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10-12-2022, 11:32 AM #1Member
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Lender for merchant with 3 positions + WBL , does $60K monthly.
Merchant has 3 positions+ WBL. Does $60 monthly, balance monthly after expenses between $5-6K.
text to 267-970-00093. THX
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10-12-2022, 11:37 AM #2Senior Member
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Close the account and business, hire an accountant and start over. If they enough equity, get a hard money loan on the property to pay everyone off.
https://dailyfunder.com/showthread.p...ight=positionsLast edited by Olderguy; 10-12-2022 at 11:40 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.
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10-12-2022, 12:06 PM #3Member
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She already has a laon with WBL
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10-12-2022, 12:18 PM #4Senior Member
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You don't understand....Read the link I posted above. I have taken out WBL and Ironwood with hard money loans.
Originally Posted by ava712
If there is equity to take it out and the MCA loans. You can do partial take out too.
Add up all the MCA loans and the WBL lien and divide by the current market value of the property. If it is 65% or less, I can pay them all off with a hard money property loan.
WBL might have a prepayment penalty that requires a full payment. You need to find out.Last edited by Olderguy; 10-12-2022 at 12:33 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.
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10-12-2022, 01:25 PM #5Senior Member
Reputation points: 84403
- Join Date
- Mar 2014
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- Florida
- Posts
- 2,926
Originally Posted by ava712
Merchant is in a world of hurt - In addition to the suggestions from Olderguy - several possible options.
File for BK Protection - (and hire an good account)
Restructure the MCA's ( with a good lawyer that understand MCA Terms & Conditions)
Depending on TIB & FICO - MAYBE a SBA 7(a) 9 which would be a miracleDave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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