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  1. #1

    Line of Credit

    Looking for a LOC for one of my merchants. Currently is in a 350k MCA. He only wants an LOC moving forward.

  2. #2
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    than call bluevine headway or idea

  3. #3
    Do you have contact person and number?

  4. #4
    Greenwich capital is accepting new isos for our MCA and LOC Programs - we go out to 13 months, do weekly and biweekly payments and fund 1-4th. Please email Inquiries@gcmcapitalgroup.com to sign up!

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    does anyone have experience with Rapids new LOC? Is it a true LOC?

  6. #6
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by fundingsmbs View Post
    does anyone have experience with Rapids new LOC? Is it a true LOC?
    $55,000 maximum - too little.
    Steve Benjamin
    Professional Business Loans

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    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
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    @ SBA loans - 7A and 504.
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  7. #7
    We do LOC's upto a milly - send us some paper and you will be impressed with our offers.

    Quote Originally Posted by Olderguy View Post
    $55,000 maximum - too little.

  8. #8
    Quote Originally Posted by excelcap View Post
    We do LOC's upto a milly - send us some paper and you will be impressed with our offers.
    What are the rates charged for your LOC?

  9. #9
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    Quote Originally Posted by fundingsmbs View Post
    than call bluevine headway or idea
    Then..... The difference between knowing your crap vs. knowing you're crap.....
    Hedley Lamarr......That's Hedley

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    Quote Originally Posted by rssbrncjr View Post
    Looking for a LOC for one of my merchants. Currently is in a 350k MCA. He only wants an LOC moving forward.
    It sounds like your prospect is rate sensitive and truly wants a revolving facility. I would suggest contacting a bank that has a non-bank asset based line product or factoring product. There are over 30 banks in the US that offer these products.
    Hedley Lamarr......That's Hedley

  11. #11
    Quote Originally Posted by Hedley Lamarr View Post
    It sounds like your prospect is rate sensitive and truly wants a revolving facility. I would suggest contacting a bank that has a non-bank asset based line product or factoring product. There are over 30 banks in the US that offer these products.
    Greenwich's LOC Revolves and we are not a bank!

  12. #12
    Quote Originally Posted by mcaexplainer View Post
    What are the rates charged for your LOC?
    our lowest rate is 2.5% a month upto 5% we average at 3.25
    Last edited by excelcap; 01-13-2022 at 01:18 PM. Reason: forgot to quote

  13. #13
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    LOC's are the big buzz right now. Customers prefer those when possible because they can draw when they want and only pay interest on what they draw.

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    Quote Originally Posted by excelcap View Post
    our lowest rate is 2.5% a month upto 5% we average at 3.25
    2.5%/Month? Yikes...that's expensive. There are a host of firms out there offering $1Mil factoring facilities and asset based lines of credit from 6%-10% annualized rate.
    Hedley Lamarr......That's Hedley

  15. #15
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    Fundthrough acquired Bluevine's factoring business.

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    Quote Originally Posted by fundingsmbs View Post
    Fundthrough acquired Bluevine's factoring business.
    Yep-Announced this morning.
    Hedley Lamarr......That's Hedley

  17. #17
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    Quote Originally Posted by Hedley Lamarr View Post
    2.5%/Month? Yikes...that's expensive. There are a host of firms out there offering $1Mil factoring facilities and asset based lines of credit from 6%-10% annualized rate.
    great, so go get all your clients those facilities

  18. #18
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    Quote Originally Posted by joshbr9 View Post
    great, so go get all your clients those facilities
    All of my clients have these types of facilities. Some have been with me for over 8 years.
    Hedley Lamarr......That's Hedley

  19. #19
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    Quote Originally Posted by Hedley Lamarr View Post
    All of my clients have these types of facilities. Some have been with me for over 8 years.
    That doesn't mean you had customers that didn't qualify for those. If they are clients with those facilities then obviously that's just counting all the ones that qualified. Higher factoring rates for higher risk clients, not to mean high risk just higher than what your banks would accept. Several levels

  20. #20
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    Quote Originally Posted by joshbr9 View Post
    That doesn't mean you had customers that didn't qualify for those. If they are clients with those facilities then obviously that's just counting all the ones that qualified. Higher factoring rates for higher risk clients, not to mean high risk just higher than what your banks would accept. Several levels
    You would be amazed what some bank owned finance companies can accomplish up to and including DIP financing. Hell...I have financed companies with federal tax leans and had the IRS subordinate behind the factor/ABL. Banks are starting or buying non-bank finance companies (factors and ABL) as a way to say YES to the client. Non bank finance companies are partnering or selling to banks because they need a lower cost of funds and other services to offer to their clients to compete. There is a large factor in the market to buy a bank right now because they need the depository relationships to lower cost of funds. It is super hard for small players and non-bank finance companies to compete with the likes of a bank owned finance company with $3Bil of free deposits to deploy........
    Hedley Lamarr......That's Hedley

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