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  1. #1
    Senior Member Reputation points: 4262 Magicmike18's Avatar
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    Aug 2020
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    7125 Peri Lane Brooklyn Ny 11234
    Posts
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    Two Futon Stores/Seperate tax id’s looking for 3rd on each

    Have client who has two futon stores in NJ.

    First store he owes two positions total of $120,000 and pays about $1800 a week combined. Does 35-45k a month, no nsfs, good ending balances.

    Second store he owes two positions total of $130,000 and pays about $2000 a week combined. Does 35-45k a month, no nsfs, good ending balances.

    Merchant has slightly above average credit in 680ish range. All fundings he received week in half ago.

    He’s looking for third on each. He isn’t rate concious but it must be weekly payments like his others and at least 6 months minimum.

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

    So why doesn't this merchant qualify for a term loan? Or maybe a hard money property loan?
    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: 9802
    Join Date
    Nov 2019
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    The difference between 35 and 45k is a big cap to see if the merchant is over extended or not. If there is room based on the gross reserve or if can pay off one of the positions if it is under 30k and credit and daily balances are strong i might be able to do something as a second or third.

  4. #4
    We can fund a quick, weekly payment 3rd position, but it IS alarming that both positions on both companies were received recently. Also, with such quick funding in succession, we wouldn't be comfortable going out 6 months right away. If your merchant is interested in a 3-4 month weekly that pushes to 35% max holdback, we can take a look at it for you!
    Mac Jean
    Iso Relations Manager
    mac@clarityadvance.com
    www.clarityadvance.com

  5. #5
    Senior Member Reputation points: 22201
    Join Date
    Dec 2021
    Posts
    630

    Capybara Capital will fund what your describing with even weaker credit score .... ..perhaps will even go longer ?... In Short Capybara Capital funds NON-STOP 3'rds at longer terms with lower factors for maxx upsells. email: marcus@capybarausa.com
    Marcus Clapman
    Capybara Capital
    marcus@capybarausa.com
    www.capybarausa.com
    646-708-5986 (Text Friendly!)

  6. #6

    Try Supreme

    Supreme Funding is strong on 3rd position deals. Give us a shout.

    Email underwriting@supremefunding.net
    We specialize in funding:
    Deals w prior Defaults
    "Over Leveraged" deals
    All Positions (as long as there is space)
    Low FICO scores
    and all other "difficult" deals

    To submit a file or to request an ISO Agreement, kindly email underwriting@supremefunding.net.
    I look forward to hearing from you.

    Rasheed Miller
    (917) 933-3095 (text or call)
    https://supremefunding.net/

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