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  1. #1
    Senior Member Reputation points: 1755
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    In need of an ABL (NOT WBL)

    Can anyone help?

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    What exactly are you seeking?

    Reach out to me and I can probably help.

    There are several options depending on your situation

    If it's property:

    https://dailyfunder.com/showthread.p...siness-Lenders
    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: 16709
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    Jackson Hole Wy
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    Quote Originally Posted by Ehenek View Post
    Can anyone help?
    Benjamin Zuniga
    Omega Funding LLC
    www.omegafund.com
    bzuniga@omegafund.com

  4. #4
    Senior Member Reputation points: 81655
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    Quote Originally Posted by Ehenek View Post
    Can anyone help?

    FYI - According to a recent article WBL is no longer funding, therefore not your competition
    Dave 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

  5. #5
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Sep 2021
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    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.

  6. #6
    Senior Member Reputation points: 301165
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    Quote Originally Posted by Yankeeman07 View Post
    FYI - According to a recent article WBL is no longer funding, therefore not your competition
    Care to share .the article Steve posted is from April 2021 and they have 100% been funding since then

  7. #7
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by Michael I View Post
    Care to share .the article Steve posted is from April 2021 and they have 100% been funding since then
    They are a MCA lender that collateralizes their loans with property. Plenty of bad publicity about the way they operate. Investige and see if there are better options out there. I can do hard money at much lower cost than what they offer. Their terms are a complete rip off.

    I have a hard money lender that can do a loan with no Fico restriction
    Last edited by Olderguy; 12-11-2022 at 09:23 AM.
    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.

  8. #8
    Senior Member Reputation points: 216519
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    Feb 2017
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    Quote Originally Posted by Olderguy View Post
    They are a MCA lender that collateralizes their loans with property. Plenty of bad publicity about the way they operate. Investige and see if there are better options out there. I can do hard money at much lower cost than what they offer. Their terms are a complete rip off.

    I have a hard money lender that can do a loan with no Fico restriction
    WBL is not an MCA lender, there's no such thing. They are a true lender (or at least rent-a-bank), and if someone declares BK, they have to go through the bankruptcy courts like everyone else. The rep who I work with over there was 100% transparent with me about everything, and we worked really well, and it's a shame that we have to pause. He fought tooth and nail for everything with me.

    What is/was always cheaper about WBL is that you didn't have to refi the first position. You have a 3.5% 1st position at 50% LTV over 30 year amort? Keep it! To refi and restart the amortization process is expensive. If you needed 2-3% per month, an MCA is much much more expensive. And who would give you a loan with 5-10 NSFs/month and a collections on your file?

    Of course simple hard money is cheaper in theory! But not everyone has a property they want to refi the first position on, or their credit is in the 500s and there's a tax lien that a hard money lender may or may not be willing to take care of. WBL lends on dry land and on industrial properties that aren't specifically income producing (owner occupied). Office space that has been vacant for a year and they just want 35% LTV for renovations? I personally financed an industrial airplane repair facility that was basically shut down for COVID with $1mm with them in May 2020. They saved MANY merchants during the pandemic when nobody else was funding. WBL is/was an outside the box solution for outside the box situations.

    Mike, you can't always save the day with hard money, and not everyone has the time or energy or even qualifies for an SBA.

  9. #9
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
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    Quote Originally Posted by Michael I View Post
    Care to share .the article Steve posted is from April 2021 and they have 100% been funding since then
    Confirmed no longer funding as of last week:

    https://debanked.com/2022/12/wbl-exp...ther-fundings/

  10. #10
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Irvine, CA
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    MCA lender I'm meaning MCA rates. I have hard money lenders that have no Fico restriction and also have some that can can do second position on commercial property.
    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.

  11. #11
    Member Reputation points: 10
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    Jul 2017
    Location
    FL
    Posts
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    Good luck!
    Last edited by ABL Rob; 07-20-2023 at 03:36 PM.

  12. #12
    Member Reputation points: 10
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    Sep 2022
    Location
    Lakewood, NJ
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    51

    What type of ABL and how much? Sale Leaseback or collateralized?
    Josh Dan
    B2B Funding LLC
    josh@b2bfundingllc.com
    Super Broker
    (347) 794-1592



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