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  1. #1
    Member Reputation points: 1158
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    Apr 2015
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    Morristown, NJ
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    1st Position Freight Broker

    Looking for a first position offer to compete with a current offer the merchant has from another broker. He's being offered 18k @ 1.499 over 45 payments.

    Looking to match that and bump it to 50-60 payments.
    ---------------------------------------------------------

    Rich McKellar



    www.linkedin.com/in/richardmckellar

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Sep 2021
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    Irvine, CA
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    Have you gone back to that lender and requested a term increase? That usually works in most cases. I just figure out the payment at the new term and tell the lender that the client is more comfortable with this payment...can we extend the term?
    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
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
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    Nov 2018
    Location
    South Florida
    Posts
    724

    Quote Originally Posted by Olderguy View Post
    Have you gone back to that lender and requested a term increase? That usually works in most cases. I just figure out the payment at the new term and tell the lender that the client is more comfortable with this payment...can we extend the term?
    True, but also keep in mind this industry is a higher risk now. So many funders/lenders are becoming very conservative.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

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

    Quote Originally Posted by BR-Nightmare View Post
    True, but also keep in mind this industry is a higher risk now. So many funders/lenders are becoming very conservative.
    I just got a defaulted client offer extended from 20 days to 30 days doing this. Yes it was 1.49 factor rate.
    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
    Senior Member Reputation points: 99
    Join Date
    Aug 2021
    Posts
    120

    Send it.. if the only problem is industry, I'll beat that term.

  6. #6
    Senior Member Reputation points: 9802
    Join Date
    Nov 2019
    Posts
    638

    If the merchant has good daily balances and credit i am confident i can get you a lot better deal. Our first position deals work like a line of credit on renewals so the merchant does not get double dipped on the old balance.

    Scott Platto | ISO Relations MGR
    Total Merchant Resources
    377 Hoes Lane, Suite 240, Piscataway, NJ 08854
    (O) 212-220-9872 ext 105

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

    Quote Originally Posted by Olderguy View Post
    Have you gone back to that lender and requested a term increase? That usually works in most cases. I just figure out the payment at the new term and tell the lender that the client is more comfortable with this payment...can we extend the term?
    No, I am the one trying to beat that offer from a different broker
    ---------------------------------------------------------

    Rich McKellar



    www.linkedin.com/in/richardmckellar

  8. #8
    Member Reputation points: 142
    Join Date
    Jul 2022
    Location
    BROOKLYN NY
    Posts
    60

    we can deff take a look at it for you
    Leon Davis
    Funder / Iso Relations

    Brickstone Fund
    Phone: 347-433-7727

    EMAIL: Leon@brickstonefund.com

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