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12-29-2023, 08:25 AM #1
- Join Date
- Feb 2017
- Posts
- 3,426
Bluevine
So I had a client who I was refinancing their existing 21% 12-month Bluevine LOC with a different lender, 2.25%/month, revolving LOC but longer term (over 2 years) and a $200k line. We were literally at the closing line, and he paid off his $31k balance at Bluevine. When he did that, they reduced his rate to 12.98%! It's a good client, good credit, they're accounting wizards are able to show $800,000 in losses. Yes I lost the deal.
If Bluevine cut off the brokers to reduce costs, well, they're passing it along to the merchants at least.
However, it's still a bit dirty to cut off all existing books, rather than just tell us "we're not accepting subs anymore."
They're on their way to going public (filing an IPO in the next 2 years according to Axios), but last year Eyal said something about they're still evolving and showing losses.
Meanwhile, they're advertising on Quickbooks.
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12-29-2023, 09:45 AM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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