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07-18-2022, 12:28 PM #1
- Join Date
- Sep 2015
- Posts
- 40
AAA Paper - Buyout Position(s) - Competing On This
I have a client who has 2 open positions. He has an approval for $750k over 16 months at 1.23 buy rate but it involves paying off both his On Deck balance of $125k and his Everest balance of 155k. Merchant is looking for a second position lender to buy out the Everest balance and come in as second with a 600k approval, or, a similar first position with a 2-3pt less buy rate offer buying out both current positions, and a 2-4 month longer term. Fee in the $750k approval is 3%. Merchant is looking to also bring that down to 1.5%
Merchant always has 300k in his bank account and does 400-750k per month.
Please message me here or at allen@mycommercialfunding.com about this deal.
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07-18-2022, 12:39 PM #2
- Join Date
- Feb 2017
- Posts
- 3,463
Allen, there are other things out there that most brokers are refusing to tell this client! I'm not even talking about an SBA.
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07-18-2022, 12:41 PM #3
- Join Date
- Sep 2015
- Posts
- 40
Sorry but neither I nor him are interested in the credit cards, but thanks.
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07-18-2022, 12:47 PM #4
- Join Date
- Mar 2021
- Posts
- 187
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07-18-2022, 12:53 PM #5
- Join Date
- Feb 2017
- Posts
- 3,463
No credit cards. There's no way to get close to $750,000 on those.
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07-18-2022, 12:55 PM #6
- Join Date
- Feb 2017
- Posts
- 3,463
Note: I have heard of a file a processor I know who did $800,000 one time, about 15 years ago. That was a fluke. The most I've seen since then in just CC's is around $150,000.
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07-20-2022, 12:47 PM #7
- Join Date
- May 2022
- Posts
- 98
Contingent upon further review of their financials, ARs, PnL, tax returns, etc., this may be something we can accommodate. Send it over.
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:
- 10k minimum 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
- 15k a month average revenue
- 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
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08-16-2022, 03:31 PM #8
- Join Date
- Jul 2022
- Location
- BROOKLYN NY
- Posts
- 60
Leon Davis
Funder / Iso Relations
Brickstone Fund
Phone: 347-433-7727
EMAIL: Leon@brickstonefund.com
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