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  1. #1

    Restaurant-Bar 680+ FICO / Purchased 6 months ago

    I need a Lender for my client who has a; Restaurant-Bar /Bought 6 months ago / 680+ FICO / 110k deposits / Las Vegas /

    Thank you,
    Jeremy Fox
    702-832-0115
    jfox@radiantreferralnetwork.com
    Last edited by Merchant Cap Accceptance; 07-22-2022 at 06:57 PM.

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

    If they need money right away, try a MCA with just enough to get them through a month and try one of these below which usually take 30 days...

    I've posted this before....So you have a couple of options here other than MCA....

    Personal loan based on personal tax return...
    One is The Funding Group knows as Funding Help.
    I have a super broker who gets 7 points on their 15 point success fee.
    However they changed their program so all new brokers only get 2.5% on their 15% fee.
    So I use my guy and some brokers who have been with them awhile get the 7% range.
    Call them and you decide if you wish.
    The Funding Group
    904-559-1791
    Jean L. Vann, Manager

    I think if you reach out to Micah, he can handle this and pay you more than if you set up direct with them.

    The other is PFG - Preferred Funding Group and they pay 2.5% on 15% success fee.

    What is needed for these - take the loan app, get the Fico scores 680 or better, personal tax return, 1099 or W-2. Can get loan based on annual gross income.

    Then there is business credit cards for start ups and Business LOC.
    Need a 700+ Fico...
    They pay 2.5% on 10% success fee and you get paid for every funding.
    That's Midwest Credit Corp
    I have a referral guy over there so let me know and I'll hook you up.
    Bailey Blasdel
    Business Finance Consultant
    (630) 974-5507
    (If you contact him, mention my name and they pay a very small referral fee that doesn't come out of your commission)

    Here's a scenario I posted recently on that program:
    File from broker.
    Feb sales $12k
    March sales $12K
    April sales $4K
    Mostly additional revenue in business bank account are online transfers from savings account.
    Good Fico
    No debt
    Got him a couple of business credit cards at $69,000
    Paid me 2.5% every funding. Again 10% success fee.

    Also, have them apply for SBA microloan
    https://www.sba.gov/funding-programs/loans/microloans
    Last edited by Olderguy; 07-22-2022 at 10:15 PM.
    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
    Banned Reputation points: 4416
    Join Date
    Dec 2021
    Posts
    154

    Capitalize would fund in these circumstances.

    Please submit the deal to subs@capitalizegroup.com

  4. #4
    Senior Member Reputation points: 9802
    Join Date
    Nov 2019
    Posts
    638

    If you still need a home for this as an mca we do at least 3 months in business if it is a good file.

    Feel free to look up my company tmrnow. We do the original mca still which are cc splits. We work like lines of credit on first positions. We use common sense underwriting and not computer algorithms.


    Scott Platto | ISO Relations MGR
    TMRNOW A Total Merchant Resources Company.

    (O) 212-220-9872 ext 105

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