Merchant Looking For New Lender
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  1. #1

    Merchant Looking For New Lender

    I have a hair salon looking for a new lender. Just paid off Expansion Capital with no missed payments. Her last 3 months of deposits are:
    Apr 11,967
    May 9,435
    Jun 12,820
    No ods or neg days. Most lenders have monthly deposit minimums starting at $20k and up. Who can fund her?

  2. #2
    Senior Member Reputation points: 73821 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,295

    Lending Valley, Vader, Mantis?
    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.

  3. #3
    Quote Originally Posted by davis3003 View Post
    I have a hair salon looking for a new lender. Just paid off Expansion Capital with no missed payments. Her last 3 months of deposits are:
    Apr 11,967
    May 9,435
    Jun 12,820
    No ods or neg days. Most lenders have monthly deposit minimums starting at $20k and up. Who can fund her?
    We do. Send it over.

    $ 1% bonus point for the month of June $

    We have revamped our lending criteria for aggressive offers and maximum deal flow. We pride ourselves on being extremely creative and flexible.

    Our funding Criteria:

    - 5k minimum funding - 500k max funding
    - B, C, D paper
    - Offers not based on credit score - low credit ok
    - Response time (realistically) as low as 60 minutes
    - 1st - 5th position - Up to 38% withhold of net deposits
    - 1.32 buy rates
    - Terms up to 140 days (weekly's upon approval)
    - Max Upsell to 15 points
    - Early Payoff Discounts
    - 4 truck minimum for trucking industry
    - Minimum of 5 deposits per month
    - Minimal stips (VC & ID)
    - Docusign Contracts
    - Commission paid after 1st debit clears (4 days)


    ! Attention Sales Reps !

    - Ask us about our Line of Credit for syndication -


    Michael Ross
    Lendbug
    New York, NY
    Mross@lendbug.com
    646-360-0411

  4. #4
    Member Reputation points: 1017 Loanpro's Avatar
    Join Date
    Jul 2021
    Location
    Duluth, GA
    Posts
    45

    Done Deal submit & 2 hour Decision
    BUSINESS LOAN PROGRAMS


    • Same Day Business Loans
    • Personal Loans up to $200K with a 680+ FICO
    • Business Lines of Credit
    • Business Term Loans
    • All Equipment Financing – Truck and more!
    • Get up to $150,000 with 0% Apr
    • All SBA Loans
    • Start Up Business Loans
    • Much more!
    Last edited by Loanpro; 07-07-2022 at 07:38 PM.

  5. #5
    Senior Member Reputation points: 1158
    Join Date
    Apr 2015
    Location
    Morristown, NJ
    Posts
    100

    I have a similar file and every lender who said they could do it ultimately claimed upon submission that the deposits weren't enough. Did 13k in April, 20k in May, 14k in June.
    ---------------------------------------------------------

    Rich McKellar



    www.linkedin.com/in/richardmckellar

  6. #6
    Senior Member Reputation points: 503040
    Join Date
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    Quote Originally Posted by Loanpro View Post
    [FONT="]Done Deal submit & 2 hour Decision
    BUSINESS LOAN PROGRAMS[/FONT]


    • Same Day Business Loans
    • Personal Loans up to $200K with a 680+ FICO
    • Business Lines of Credit
    • Business Term Loans
    • All Equipment Financing – Truck and more!
    • Get up to $150,000 with 0% Apr
    • All SBA Loans
    • Start Up Business Loans
    • Much more!
    They said they’re looking for a lender, not a broker.

  7. #7
    Give me a call. I would be able to help the owner on this. We specialize in unsecured term loans up to $500k. Lets jump on a call.

    Brandon Dressler
    815-878-0244
    Brandon@preferredfundinggroup.com

  8. #8
    Give me a call 516-225-8444 , or email me Liran@instafundadvance.com
    Last edited by InstaFund Advance; 07-27-2022 at 02:23 PM.

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