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07-25-2024, 01:58 PM #1
- Join Date
- Sep 2013
- Posts
- 10
$3M+/mo manuf. business in OH, 5yrs TIB, stellar ADBs and financials BUT...490 FICO
Title sums it up...pretty much the perfect merchant minus the FICO. 3M+ a month manufacturing business. massive ADBs, TRs and financials all look great. The rub is the owner is going through a divorce and the exwife hammered the credit (that's the story anyways). Have struck out everywhere based on credit alone. Looking for $500k
Any reputable lenders with a proven track record of doing a deal like this?? Invoice factoring could be an option as well...
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07-25-2024, 02:02 PM #2
Reach out to Nancy Kalman
They usually need 600 Fico but if there is a story, they will look at it for factoring.
Nancy Kalman| Senior Business Development Officer
NancyKalman@ucfunding.com
United Capital Funding
401 North Michigan Ave, Suite 1200, Chicago, Illinois 60611
(312) 560-7600 - Cell
I can do cash out hard money on property 10 year I/O - commercial, NOO SFR's, etc. at 50% loan to value no minimum Fico score.
I can also look at asset based lending...Last edited by Olderguy; 07-25-2024 at 02:10 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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07-25-2024, 02:06 PM #3
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
We would be happy to review.
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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07-25-2024, 02:52 PM #4
- Join Date
- Feb 2017
- Posts
- 3,463
Considering that invoice factoring has less to do with the credit of the client vs and only entirely based on the credit of the clients that he is billing, since they are the creditors, there are probably a dozen invoice factors that could and would do this. Who have you tried? Is there no senior debt already?
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07-25-2024, 02:53 PM #5
- Join Date
- Feb 2017
- Posts
- 3,463
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07-25-2024, 03:14 PM #6
- Join Date
- Dec 2023
- Posts
- 66
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07-25-2024, 03:15 PM #7
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
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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07-25-2024, 03:34 PM #8
- Join Date
- Sep 2013
- Posts
- 10
Thanks for the input fellas.
@Kevin - can I reach you direct at 561-850-9346?
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07-25-2024, 03:49 PM #9
- Join Date
- Nov 2019
- Posts
- 691
Is he stuck on 500k. If the tib and daily balances are good and depending on what we see on the credit I might be able to offer a short term starter program and better the terms as he pays back and fixes his credit. My first position renewals are a true add on that works a little like a line of credit in a way.
Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872
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07-25-2024, 04:18 PM #10
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
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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