[MissouriBroker1]

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

[abfunders]

$500k? Does that mean that she was double or triple-funded? Or was she given the bait & switch with the brokers promising her better financing?
She should check with her local bank and go through the SBA if she doesn't already have one.

[Yankeeman07]

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

Each business has separate EIN?

[Olderguy]

No not...SBA won't work...SBA won't take out more than 2 MCA's anymore. (Cadence might, but it's a stretch and needs to cash flow which isn't the case here)...and she's way over leveraged.

We have a product to take out the MCA's might be asset based lending revolver if we look at all that.

But then again you might not want to.

And also:

Personal loan based on personal tax return and Fico
Heloc on primary residence up to 85% CLTV can do with 683 Fico
Asset based lending on equipment if they own it
Real estate cash out refi on any property if feasible
I have a unsecured LOC product which also might work if 700+ Fico...some small credit repair may make this work.

[MissouriBroker1]

Dave, all businesses are under the same corporation.

[Yankeeman07]

Dave, all businesses are under the same corporation.

You may find a solution, but not @ 10% with Prime being 8.50%

https://fred.stlouisfed.org/series/MPRIME

Any commercial real estate that could be used?

[taylormadefunds]

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

reverse!!!!!

[Bcooper]

No not...SBA won't work...SBA won't take out more than 2 MCA's anymore. (Cadence might, but it's a stretch and needs to cash flow which isn't the case here)...and she's way over leveraged.

We have a product to take out the MCA's might be asset based lending revolver if we look at all that.

But then again you might not want to.

And also:

Personal loan based on personal tax return and Fico
Heloc on primary residence up to 85% CLTV can do with 683 Fico
Asset based lending on equipment if they own it
Real estate cash out refi on any property if feasible
I have a unsecured LOC product which also might work if 700+ Fico...some small credit repair may make this work.

Nah that's just your lenders mate, Just had one with 6 positions get bought out and have several with 3-8 positions we are working on. 2 of those deals also have sub 650 fico's, its all about who you work with when it comes to the sba. If they can cashflow the new loan I could care less if its 1 mca or 20.

[Olderguy]

Nah that's just your lenders mate, Just had one with 6 positions get bought out and have several with 3-8 positions we are working on. 2 of those deals also have sub 650 fico's, its all about who you work with when it comes to the sba. If they can cashflow the new loan I could care less if its 1 mca or 20.

Cadence Bank can also do it based on cash flow but their VP is very hard to reach and their minimum loan amount is $750,000.