Need a Funder or Vendor? START HERE

Results 1 to 8 of 8
  1. #1
    Member Reputation points: 1158
    Join Date
    Apr 2015
    Location
    Morristown, NJ
    Posts
    97

    1st Position - Need Funder, Entity was Formed in March

    A computer repair shop that has been opened since November and was operating as a sole prop, formed an llc in March. Has increased volume every month, started doing 5k a month and now does 20k/mo. Has no positions. Has an offer for 18,250 paying back $26,500 over 50 payments. If I can match that with 60 payments instead, he will take my deal, however I am having trouble finding a lender becasue his entity was only formed this March.

    Please call me at 973-936-8428 or email me at richard@pegasusfundinggroup.com ASAP
    Last edited by rmckellar; 07-01-2022 at 12:19 PM.

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    Shouldn't matter he changed entities. When I was with a direct lender we considered TIB going back for the original entity. Did you tell the lenders that? Did he have a DBA as a sole prop? Or was it personal bank account.
    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
    @ 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.

  3. #3
    Member Reputation points: 1158
    Join Date
    Apr 2015
    Location
    Morristown, NJ
    Posts
    97

    yeah it is frustrating, I ran several direct lenders throughout 2009-2019; yeah I am getting this response from a variety of lenders and yeah he was operating as a sole prop and had an account for it, not his personal account.
    ---------------------------------------------------------

    Rich McKellar



    www.linkedin.com/in/richardmckellar

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    Quote Originally Posted by rmckellar View Post
    yeah it is frustrating, I ran several direct lenders throughout 2009-2019; yeah I am getting this response from a variety of lenders and yeah he was operating as a sole prop and had an account for it, not his personal account.
    Did you submit it with TIB for the original sole prop entity? I'd go back to some of the lenders and have them do a second look using the original entity TIB as my company would consider it back to the original sole prop TIB.
    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
    @ 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.

  5. #5
    Member Reputation points: 1158
    Join Date
    Apr 2015
    Location
    Morristown, NJ
    Posts
    97

    yeah i usually include a short synopsis in the submission email, and i have detailed that
    ---------------------------------------------------------

    Rich McKellar



    www.linkedin.com/in/richardmckellar

  6. #6
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    Quote Originally Posted by rmckellar View Post
    yeah i usually include a short synopsis in the submission email, and i have detailed that
    You need to put it in the loan app for original entity TIB though. I'd call the lenders back.
    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
    @ 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.

  7. #7
    Member Reputation points: 1158
    Join Date
    Apr 2015
    Location
    Morristown, NJ
    Posts
    97

    oh yeah its on my app under time in business
    ---------------------------------------------------------

    Rich McKellar



    www.linkedin.com/in/richardmckellar

  8. #8
    Senior Member Reputation points: 203054
    Join Date
    Jan 2014
    Posts
    1,361

    Fundbox

Similar Threads

  1. Entity Studios
    By Showmethemoney in forum Merchant Cash Advance
    Replies: 2
    Last Post: 12-15-2021, 03:51 PM
  2. Aggressive 2nd position funder
    By tcraig in forum Merchant Cash Advance
    Replies: 19
    Last Post: 03-22-2019, 03:52 PM
  3. Replies: 2
    Last Post: 10-10-2018, 05:03 PM
  4. Replies: 1
    Last Post: 06-21-2017, 04:57 PM
  5. Legal Entity owned by an estate or trust
    By ADiamond in forum Merchant Cash Advance
    Replies: 5
    Last Post: 06-01-2016, 08:24 AM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

SubcontractorHub, Lendica partner
BoA launches business loan marketplace
Quickbooks adds new LOC product


DIRECTORY