Have merchant looking for a Line of Credit!!!!!
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  1. #1

    Have merchant looking for a Line of Credit!!!!!

    Merchant had 2 positions with me. Advantage and GFE. Merchant then received a Consolidation from silverline. He has paid off his balance with GFE and all he has left is the consolidation and Advantage. Please tell me how he can get into a LOC. Thanks for your help. Merchant always pays never an issue. good guy

  2. #2
    Senior Member Reputation points: 341420
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    What does the business do?
    How much revenue was there in 2019 and what is YTD revenue?

    We offer asset based lines of credit and factoring failities.

    KH
    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

  3. #3
    Construction/ Real Estate
    2019 1.3mm in revenue
    YTD is on course to do the same as previous year

  4. #4
    Senior Member Reputation points: 128758 ridextreme's Avatar
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    You forgot the most important factor which is his personal credit. LOC's are harder to get approved for, usually require more financials, and pay a lot less than a traditional MCA. I can almost guarantee you if I spoke with him he would have another first position but I'm not gonna brag.

  5. #5
    Quote Originally Posted by Kevin Henry-Seacoast View Post
    What does the business do?
    How much revenue was there in 2019 and what is YTD revenue?

    We offer asset based lines of credit and factoring failities.

    KH
    Construction/ Real Estate
    2019 1.3mm in revenue
    YTD is on course to do the same as previous year

  6. #6
    Senior Member Reputation points: 19311
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    246

    Every merchant wants a loc. If he qualified he would've had one already.

  7. #7
    I am not up with Lenders that offer LOC

  8. #8
    Senior Member Reputation points: 4262 Magicmike18's Avatar
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    7125 Peri Lane Brooklyn Ny 11234
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    117

    try fundbox

  9. #9
    Senior Member Reputation points: 7232 NationalCorporateData's Avatar
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    Oct 2020
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    Beacon, NY
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    119

    Credit line providers are BlueVine, Fundbox, Kabbage, OnDeck, and Idea Financial. Several funders off concurrents, like CAN, ARF, and GRP, that are structured similarly as non-revolving facilities.

    With two existing positions, BlueVine, OnDeck, and Idea are out of the picture; Kabbage isn't funding new business, so Fundbox would be the only option outside of an asset-based facility like Kevin can provide.

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