Results 1 to 9 of 9
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03-06-2024, 04:09 PM #1
- Join Date
- Jun 2020
- Location
- Missouri
- Posts
- 60
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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03-06-2024, 04:18 PM #2
- Join Date
- Feb 2017
- Posts
- 3,463
$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.
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03-06-2024, 04:33 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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03-06-2024, 04:39 PM #4
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.Last edited by Olderguy; 03-06-2024 at 04:47 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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03-06-2024, 04:53 PM #5
- Join Date
- Jun 2020
- Location
- Missouri
- Posts
- 60
Dave, all businesses are under the same corporation.
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03-06-2024, 05:39 PM #6
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
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?Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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03-07-2024, 02:32 PM #7
- Join Date
- Dec 2018
- Posts
- 37
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03-19-2024, 04:07 AM #8
- Join Date
- Jun 2021
- Location
- miami
- Posts
- 436
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.
Midwestern Financial Solutions
CEO
Office - (954) 694-6402
email- Info@midwesternfinancialsolutions.com
MidwesternFinancialSolutions.com
Where your box ends ours begins.
https://www.linkedin.com/company/mid...ial-solutions/
linkedin.com/in/brandon-cooper-426615267
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03-19-2024, 08:54 AM #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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