Results 1 to 9 of 9
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Yesterday, 01:18 PM #1
- Join Date
- Jan 2019
- Posts
- 45
Does anyone handle construction Term Loans?
Hi everyone,
I’m working on a construction deal with a merchant consistently generating about $700K a month. He is seeking a $300K term loan. The only collateral he has is his primary residence, valued at approximately $1.1M. Additionally, he has about $3.1M in receivables currently under contract. If anyone can assist with this type of financing, it would be greatly appreciated
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Yesterday, 01:47 PM #2
- Join Date
- Feb 2017
- Posts
- 3,455
"Receivables" or "Under contract"? Meaning, does someone owe him money for work done, or does he need capital to get the job started? Two very different things. Ignore what the client thinks he wants, there's actually way better products out there for this than a classic term loan in this instance. Easy to sell, just have to pitch it to the merchant. I love these types of deals.
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Yesterday, 02:08 PM #3
- Join Date
- Jun 2024
- Posts
- 1
What state is the property, what is the amount owed via the currant mortgage, and est credit score?
I'm working with a mortgage company who does 15 - 30 yr terms, true apr etc etc
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Yesterday, 02:40 PM #4
- Join Date
- Jan 2019
- Posts
- 45
Thank you for the response. To answer your question, the $3.1M is currently under contract which he is collecting on.
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Yesterday, 02:42 PM #5
- Join Date
- Jan 2019
- Posts
- 45
Property is in TX and he owes about 600k. Credit score is above 720+
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Yesterday, 03:08 PM #6
- Join Date
- Feb 2017
- Posts
- 3,455
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Yesterday, 03:17 PM #7
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,499
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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Yesterday, 03:46 PM #8
- Join Date
- Feb 2017
- Posts
- 3,455
We can stop speculating, the AR is from private home builders. It's all private and none of it is factorable. He's a general contractor for luxury home building. He does a lot of homes at once and he gets paid in chunks. I appreciate the call OP.
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Yesterday, 03:47 PM #9
Just FYI...any factoring A/R that is over 90 days goes back to the merchant to collect.
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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