender who only does first position deals files a UCC can they/will they take 2nd position once the factoring comes into play? I am pretty sure I am going to find out tomorrow but I want to make sure I am correct in regards to how I move forward and how to approach the client with this. Any feedback is appreciated.
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