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06-01-2023, 01:28 PM #1
- 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.
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06-01-2023, 01:35 PM #2
Newtek will do up to $15M using SBA guidelines rate at SBA plus a few points. Might 12.5 - 13.5 thereabouts.
And I have a guy with access to funds that might fit your guidelines.
I also have some private money people but usually their minimum is $10M.
If you want to email some specific I'll be glad to review.
Many of the banks are leaving construction and hospitality.Last edited by Olderguy; 06-01-2023 at 01:49 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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06-01-2023, 02:27 PM #3
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
We can possibly help arrange this for you. I have ABL guys still doing construction with decent rates. Non Bank but institutional money. WIP few guys will do it but I have sources.
Contact to discuss
bzuniga@omegafund.com
Benjamin Zuniga
Omega Funding LLC
bzuniga@omegafund.com
www.omegafund.com