Need a Funder or Vendor? START HERE

Results 1 to 5 of 5
  1. #1

    Client looking for 350-500k Term Loan

    Hello,
    I have a client looking for 350-500k. He does ~7mil a year. 700+ credit. He currently has one term loan with a 480k balance. Can anyone recommend a lender that would go out to 5-10 years.

  2. #2
    Senior Member Reputation points: 22304 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    623

    If his term loan is a SBA 7A, he can go back to the same lender and get a second SBA 7A. Otherwise a 7A is 10 years at 7%. Needs 85% collateralization. Does he qualify for A/R factoring?
    Steve Benjamin
    Professional Business Loans

    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050

    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 6% and up
    @ Equipment financing up to 6 years
    @ Property loans - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  3. #3
    Senior Member Reputation points: 168734
    Join Date
    Feb 2017
    Posts
    2,715

    Quote Originally Posted by goldenhippo80 View Post
    Hello,
    I have a client looking for 350-500k. He does ~7mil a year. 700+ credit. He currently has one term loan with a 480k balance. Can anyone recommend a lender that would go out to 5-10 years.
    The 480k term loan, what type of senior debt is it? Bank? What's the collateral? Does he have any lines of credit? Of course an MCA may work here, but if they're interested in something more prime, it takes more underwriting. There are plenty of direct 1st position funders out there who can do this, but the question is if the client will take 20-30% rates.

  4. #4
    If we could secure the debt I may be able to offer longer terms.

    Direct SBA lender, fast closings.
    Dan Wallace
    SVP
    Harvest Small Business Finance
    National, direct non-bank lender
    Fast and creative financing solutions
    970-390-6650
    dwallace@harvestcref.com

  5. #5
    Senior Member Reputation points: 13429
    Join Date
    Jul 2014
    Location
    Jackson Hole Wy
    Posts
    628

    If real estate with sufficient equity we can consider

    www.omegafund.com

Similar Threads

  1. Need 15k longer term loan for client!
    By Kjhaight in forum Deal Bin
    Replies: 7
    Last Post: 10-24-2018, 05:51 PM
  2. Replies: 16
    Last Post: 09-17-2017, 07:27 PM
  3. $250k to $500k Loan, 60 day term, non MCA?
    By Red Dragon in forum Business Loans
    Replies: 4
    Last Post: 02-17-2017, 03:28 PM
  4. Replies: 3
    Last Post: 08-10-2016, 11:43 AM
  5. Client in need of loc or term loan
    By lendinghand in forum Business Loans
    Replies: 3
    Last Post: 04-10-2015, 02:42 PM


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

Yieldstreet closes $400M credit facility
Kaplan Mobray to keynote Broker Fair '22
IOU hires new Chief Accounting Officer


DIRECTORY