[ONEFUND]

Merchant in CA with plenty of MCA history. AVG 40-70k/m. Daily balances above 10k 90% of the time. Fico 600-650. Looking for a lender that would come in as a 1st with a 8-12 month term. Please drop a list of lenders you recommend. TIA

[CornerStoneFunding]

Merchant in CA with plenty of MCA history. AVG 40-70k/m. Daily balances above 10k 90% of the time. Fico 600-650. Looking for a lender that would come in as a 1st with a 8-12 month term. Please drop a list of lenders you recommend. TIA

Does the merchant have contracts in place to show he has work lined up for the next 8-12 months?

[closer129]

Merchant in CA with plenty of MCA history. AVG 40-70k/m. Daily balances above 10k 90% of the time. Fico 600-650. Looking for a lender that would come in as a 1st with a 8-12 month term. Please drop a list of lenders you recommend. TIA

Most merchants need money regularly even more for the construction business. So why should the merchant go out more than 8 months and force him to either refinance the balance later to have the cost of the money double and the old term cut short. I can give him a 6 to maybe 8 month term and every 3-4 months we just add the new money to the back end of the deal which extends out the term and he uses the new money while he is paying off the old balances. This way he can take money several times over years but pay the 6-8 month term.


Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872

[Olderguy]

Does he cash flow?

Get his Fico up to 600 or better, and do a SBA.

If fico gets to 660 or better can also do a Heloc on primary residence.

MCA shoud be the last resort, not the first option for merhants.

[abfunders]

Merchant in CA with plenty of MCA history. AVG 40-70k/m. Daily balances above 10k 90% of the time. Fico 600-650. Looking for a lender that would come in as a 1st with a 8-12 month term. Please drop a list of lenders you recommend. TIA

Credibly, Ondeck, TVT, Everest
I agree that you should be getting him invoice factoring IF he is B2B, but a lot of construction (yes, specifically construction) are having difficulty justifying this right now because GCs are refusing to verify invoices. It's also a small file and he may get nervous about "calling my GCs", and then you're going to turn around and .... WHOOPS, TVT's in the deal already and now you have to go through and try to create an intercreditor agreement for a small file if you want to get paid.