[FunderFunding]

Does anyone have a contact for here?

[abfunders]

Rob Destefano is a true friend of mine and you should contact him at rdestefano@wbl.com

[Olderguy]

I can beat any of their deals.
They are a collateralized MCA

Better option than WBL....

Broker brings me a file with a WBL offer.

New York Italian restaurant
$1.2M hard money loan that balloons in February, 23
585 Fico

He needs:

$1,200,000 to pay off hard money loan
$250,000 for sales tax
$150,000 real estate tax
$30,000 credit cards
$75,000 cash out
$250,000 inventory (fresh seafood, etc)

Total $1.955M

WBL offer:
$2M
24 months
24% Interest
$38,611 a month payment
Guaranteed interest $925,667
3% broker fee

My loan offer LOI:
$2.1M
NoDoc loan - no documentation required
12 months but could extent to 18 - 24 months after underwriting
or additional 12 months renewal at 1% cost.
10.99% Interest Only - determined at closing
6 months prepay penalty
12 month payment reserve - no payments for 12 months.
3% broker fee

The exit strategy is to get him into a SBA 7A for his business and a 30 year commercial property loan to take this loan out within 12 - 24 months.

His finances support both of these long term and we need to work together to make it happen.

Yeah he may need a larger loan amount. Or stay with a payment plan on the tax debt. It's up to 60% LTV and the appraisal will determine what we end up with after underwriting review.

[powerhousecapital]

I can beat any of their deals.
They are a collateralized MCA

Better option than WBL....

Broker brings me a file with a WBL offer.

New York Italian restaurant
$1.2M hard money loan that balloons in February, 23
585 Fico

He needs:

$1,200,000 to pay off hard money loan
$250,000 for sales tax
$150,000 real estate tax
$30,000 credit cards
$75,000 cash out
$250,000 inventory (fresh seafood, etc)

Total $1.955M

WBL offer:
$2M
24 months
24% Interest
$38,611 a month payment
Guaranteed interest $925,667
3% broker fee

My loan offer LOI:
$2.1M
NoDoc loan - no documentation required
12 months but could extent to 18 - 24 months after underwriting
or additional 12 months renewal at 1% cost.
10.99% Interest Only - determined at closing
6 months prepay penalty
12 month payment reserve - no payments for 12 months.
3% broker fee

The exit strategy is to get him into a SBA 7A for his business and a 30 year commercial property loan to take this loan out within 12 - 24 months.

His finances support both of these long term and we need to work together to make it happen.

Yeah he may need a larger loan amount. Or stay with a payment plan on the tax debt. It's up to 60% LTV and the appraisal will determine what we end up with after underwriting review.

bro you been copying and pasting this same deal for like 2 years your lender beat them one time lol prob didnt even fund

[Olderguy]

bro you been copying and pasting this same deal for like 2 years your lender beat them one time lol prob didnt even fund

That's posted as a specific WBL example. I have done plenty of hard money loans taking out MCA money.

Go ahead and get your client a collateralized MCA then.

And then you are not looking out for what is in the best interests of the client.

There are new brokers accessing this site all the time and some of them really are interested in expanding their services beyond the MCA arena.

The repost is a service to those who really want to help their merchants get the best loan for which they might quaiify.

And I'm glad to help them.

In your case, wax on, wax off...grasshopper...

If my post upsets you, there is an ignore button that is free for you to use.