Need a Funder or Vendor? START HERE

Results 1 to 12 of 12
  1. #1

    Transportation Deal

    The client started out with a 75 dollar a day payment with MCA, then he asked if he could go on a weekly payment schedule. Lender wouldn't do this so they asked him if they could change the payments to 50 dollars a day. Client agreed but then realized after paying 50 a day for 2-3 weeks that it would take too long to pay it back so he asked them to go back to the original 75 dollars a day which is where it is now. Client only owes 3000 with them right now. Because the payments were changed by the lender even though the client is in good standing and the lender suggested the payment change, I'm having a tough time getting it closed. Nov 29k, oct 22k, Sept 15k. PM me if you can do this deal.

  2. #2
    Senior Member Reputation points: 7232 NationalCorporateData's Avatar
    Join Date
    Oct 2020
    Location
    Beacon, NY
    Posts
    121

    Might not be too helpful, but something on company letterhead stating that the arrangement was offered by the funder rather than requested by the merchant? Probably will depend on who the funder was also.

    Generally, these will fund transportation:
    Credibly, Cresthill/Mantis, Elevate, Expansion, Fundry, QuickSilver, Silverline

    Likely missing some mid-tier funders from the list here. Many others will do transportation but not at this level of revenue.

  3. #3
    Senior Member Reputation points: 18402
    Join Date
    Apr 2014
    Posts
    781

    Pm sent

  4. #4
    Thank You Brother

  5. #5
    Thank You Buddy !

  6. #6
    Senior Member Reputation points: 6957 ESE5020's Avatar
    Join Date
    Oct 2017
    Posts
    331

    Quote Originally Posted by Greg Cooper View Post
    The client started out with a 75 dollar a day payment with MCA, then he asked if he could go on a weekly payment schedule. Lender wouldn't do this so they asked him if they could change the payments to 50 dollars a day. Client agreed but then realized after paying 50 a day for 2-3 weeks that it would take too long to pay it back so he asked them to go back to the original 75 dollars a day which is where it is now. Client only owes 3000 with them right now. Because the payments were changed by the lender even though the client is in good standing and the lender suggested the payment change, I'm having a tough time getting it closed. Nov 29k, oct 22k, Sept 15k. PM me if you can do this deal.
    If he his receivables meet our criteria, we will make an offer. Feel free to reach out.
    East Shore Equities, LLC
    Submissions@EastShoreEquities.com
    Tel: 516-231-5595 | Fax: 516-231-5590
    www.EastShoreEquities.com

  7. #7
    Senior Member Reputation points: 14313
    Join Date
    Apr 2020
    Posts
    120

    Agreed with NationalCorporataData. You will need an official letter from the funder stating that was their doing in order to get that done unless you find a pop up spot who is just looking to send wires lol

  8. #8
    I can get this done with my group, please reach out.

  9. #9
    Senior Member Reputation points: 8536
    Join Date
    Dec 2015
    Location
    Los Angeles, CA
    Posts
    121

    Transportation, lowered payments, declining revenues... tough deal to get done.

    Only way to possibly get an offer would be to request the payback months from the merchant, get clarification on the 51% decline in revenues from Sept thru Nov, obtain a letter from the funding company stating that they offered the lowered structure (but they they will know he is shopping), and hope that a lender will understand the situation, believe in the business, and be comfortable taking the risk.

    I would say you have a 5% - 10% chance of getting an offer that will be declined after decision logic (assuming the revenues will continue to decline).

    God speed.

  10. #10
    Senior Member Reputation points: 14091
    Join Date
    Mar 2019
    Posts
    253

    Quote Originally Posted by Greg Cooper View Post
    The client started out with a 75 dollar a day payment with MCA, then he asked if he could go on a weekly payment schedule. Lender wouldn't do this so they asked him if they could change the payments to 50 dollars a day. Client agreed but then realized after paying 50 a day for 2-3 weeks that it would take too long to pay it back so he asked them to go back to the original 75 dollars a day which is where it is now. Client only owes 3000 with them right now. Because the payments were changed by the lender even though the client is in good standing and the lender suggested the payment change, I'm having a tough time getting it closed. Nov 29k, oct 22k, Sept 15k. PM me if you can do this deal.
    If I had a dollar for every time I heard someone say that the funder offered to lower the payments....
    I doubt any funder will take the time to write a letter if tthat if that is in fact the case.

    no funder willing wants to lower payments unless:
    1. the merchant is bouncing/ cannot afford the larger payment and the funder thinks that by lowering it, the payment will clear.
    2. the funder is playing games with the debits in order to throw off other funders.

    best bet is to find a funder that is comfortable with the deal despite the lowered payment in recent months. If you are upfront and honest about it, and the funder still likes the deal, and everything else checks out, the funder should have no problem funding it for you

  11. #11
    If this hasn't funded yet send it my way.

    We fund transportation all the time!

    Matt Spinelli
    ISO Manager at Spartan Capital
    201-907-4042
    matt@spartancapitalgroup.com

  12. #12
    Senior Member Reputation points: 14313
    Join Date
    Apr 2020
    Posts
    120

    Really what I meant was nobody is going to do that and that its waste of time lol But if you're able to get the letter and show that the funder did it(highly unlikely) then by all means try and get it done somebody will look at it!

Similar Threads

  1. Replies: 14
    Last Post: 09-05-2017, 01:43 PM
  2. Replies: 3
    Last Post: 06-19-2017, 04:18 PM
  3. Trucking/transportation deal with 1 truck
    By loan in forum Deal Bin
    Replies: 7
    Last Post: 11-09-2015, 05:54 PM
  4. seeking 200k transportation deal
    By Apistone in forum Deal Bin
    Replies: 8
    Last Post: 10-17-2014, 12:33 PM
  5. Replies: 3
    Last Post: 04-18-2014, 03:47 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY