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11-17-2020, 06:37 PM #1
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Merchant recently funded looking for line of credit
Funded a merchant 50k last month and he's shopping around for an LOC that got shopped back to me today. What can this merchant expect to get? He does 50-60k a month.
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11-17-2020, 07:33 PM #2
A true LOC would be with BlueVine, Headway, or Idea but none would take a second position and there likely isn't enough of a seasoning period from the funding last month to warrant a buyout of the existing first position.
An option could be a "strategic line of credit" through the credit card stacking program that Seek or Torro offer, if the merchant has strong credit.
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11-21-2020, 04:57 PM #3
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Add midwest capital to torro...i believe they usually offer more. Business credit cards...crefit minimum 700...other factors matter. The big factor is what percentage of usage are they at
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11-25-2020, 01:14 PM #4
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Lowkey seems like he was told he would get a credit line a month after taking your deal.. In addition to golf's reply- all payments among other variables are calculated in the risk assessment- advances, loans, leases, etc. If you do get an offer I wouldn't expect more than 5-10k.
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