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09-20-2021, 07:15 PM #1
- Join Date
- Apr 2017
- Posts
- 127
MCA Refinance
We are looking for a directly lender willing to pay off multiple MCA balances & allow client to net additional cash for business expansion & inventory. Good credit, healthy bank statements, good revenue & profit margins.
Term Loan with monthly payment 5%-15% APR depending on term.
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09-20-2021, 07:19 PM #2
- Join Date
- Apr 2017
- Posts
- 127
Revenue is around $7m
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09-21-2021, 12:13 AM #3
- Join Date
- Jan 2017
- Posts
- 116
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09-21-2021, 10:04 AM #4
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
Hi Red, let's talk about it...
1 - multiple MCA balances: means when he needed funding, he was desperate and couldn't wait.
2 - needs additional capital: means he needs more money DESPITE the multiple positions
3 - good credit, healthy banks, good revenue & profits: contradicts 1 & 2
4 - Term loan with monthly payment: Probably not possible with multiple cash advance positions, unless he has some form of collateral.
5 - 5-15% APR (depending on term?): Hard money is your best option here considering all of the factors above.
There are some guys on here who say they dedicate themselves to this niche of business... In my humble opinion, if he doesn't won't take another MCA, or reverse (to get out of the problem) you're probably beating a dead horse.
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09-21-2021, 10:55 AM #5
FlashCap SBA Loan | https://www.firsthomebank.com/creditbench
Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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09-21-2021, 11:05 AM #6
- Join Date
- Jan 2014
- Posts
- 1,372
7mill a year he probably qualifies for inventory LOC or factor his invoices if he has commercial clients
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09-21-2021, 12:39 PM #7John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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09-21-2021, 02:05 PM #8
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 263
Rapid and many others will pay off two positions. If client is in a LoanMe state (states that LoanMe will do a regular business loan), I would see about getting enough to pay \off some or all of the MCA's. This is high interest, but hopefully only temporary. With the good credit, you should be able to work them into an SBA loan. A portion can be allocated to pay off LoanMe.
Shannon Harris
Funding Specialist
888-705-8818 phone
239-790-2664 fax
Shannon@StellarBusinessFunding.com
www.stellarbusinessfunding.com
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09-27-2021, 04:28 PM #9
I've done SBA 7A with multiple MCA's that were paid off in the funding. Need business assets, A/R, commercial property, primary residence or NOO property as collateral. 10 year term at 6% is the range. Have they applied for an EIDL or additional funding EIDL?
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-06-2021, 03:13 AM #10
- Join Date
- Mar 2019
- Posts
- 10
Send
It over we will restructure his advances
And cut the down the
Payments to get out
Quick he won’t have to borrow
Additional
Money because well
Reduce
His overall principle balance by doing so
Without hurting his ability
To get funded again Offc makes the deal easy for you. We chase your defaults to
And get them
To pay you guys back
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