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06-01-2023, 01:28 PM #1
Reputation points: 5633
- Join Date
- Mar 2019
- Posts
- 105
Looking for 6mm ABL
Have a client that is looking to replace his 6mm ABL w/ UMB that ends later this Summer. He is currently at Prime -.5%. He obviously knows that is gone, but he is not entertaining anything that is great then Prime + 6% at the absolute most.
I am running a bank and non bank process parallel.
Deal Spec:
- 50mm annual revenue
- 30+ years in business
- Construction, WIP Billing
- Based in Texas
- Did not trip any covenants and met all financial requirements needed for 2022/2023 with UMB. They are not renewing as they are pulling out of construction
- Cash flow positive.
- 13mm in A/R, all 90 days or less. 95% commercial work
I am open to co-brokering this. No need to spam MCA I have no intention of shopping him for one as there is a 0% chance he takes one. If you do not have a web presence I will not work with you. Feel free to DM/Comment if you may have a bank/non bank in mind. I am already engaged with a few parties, but WIP adds obvious complications.