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12-28-2023, 01:50 PM #1
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- Sep 2015
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- 40
Existing Business Bought By Partner
I have a business that has been in operation for 6 years, back a few months ago the 2 partners added a new partner on and then a few weeks later he bought out the original partners, making him the sole member. Is there anyone who will fund this based on the fact that the business has been open for 6 years and he was brought on as a member, has the original EIN.
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12-28-2023, 01:52 PM #2
Yup just about anyone. Get an operating agreement dated 6 months back when he first joined as partner. That will satisfy ownership seasoning. I could do term loan, SBA, etc. Can use the original business start date as has the same EIN. Reach out.
Last edited by Olderguy; 12-28-2023 at 02:56 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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12-28-2023, 02:44 PM #3
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- Nov 2019
- Posts
- 692
If we can get the proof of all this I should be able to fund it unless there is more to the file. But since the new owner that owns it soley only owns it for 6 months we are going to treat it as being in business 6 months since he only owned it for that long.
Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872Last edited by closer129; 12-28-2023 at 02:46 PM. Reason: add information.
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12-28-2023, 02:52 PM #4
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12-28-2023, 02:58 PM #5
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12-28-2023, 04:01 PM #6
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- Sep 2021
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12-28-2023, 04:03 PM #7
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12-28-2023, 05:06 PM #8
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- Nov 2019
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I do not know what smart funder will give credit for 6 years when this owner has only owned it for 6 months. I do fund business as a first with at least 3 months in business if they qualify qwith banks and credit.
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12-28-2023, 08:42 PM #9Steve 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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12-30-2023, 11:45 AM #10
- Join Date
- Aug 2018
- Posts
- 897
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12-30-2023, 11:59 AM #11Steve 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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01-03-2024, 01:03 PM #12
- Join Date
- Nov 2023
- Posts
- 24
I can take a look at those deals. If the daily balances are strong and merchant has MCA history, send it over.
B-D paper from 2nd-7th position.
Deals@pepgrp.com
Michael Kameo ISO Relations,
Progressive Equity Partners
C. (718) 749-1241 | Deals@pepgrp.com
https://www.pepgrp.com/
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01-12-2024, 12:34 PM #13
- Join Date
- Aug 2018
- Posts
- 897
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01-12-2024, 12:35 PM #14Steve 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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01-12-2024, 12:49 PM #15
biz2credit made a very aggressive offer on a similar deal recently. not sure if it made it thru final.
Once you get the operating agreement & whatever else you need your best bet is to submit it to the A Paper/ High B Paper funders you are closest with, full package, with original start date on application, no explanation - and then call your rep.
Better than anoms recommending who could get the deal done FOR THEM - in my opinion thts irrelevant bc it doesnt mean the funder would get the deal done for YOU.
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