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03-06-2024, 04:09 PM #1
Reputation points: 4934
- Join Date
- Jun 2020
- Location
- Missouri
- Posts
- 59
Client needs MCA's replaced with term loan or similar
I have a client who owns three restaurants and a bar that are producing $175,000 in monthly revenues. She got talked into taking on 5 MCA's that total just over $500,000 with weekly payments of $24,000! She is making the payments but it is obviously affecting her bottom line. She is looking for a term loan or similar product to take out these MCA's. Time in business is 9+ years and she has a FICO of 683. She is not interested in a consolidation MCA-type product. A 5 year term loan at 10% would drop her monthly payment from $104,000 to $10,623.
Tom Harrier
Integrity Commercial Loans, LLC
407-928-8542
broker@tomharrier.net
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