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09-02-2021, 05:31 PM #1
Trucking Company w/ Previous Default Looking for $35K
Few Things to consider here:
- over 1 yr in business
- average monthly revenue: $74K
- Avg daily bal.: over $5K
- Avg. Ending bal: $14,810
- Neg. days in past 3 months: 2
- Reason for default w/ previous company: Merchant was advised by consolidation salesman to purposely default in order to obtain monthly payments. Consolidation company barely followed thru w/ their procedures.
- Purpose of funds: To obtain 4th truck. Merchant would prefer using funding instead of depleting their own cash.
- Avg credit score: 550
In this case, I already explained to the merchant that purposely defaulting, regardless of the "benefits" of the loan product that was being sold to them was a foolish decision. At this point, it is clear the merchant can only be considered high-risk.
Only offer that stuck was for $10K. Minimum offer that makes sense for the merchant is $30-35K; anything else, they basically might as well use their own cash... Factor rate isn't a big issue. Terms for at least 90 days repayment would be considered reasonable.
If you know where I can take this deal, or any funder able to bite @ the deal, please let me know ASAP because the equipment in question won't be available for much longer. I prefer to get them the advance instead of them using their own cash.
Thanks
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