Results 1 to 23 of 23
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05-02-2024, 12:42 AM #1
2nd Position Construction 200k
Need a direct funder for a 2nd position. Construction. revenues declined by half due to winter and coming into busy season.
150K monthly. Need a 6-9 month term.
Not interested in 1.4+
They currently average 150k monthlyLast edited by brokerCompany; 05-02-2024 at 10:32 AM.
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05-02-2024, 04:08 AM #2
- Join Date
- Oct 2022
- Posts
- 291
If they have Equipment, AR, Contracts, or Real Estate and Cashflow then I may help.
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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05-02-2024, 07:58 AM #3
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
How long in business and what state?
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05-02-2024, 09:44 AM #4
A second position on seasonal business is the worst option with high factor rates and daily payments. I realize that is the mindset of most here but please consider looking at options that an offer monthly payments at much lower rates and payments.
Cash out on equipment....maybe 20% and 3 years+ (fund in a week)
Hard money real estate 1% a month interest only.
Personal loan might be 12% monthly payment.
As Elon mentoned A/R aging financing, cash from contracts are also better choice options.Last edited by Olderguy; 05-02-2024 at 10:23 AM.
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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05-02-2024, 12:08 PM #5
Thanks we have explored those other options we just need a 2nd position for this merchant. He has 740 credit and does not want anything tied under his personal name.
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05-02-2024, 12:24 PM #6
- Join Date
- Feb 2017
- Posts
- 3,450
I love the concept that somehow an MCA isn't tied to his personal name but a business loan is... They think that they are not personally liable if something goes wrong with an MCA but on a business loan they immediately come after the house and the car
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05-02-2024, 12:41 PM #7
- Join Date
- Jan 2024
- Location
- Brooklyn
- Posts
- 4
Star Capital does
David Geller
9177632069
david@starcapitalny.com
STAR CAPITAL NY
STARCAPITAL-NY.COM
1771 51ST
BROOKLYN N.Y. 11204
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05-02-2024, 12:42 PM #8
There is a signature loan where the business/assets can be attached.
A personal guarantee loan, the lender can come after personal assets.
I think there is some confusion about this. Explain it to your borrower.
You can do cash do cash out equipment as a signature loan and not a personal guarantee.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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05-02-2024, 01:20 PM #9
NO WAY you are getting$150K as a second, when they average $150K. Also depends on what the first position offer was. 99% of funders out there will NOT offer more money or longer term on a second.
Unless they are willing to go the invoice factor or SBA route (but those sources are going to want to have 1st pos on UCC, so they would look to buy out whatever is already out there), 1.4+ rates are what are going to be offered across the board
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05-02-2024, 01:37 PM #10
I was not asking for 150k MCA, that is what his current monthly deposits ar 150k monthly. Invoice Factoring, equipment financing not a fit for the merchant. Also they just did not want a loan that showed up under personal credit inquiry or as a debt on the personal credit.
If he get over 1.4 on a 2nd then we sell it. Just wanted to know who does the 2nds positions on seasonal type business.
Thanks for all those who responded we are well aware of the other options that are out there but they dont work for this merchant
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05-02-2024, 01:43 PM #11
- Join Date
- Mar 2016
- Posts
- 908
Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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05-02-2024, 01:49 PM #12
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05-02-2024, 01:54 PM #13
- Join Date
- Nov 2019
- Posts
- 685
If they are truly seasonal get me a years worth of statements and i might be able to fund them. There is a possibility they can qualify for our adjustable ach so the payment does not hurt them in the slower months. This being a second position and you want 6-9 months the rate can be around 1.34-1.40 depending on credit and how far out we go. Most funders will be in the same range because it is a stack position. Reach out to me if you like.
Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872
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05-02-2024, 02:20 PM #14
- Join Date
- Mar 2016
- Posts
- 908
Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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05-02-2024, 02:39 PM #15
- Join Date
- Aug 2019
- Posts
- 164
For me- I only get really aggressive on construction with strong AR/Contracts.
Simon Wein
CEO- Radiance Funding
P:516.509.9788
W: Radiancefunding.com
E:Simon@radiancefunding.com
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05-03-2024, 05:30 PM #16
Well to be fair a MCA technically cannot be personally guaranteed, but a business loan can. Whether or not a MCA company tries to enforce the "guaranty of performance" is another thing but you and I both know those never work. They can be sued personally, will it stick? Eh.
I'll tell you what I love...
I love how brokers come up with a CONSTRUCTION DEAL fresh off a winter revenue decline and think they're going to get a deal priced @ 100% of the current monthly average revs IN SECOND POSITION, TOO. Heh.
Also: "not interested in 1.4+, need 6-9 months.." Heh, heh...
That would have to be one IMMACULATE construction deal in every aspect otherwise to get any offer close to that request.
I think you brokers should start setting your client's expectations upfront instead promising them the world then forcing the funders/lenders to get the deal closed for you on their offer structure. Know what you're dealing with, know your market, know how to navigate it.
Chambo back from the dead?
Have a good weekend!!!Last edited by ADiamond; 05-03-2024 at 05:33 PM.
Anthony Diamond
Underwriter
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05-06-2024, 01:05 PM #17
I love when UW thinks they know every deal because they look at deals everyday. Experience is great but not everything. This market is always changing and some funder will take the deal. We dont force deals just have to present them. I appreciate some reaching out. We got it done at the terms the merchant needed.
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05-06-2024, 01:18 PM #18The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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05-06-2024, 01:38 PM #19
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05-06-2024, 03:26 PM #20
- Join Date
- Apr 2021
- Posts
- 92
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05-06-2024, 08:10 PM #21
- Join Date
- Dec 2021
- Posts
- 637
Capybara Capital can be a option.
Marcus Clapman
Capybara Capital
marcus@capybarausa.com
www.capybarausa.com
646-708-5986 (Text Friendly!)
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05-15-2024, 04:38 PM #22
overnight winning these files give me a call
Jacob Barr
Overnight Capital
ISO Relations
(929) 205-8207
(929) 665-3993
jacob@overnight-capital.com
www.overnight-capital.com
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05-15-2024, 05:00 PM #23
thanks we got this one funded weeks ago. We are staying with our funder who did it
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