Results 1 to 5 of 5
-
09-09-2022, 06:19 PM #1
- Join Date
- May 2020
- Posts
- 54
Trucker needs $50,000
I have a trucker who is looking for a minimum of $50,000 to purchase another truck and to use as working capital. He has one truck already.
He has been in business for 10 years and the revenue is about $12,000 a month.
His credit is not good as he has a 500 credit score.
-
09-09-2022, 06:41 PM #2
Can he put money down and also get a co-borrower for a truck purchase/lease? That's the only way this will work. My guy goes down to 550 Fico so may be SOL. But we could try. If he just wants working capital and money for a truck he is definitely SOL.
Just to give you an idea, I am financing a used truck with over 500,000 miles right now $42,000 the payment is $1,921 a month for 4 years. How is the guy going to make the payment?
So let's look at working capital....let's say your client qualifies for $10,000 and assume 1.40 factor rate for 30 days. That's $14,000 payback, 30 days = $466 a day. Does his average daily balance cover this $466 a day plus $1,921 monthly truck payment?Last edited by Olderguy; 09-10-2022 at 11:08 AM.
Steve Benjamin
Professional Business Loans
522 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.
-
09-10-2022, 11:10 AM #3Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
-
09-12-2022, 07:32 PM #4
Last edited by Olderguy; 09-12-2022 at 07:35 PM.
Steve Benjamin
Professional Business Loans
522 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.
-
09-14-2022, 11:57 AM #5
- Join Date
- Sep 2022
- Posts
- 31
I can help get around 12k working capital if he's doing that on average. I also have equipment lenders that will do sub prime credit. Let me know how I can help.
Thanks,Connor Toomey
Priority Capital – Account Executive
174 Green St. | Melrose, MA 02176
Direct: 339-293-6159
Email- ctoomey@prioritycapital.com
www.prioritycapital.com
Similar Threads
-
Equipment Loan For Trucker
By hardrock in forum All Other LendingReplies: 9Last Post: 06-08-2022, 05:37 PM -
Trucker 150k per month rev 1 pos
By mdgc00 in forum Deal BinReplies: 7Last Post: 04-19-2022, 05:36 PM -
Default Not Satisfied Trucker
By DFC in forum Merchant Cash AdvanceReplies: 7Last Post: 12-09-2021, 05:01 PM -
Startup Trucker
By aak723 in forum Deal BinReplies: 6Last Post: 04-19-2019, 10:01 AM -
Trucker/ General Contractor
By funddog in forum Deal BinReplies: 8Last Post: 09-20-2016, 05:21 PM