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  1. #1
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    Retailer w/ $435K on 4 positions needs to consolidate 2

    Merchant does $3M annually.

    Has two positions at $25K and $125K respectively which he would like to pay off and get additional capital.

    The other balances are a $240K remaining MCA and $160K with Paypal.

    25-30% of revenue is going to current payments. We are looking for a lender we can consolidate the two smaller 1-2 positions with.

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Does he qualify for a term loan to pay these off?
    Why not try and get these people out of these MCA loans into something better if they qualify.

    5 year term loan, monthly payment around 20% interest:

    Pre-approvals in an hour.
    fund in a week...

    requirements:
    5 years TIB
    680+ Fico
    Must have brick and mortar location
    $200K+ a year in revenue
    No origination fee
    No collateral
    No blanket UCC
    No requirement to pay off existing debt
    $500K max loan amount

    documents to prequal:
    Loan app
    4 months business bank statements
    driver's license front and back
    Something showing Fico

    Commission 9% - 10% and I split with broker.
    Last edited by Olderguy; 06-23-2022 at 08:54 AM.
    Steve Benjamin
    Professional Business Loans

    1012 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
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  3. #3
    Senior Member Reputation points: 81655
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    Quote Originally Posted by Quickfunder View Post
    Merchant does $3M annually.

    Has two positions at $25K and $125K respectively which he would like to pay off and get additional capital.

    The other balances are a $240K remaining MCA and $160K with Paypal.

    25-30% of revenue is going to current payments. We are looking for a lender we can consolidate the two smaller 1-2 positions with.
    You omit many details such as TIB - Current Factors Rates - FICO - Does the merchant qualify for a Term Loan, or a SBA?

    Leaving PayPal in place since it is a % of their credit card sales - that leaves $400K - why would you not eliminate all the MCA funding ?

    Take a look at First Bay Financial - https://www.bayfirstfinancial.com/bu...artnerprogram/
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  4. #4
    Quote Originally Posted by Quickfunder View Post
    Merchant does $3M annually.

    Has two positions at $25K and $125K respectively which he would like to pay off and get additional capital.

    The other balances are a $240K remaining MCA and $160K with Paypal.

    25-30% of revenue is going to current payments. We are looking for a lender we can consolidate the two smaller 1-2 positions with.


    Obviously we would need more details, but if the file is clean, we can do something here. Call me direct.



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  5. #5
    Senior Member Reputation points: 1393
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    Quote Originally Posted by Yankeeman07 View Post
    You omit many details such as TIB - Current Factors Rates - FICO - Does the merchant qualify for a Term Loan, or a SBA?

    Leaving PayPal in place since it is a % of their credit card sales - that leaves $400K - why would you not eliminate all the MCA funding ?

    Take a look at First Bay Financial - https://www.bayfirstfinancial.com/bu...artnerprogram/
    I'm not asking the forum to underwrite his file here. I'm always amazed by that comment. We point out the requirements we need, and if anything else is a concern -- credit, time in business, tax liens, judgements, family upheaval, political preference, etc. -- we'll point it out.

    We need a lender who can consider an applicant with four positions and consider taking out two. Most lenders have a cap on how many positions a merchant can have to even look at them.

  6. #6
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Term loan guy I use doesn't require other debt to be paid off. I could submit it but not sure that is what you are seeking.

  7. #7
    Senior Member Reputation points: 34509 Jstarr's Avatar
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    Does he own Real Estate?
    Jerry Starr
    Insource Funding
    433 Plaza Real, Ste 275 Boca Raton, Fl 33432
    P: 800-805-3391 Fx: 561-270-6895
    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  8. #8
    Member Reputation points: 1017 Loanpro's Avatar
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    Send it over If you still seeking funding?
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  9. #9
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