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07-10-2024, 12:06 PM #1
- Join Date
- Feb 2022
- Posts
- 27
Looking for quick solution
I have a client with a 700 fico score who has been in business for over 20 years. The industry is storage. The current monthly deposits are 800k. He took on a few mcas recently that shocked his cash flow so he is looking for a longer-term remedy. Any assistance would be appreciated.
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07-10-2024, 12:17 PM #2
I can pay them off with a hard money loan on the commercial property if he has equity. Reach out a I need more details. Monthly payment at 1% a month interest only.
Last edited by Olderguy; 07-10-2024 at 12:24 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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07-10-2024, 01:29 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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07-11-2024, 12:04 AM #4
- Join Date
- Feb 2022
- Posts
- 27
The MCAs are paid off. He has commercial property but it doesn't have much equity.
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07-11-2024, 09:17 AM #5
- 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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07-11-2024, 12:29 PM #6
- Join Date
- Feb 2022
- Posts
- 27
Correct. He is looking for a longer-term product. He immediately needs extra capital and doesn't have 45-60 days to wait for an SBA. So I was inquiring if anyone had a remedy. Thanks
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07-11-2024, 07:07 AM #7
- Join Date
- Oct 2022
- Posts
- 295
Can you elaborate a bit more on the business/file.
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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07-11-2024, 09:21 AM #8
Too little information and too vague.
Send me loan app
6 months bank statements
2 years business and personal tax returns
2023 and 2024 YTD P & L and balance sheet
Schedule of liabilities
Fico
If the information is correct, sounds like weak margins.
Need to do a deep dive into the financials to determine what financial instrument would fit now or in the future
Maybe needs accounting team to go in and review and amend financials.
Without this information further discussion is fruitless.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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07-11-2024, 11:53 AM #9Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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07-11-2024, 01:35 PM #10
Yes....get him a LOC in 2 weeks and a SBA in 4 weeks. Or get him an immediate MCA with early pay discount and then fund a SBA. I've done a SBA in as little as 25 days with one bank that I deal with....uncollateralized up to $500,000
Last edited by Olderguy; 07-11-2024 at 01:43 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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