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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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09-02-2021, 05:45 PM #2
- Join Date
- Aug 2021
- Posts
- 31
Based on the average rev and daily balances above, Cobalt would probably offer something in the 30-35k range but likely closer to 50-70 days as a starter.
Feel free to reach out to us.Cobalt Funding Solutions | Direct Funder
cobaltfunding.com| 202-773-4200
New York, NY. | deals@cobaltfunding.com
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09-04-2021, 03:19 PM #3
- Join Date
- Jul 2021
- Posts
- 74
We can collateralize their assets, (trucks) to secure the funds for the 4th truck. We'll definitely make some money on this deal. Contact me below.
Jimmy@sigicancapitalcorp.com
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10-06-2021, 03:17 AM #4
- Join Date
- Mar 2019
- Posts
- 10
We clear out any defaults take his existing advances and restructure them
In a way the
Client pays you guys back and stays
In without the fear of them defaulting
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