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08-10-2023, 12:47 PM #1
- Join Date
- Aug 2017
- Location
- New York City
- Posts
- 199
Looking for Asset based / LOC
I have a merchant doing 6 million yearly, solid credit, no advances, has collateral . Merchant is a property management company and is looking for an SBA or Line of credit with low interest rate. If anyone has any suggestions please let me know , thank you. Merchant will also not take a cash advance i know the merchant personally so dont bother suggesting that route.
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08-10-2023, 12:56 PM #2
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
Asset Based LOC usually has couple of components
Real Estate
Equipment
AR
If your client has 2 out of 3 then we can arrange a true Revolving LOC
If not I am sure someone can point you in right direction for SBA.
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08-10-2023, 01:30 PM #3
- Join Date
- Feb 2017
- Posts
- 3,455
SBA is for sub-prime clients. Banks who don't like the industry or don't like the client use the SBA guarantee as their fail-safe switch to ge the deal funded. Has the client not approached his local bank yet?
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08-10-2023, 01:30 PM #4
Yes, can do SBA as long as it is a true property management company, managing non-owned properties. “Providing a service for others”.
It will not work if the management company is just managing properties owned by the same guarantor. (that would fall under the category of investment real estate).
I use a non bank SBA lender...and have gotten some done in 25 days. This would take a bit longer though. SBA 7A 10.5% 10 year loan. Can use personal assets as collateral.
I may have a LOC option - reach out. As long as they're really a property management company and NOT a real estate agency then we should be able to place it in a LOC program. This is non collateralized and no limit according to credit.
Can also do hard money property loan - DSCR may be 8.5% range, hard money NoDoc or SISA may be in the 12% range - Interest Only fixed for 10 years, then amortized.Last edited by Olderguy; 08-10-2023 at 04:10 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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08-10-2023, 04:02 PM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
SBA 2023 Lenders Report - SBA Loans takes patience and knowing what documents are necessary to secure.
https://careports.sba.gov/views/7a50...&%3Atoolbar=noDave 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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