Results 1 to 9 of 9
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12-27-2023, 06:21 PM #1
- Join Date
- Apr 2013
- Posts
- 359
Trucking company needs $100-$150K 2nd position
Doing $250K a month.
$4K / weekly on present balance of $230K.
Good credit.
Looking for a term that can compete with On Deck, Kapitus, etc.
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12-27-2023, 07:21 PM #2
- Join Date
- Sep 2021
- Posts
- 190
I don't know ANY funder that would do that. Maybe you can do a leaseback if he owns his trucks
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12-27-2023, 07:44 PM #3
- Join Date
- Apr 2013
- Posts
- 359
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12-27-2023, 08:10 PM #4
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,996
Trucking is a very challenging market
https://www.spglobal.com/marketintel...slump-78316873Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial
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12-27-2023, 08:39 PM #5
Sale leaseback...there is an operating lease and a capital lease.
An operating lease requires you to turn the vehicle in at the end of the lease or buy it.
A capital lease allows you to buy it at the end of the lease for $1.
Both take assets off the balance sheet.
Reach out with equipment list.
Truckers taking more than one position is a death knell...
(Yes the operating lease has lower payments)
And you don't want to purchase trucks which adds debt to the balance sheet - leases allow you to get a better chance of working capital funding.
Biggest problem I have getting SBA loans for truckers is lack of assets and debt ratio. Lenders are increasing the asset cover ratio now.Last edited by Olderguy; 12-28-2023 at 09:59 AM.
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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12-28-2023, 12:45 PM #6
- Join Date
- Apr 2013
- Posts
- 359
Hey guys, thanks for all the responses. Turns out this is trucking repair. The business name was a little misleading. Any other A Paper 2nd position lenders out there that can compete w/ On Deck numbers?
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12-28-2023, 12:47 PM #7
- Join Date
- Apr 2013
- Posts
- 359
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12-28-2023, 01:10 PM #8
If you want to send it to me with the equipment list, I can see what we can do to remove the debt from balance sheet and see if we can get them qualified for something better...if not now, then down the road.
Need Loan app, schedule of liabilities with debt, equipment list, P & L and balance sheet, recent tax return, 6 months banks, Fico
I can also submit to other A paper people too....need to see what makes the most sense here.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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12-29-2023, 10:57 AM #9
- Join Date
- Nov 2019
- Posts
- 691
You mentioned in other comments that it is a repair company. If they are a truck repair company my max term on a stack is usually 10 months but if the gross reserve is low enough and credit and daily balances are strong we can possibly price it as a first position deal. The reason why he can have such a good rate at a longer term is because of the really low gross reserve. I have seen ondeck give in house really good rates when the gross is that low. When they need more money and someone else comes in new and now the gross reserve is higher the terms cant be the same.
Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872
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