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  1. #1

    1st position - Just Purchased the business making over 150k per month

    Hi, I have a merchant who is a 1st position, he is the owner (as of today) of a business thats revenue is over 150k per month.
    The merchant has been "studying" under the previous owners for the past 6 months to learn the business.

    Merchant is wanting to get funding in a brand new account that he opened.

    Any ideas?

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Lenders may take previous bank statements from previous owner...may have ownership seasoning guidelines to consider. Check with the lenders. I remember doing a deal or two like this when I worked for a direct lender. The loan app will say busines start date and ownership start date.
    Last edited by Olderguy; 08-29-2022 at 04:13 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
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  3. #3
    Would love to work with you
    Asher Klien
    InstaFund Advance
    asher@instafundadvance.com
    347-377-0223

  4. #4
    Quote Originally Posted by Naf View Post
    The merchant has been "studying" under the previous owners for the past 6 months to learn the business.
    We can fund into a brand new account with past account history no problem. However, did he keep the same tax ID and company information as the original owners? Also, is there a purchase agreement that shows that your new guy is in fact 100% (or at least 51%) owner of the business. If so, this is a deal we'd like to take a look at for you! Send me an email to mac@clarityadvance.com and we can get you onboarded to use our portal and submit today!
    Mac Jean
    Iso Relations Manager
    mac@clarityadvance.com
    www.clarityadvance.com

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