Need a Funder or Vendor? START HERE

Results 1 to 8 of 8
  1. #1
    Member Reputation points: 10
    Join Date
    Sep 2021
    Location
    South Florida
    Posts
    6

    1st position used car dealership!

    Hey everyone we got declines across the board from everyone we fund with. 1st position rev over the last year fluctuates from 200k-1m no mca history. Was declined by some for background, but mostly just because nobody will do a 1st for this industry.

  2. #2
    Member Reputation points: 453
    Join Date
    Oct 2022
    Location
    Long Island
    Posts
    53

    What was the backround issue?
    Ben K
    Fratello Capital
    Direct Funder
    Underwriting@fratellocapital.com
    www.fratellocapital.com
    212-464-8108
    NO ORIGINATION FEES!

  3. #3
    Member Reputation points: 10
    Join Date
    Sep 2021
    Location
    South Florida
    Posts
    6

    Nobody indicated but based on what i could find online it's just domestic violence with his ex wife like 10 years ago and a lawsuit from a credit card company that was settled

  4. #4
    Senior Member Reputation points: 119752 BR-Nightmare's Avatar
    Join Date
    Nov 2018
    Location
    South Florida
    Posts
    724

    There could be more in the background.

    No one's touching dealers, car notes are going bad left and right. Banks are making it harder to get approved.

    Furthermore if they have floorplan financing and sales are fluctuating dramatically, who do you think the Merchant will default on first?


    Yeah, nobodies touching it right now.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  5. #5
    Member Reputation points: 10
    Join Date
    Feb 2023
    Location
    New York
    Posts
    7

    Quote Originally Posted by dreamteamnick View Post
    Hey everyone we got declines across the board from everyone we fund with. 1st position rev over the last year fluctuates from 200k-1m no mca history. Was declined by some for background, but mostly just because nobody will do a 1st for this industry.
    Please send me an email. I'd like to discuss with client. Thanks!


    Lily Taylor,

    Funding Director

    image.png
    | Office | (646) 582-8933

    | Cell | (917) 470-2274

    | Fax | (888) 894-3518 or (212) 706-0117

    | Email | LMartin@ProsperumFunding.Com

    8 West 36th Street, Floor7 | New York, NY 10018

    ProsperumFunding.Com

  6. #6
    We can fund Used Car dealers but its all going to depend on the extent of the background issues, feel free to email me or call/text for more info 339-293-4551, eramirez@prioritycapital.com

  7. #7
    Senior Member Reputation points: 9802
    Join Date
    Nov 2019
    Posts
    638

    Quote Originally Posted by dreamteamnick View Post
    Hey everyone we got declines across the board from everyone we fund with. 1st position rev over the last year fluctuates from 200k-1m no mca history. Was declined by some for background, but mostly just because nobody will do a 1st for this industry.
    We do first position car sales. But we go off of the tax return revenue and not the bank deposits due to high cost of goods. We also cap at 6 months but we do true add ons that work kind of like a line of credit.

    Scott Platto
    scott@tmrnow.com
    tmrnow.com
    212-220-9872

  8. #8
    ADVANCE: $5,000- 500k (note we do take our time with offers beyond $100,000)
    Buy rate: B paper 1.35-1.38/ C paper 1.37-1.40/ D paper 1.40 MAX UPSELL 1.50
    Term: B paper 80-125 days/ C paper 45-100 days/ D paper up to 80 days(mainly for higher rev files)
    Defaults? On C- And below with payment history! And satisfied
    Restricted Industry/ Trucking/ Micro construction, legal firms, financial services, house flippers.
    Restricted states/ CA/VA/UT/OH/NC

Similar Threads

  1. SBA for used Car Dealership?
    By ghosthand in forum Deal Bin
    Replies: 4
    Last Post: 03-06-2020, 04:10 PM
  2. Car Dealership; First Position
    By AnthonyParker23 in forum Deal Bin
    Replies: 7
    Last Post: 04-02-2019, 12:50 PM
  3. Replies: 5
    Last Post: 01-06-2016, 04:24 PM
  4. used car dealership
    By alibaba in forum Deal Bin
    Replies: 5
    Last Post: 02-24-2015, 10:34 AM
  5. Used Car Dealership
    By danielle in forum Deal Bin
    Replies: 7
    Last Post: 07-06-2014, 12:04 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY