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  1. #1

    Letter of Credit

    Hello,

    My client is looking for a Letter of Credit to the tune of $15mm. Merchant has enough real estate. Please advise if you have this access.

  2. #2
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    Quote Originally Posted by nani View Post
    Hello,

    My client is looking for a Letter of Credit to the tune of $15mm. Merchant has enough real estate. Please advise if you have this access.
    Business Details?
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  3. #3
    Hi Dave,
    Real estate development. From my guy ...

    As discussed I have a 200 unit residential project in Los Altos, CA which is approved and ready to build starting in 2/2021. I have a commitment from Peregren Capital for a $205M construction loan which requires us to bring in $25M of equity. I am acting as a Co-GP on the project as well as one of the guarantors. The letter of credit will be used as a backstop in case we have cost overruns, our GC fails, our LP capital fails to fulfill a capital call and the general partners fail to bring in capital. I've attached my PFS.

  4. #4
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    Quote Originally Posted by Yankeeman07 View Post
    Business Details?
    lol go ahead, "bro" pitch him a credit card split or that you "directly rep" for an "sba bank" lol

  5. #5
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    Quote Originally Posted by fin4all View Post
    lol go ahead, "bro" pitch him a credit card split or that you "directly rep" for an "sba bank" lol


    Yes, I rep for a SBA Bank that offers 7(a) and B&I Loans - MCA = credit card splits, which if my info is correct,
    is the original method of merchant cash advances.

    My 1st exposure was thru United Bank Card when they added MCA to their portfolio of products.

    Have a great day !
    Last edited by Yankeeman07; 10-08-2020 at 10:21 AM.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  6. #6
    Senior Member Reputation points: 7232 NationalCorporateData's Avatar
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    Kennedy Funding or Rodeo Capital might be interested in this. Kennedy is more expensive.

  7. #7
    Thank you. Will look into them.

  8. #8
    Senior Member Reputation points: 4567 NickHubbard's Avatar
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    Quote Originally Posted by NationalCorporateData View Post
    Kennedy Funding or Rodeo Capital might be interested in this. Kennedy is more expensive.
    Kennedy Funding are scammers! DO NOT USE THEM.
    Nick Hubbard
    Senior Loan Advisor
    314-252-0299 - Office
    314-885-2262 - Direct
    nick@elitefactoring.com
    www.elitefactoring.com

  9. #9
    Senior Member Reputation points: 7232 NationalCorporateData's Avatar
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    Quote Originally Posted by NickHubbard View Post
    Kennedy Funding are scammers! DO NOT USE THEM.
    What happened with them? Haven't used them ourselves, only have come across them knowing they do real estate above $1MM.

  10. #10
    Senior Member Reputation points: 34509 Jstarr's Avatar
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    Provide details about the RE.

    Quote Originally Posted by nani View Post
    Hello,

    My client is looking for a Letter of Credit to the tune of $15mm. Merchant has enough real estate. Please advise if you have this access.
    Jerry Starr
    Insource Funding
    433 Plaza Real, Ste 275 Boca Raton, Fl 33432
    P: 800-805-3391 Fx: 561-270-6895
    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  11. #11
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    Haven't used them ourselves......

    Quote Originally Posted by NationalCorporateData View Post
    What happened with them? Haven't used them ourselves, only have come across them knowing they do real estate above $1MM.
    Why recommend someone you've never actually worked with????

    And then state in writing " Haven't used them ourselves".........

    What if someone takes your advice and gets screwed?

    It's pretty damned silly if you ask me.

    JMHO.
    Mike Lewis - commercial real estate loan broker / owner
    No up front fees loan broker
    Commercial real estate loans: Acquisition, refinance, construction and FAST bridge loans from $200k +

    tel/voicemail: 937-964-5355
    cell/voicemail: 440-637-5646
    corporate email: mikelewis@michaellewisgroup.com

    www.linkedin.com/in/cigarmike

    Veteran Owned

    WE CO-BROKER with an even 50/50 split and we both get paid by wire at close.

    We issue a combination mutual NDA / fee split, you introduce your CRE clients to us stating simply we handle your commercial real estate loans, we take it from there and keep you in the loop. When a loan you referred closes, you get paid at close by wire.If you can work with that please do not hesitate to contact us. Our loan forms are vanilla with no company name.

    Michael Lewis Group Commercial real estate loans

    http://michaellewisgroup.com/index.html

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