Results 1 to 3 of 3
-
01-21-2022, 12:23 AM #1
- Join Date
- Dec 2021
- Posts
- 14
$200-300K - General Contractor Poor Credit Trying to Payoff CC and Taxes Due
Good evening:
I am coaching a client to get his financials back in shape and reposition his high end home general contracting business.
He had a partner who was embezzling money and screwed him on credit cards, vendor payments, etc. He's removed him from the partnership and wants capital to rebuild the business. He normally does about $2MM in gross revenue = $300K net operating capital.
$120K in credit cards
$45K to Taxes - Federal and State - on a payment plan with State (California). Federal - working on getting one.
$55-75K wanted for operating capital for marketing and ops.
He's a renter, not a homeowner. FICO is under 550. Doesn't want to file bankruptcy. Wants to pay things off.
My go-to funding sources can't look at this because of FICO and taxes outstanding.
I'm talking to some private high net worth individuals who are adventurous but I wanted to see if y'all had some referrals for me.
Thanks!
Sincerely,
Marcelo Bermudez, CEPA
Chief Executive Officer
Shōkunin, Inc.
Access to Capital for
Commercial Real Estate / Commercial Business / Renewable Energy
Strategic Exit Planning for Business Owners
213.453.9418
www.marcelobermudezinc.com
www.linkedin.com/in/marcelobermudez
Book a meeting here: https://bit.ly/MeetwithMarcelo
Submit your new capital requests Here: https://bit.ly/Shokunin2
-
01-21-2022, 09:05 AM #2
Dude....BK the credit cards (if he doesn't want to do this, get another client) ...Offer in Compromise on the federal taxes but deferred as non-collectible. If older than 3 years, can be discharged. see below. Ignore state taxes for now and advise non collectible. May also be put in BK. Hire BK attorney and Tax attorney.
If you need to discharge tax debts, Chapter 7 bankruptcy will be the better option—but only if the tax debt qualifies for discharge (not all do) and you're eligible for Chapter 7 bankruptcy. All of these conditions must be met before you can discharge (wipe out) federal income taxes in Chapter 7 bankruptcy:
The taxes are income taxes. Taxes other than income, such as payroll taxes or fraud penalties, can never be eliminated in bankruptcy.
You did not commit fraud or willful evasion. If you filed a fraudulent tax return or otherwise willfully attempted to evade paying taxes, such as using a false Social Security number on your tax return, bankruptcy can't help.
The debt is at least three years old. The tax return must have been originally due at least three years before filing for bankruptcy.
You must have filed a tax return for the debt you wish to discharge at least two years before filing for bankruptcy. (In most courts, if you file a late return (meaning your extensions have expired and the IRS filed a substitute return on your behalf), you have not filed a "return" and cannot discharge the tax.Last edited by Olderguy; 01-21-2022 at 09:10 AM.
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.
-
01-26-2022, 11:05 AM #3
- Join Date
- Jan 2022
- Posts
- 32
We'll take a look at it! iso@capital-infusion.com
We have no bank charter so have the freedom and flexibility to do logic-based underwriting. Call me directly and let me know what you need to get it done. We like to get funky 305-306-3060
Send deals to iso@capital-infusion.com
Josh Waxman
VP Sales & Business Development
E: josh@capital-infusion.com
P: 305-306-3060
Similar Threads
-
General Contractor in need of TERM LOAN
By PulseLenders in forum Deal BinReplies: 11Last Post: 08-31-2023, 07:21 AM -
Trucker/ General Contractor
By funddog in forum Deal BinReplies: 8Last Post: 09-20-2016, 05:21 PM -
LARGE [General Contractor] Planned Community Developer Seeking Line of Credit or Loan
By MoneyMason in forum Deal BinReplies: 12Last Post: 03-23-2016, 10:33 PM -
Govt General Contractor Needs $300k
By MotherFunder in forum Deal BinReplies: 4Last Post: 08-21-2014, 04:54 PM -
Home Based General Contractor
By Businesscap in forum Merchant Cash AdvanceReplies: 2Last Post: 01-23-2014, 10:03 PM