[thegoodbroker99]

I have a deal, 600k a month healthcare. Has 2 positions out and needs a third. Has a 2.9M house in California and has an outstanding balance of 1.5M on the remaining mortgage that he is willing to collateralize. Need 150-200k. I have bank statements, app, mortgage lender info, appraisal, and mortgage statement balance ready to go. Please PM ASAP.

[Olderguy]

see my response above.

[letsfund2023]

Wbl

[Yankeeman07]

I have a deal, 600k a month healthcare. Has 2 positions out and needs a third. Has a 2.9M house in California and has an outstanding balance of 1.5M on the remaining mortgage that he is willing to collateralize. Need 150-200k. I have bank statements, app, mortgage lender info, appraisal, and mortgage statement balance ready to go. Please PM ASAP.

They need a CFO - $600K per month - already 2 positions (you don't mention balances) and they still need $150K ?
MCA $$$ is NOT the answer - What is the age of their A/R - what expenses can they cut

What steps will improve their cash flow?

They need a meet Jesus meeting.

[abfunders]

Wbl

Does WBL do primary residence still? If so, do they in CA?

[Olderguy]

I have a CA lender that does second mortgages in CA - stated income.

65% LTV

Stay away from WBL.

[Kevin Henry-Seacoast]

So....The owner take a cash advance, stacks it with another, and now needs a third and would be willing to put up a primary residence to finance the business. Find the right financing for the business!

[abfunders]

WBL is awesome for the right files. They saved a lot of businesses during COVID. They are not sketchy, they're just expensive. Don't make them out to be "stay away" like the scam companies we keep finding here.

[Olderguy]

WBL is awesome for the right files. They saved a lot of businesses during COVID. They are not sketchy, they're just expensive. Don't make them out to be "stay away" like the scam companies we keep finding here.

I just got a file where they has a WBL $1M pay off and a $1M prepayment penalty. That's pretty corrupt from my point of view.

They do fill a need in the space but I wish brokers and merchants would look at other options and only use them as a last resort. If they do go this route, I can only hope they bring on a remote CFO to help run their business.

[abfunders]

I just got a file where they has a WBL $1M pay off and a $1M prepayment penalty. That's pretty corrupt from my point of view.

They do fill a need in the space but I wish brokers and merchants would look at other options and only use them as a last resort. If they do go this route, I can only hope they bring on a remote CFO to help run their business.

There was no prepay penalty. There was a minimum interest paid. They can pay it off anytime they want but they just have a minimum interest that they need to pay.

[Ordained UW]

what was the initial funding amount?

I just got a file where they has a WBL $1M pay off and a $1M prepayment penalty. That's pretty corrupt from my point of view.

They do fill a need in the space but I wish brokers and merchants would look at other options and only use them as a last resort. If they do go this route, I can only hope they bring on a remote CFO to help run their business.

[Olderguy]

what was the initial funding amount?

I don't remember but as per the contract the merchant signed you are looking at a 100%+ prepayment penalty.

[MCA-VET]

So....The owner take a cash advance, stacks it with another, and now needs a third and would be willing to put up a primary residence to finance the business. Find the right financing for the business!

Kevin knows his stuff!! i dont even need to read to know its the right advice.

[All_Access_Financial]

I used WBL ages ago, are they still arounD?

[STAR CAP]

Yes they are

[Olderguy]

And I was that told the guy who runs the company has two full time bodyguards.

[Ordained UW]

I don't remember but as per the contract the merchant signed you are looking at a 100%+ prepayment penalty.

that does not sound right.. need to see the contract. might be reading the terms wrong..

if you want a 2nd pair of eyes, you can send it and ill gladly take a quick look at it for you to help you make sense of the terms.

ordaineduw@gmail.com

[johnodonaghuewbl]

One of my ISO's just made me aware of this thread, let me address a few things having been employed with WBL the past 13 years.

1) WBL is still around and coming off a record Q3
2) Micah is correct, there is a 12 month ''Lockout" period which guarantees us 12 months of interest. After month 12, it's month to month. Your client potentially was in default thus triggering the default interest rate. Only then would our prepayment exceed the 12 month lockout period.
3) Our CEO is a friend and needing bodyguards is just an absurd allegation, stop it.
4) Define "Expensive" as we are a 1.21 factor rate per year and offer all merchants, regardless of credit profile or senior/junior lien position a 36 month term. With most of our business coming from the high-risk MCA space where 300%+ APR is not uncommon, our products are ideal for consolidations or clients who don't qualify in the non-QM resi world.
5) Yes, still lending against primary residences (All lien positions) and all commercial properties in 45 states (Even owner occupied). Average loan companywide is 700k & I have plenty of ISO's that will vouch for myself and our products.

Should you need further information then please don't hesitate to reach out to the email below as I'm never on here.


John O'Donaghue
Senior Vice President, Sales Manager

WBL California, LLC, a Licensed California Finance Lender and Broker
#60DBO-41841

Email: jodonaghue@wbl.com

[Yankeeman07]

WBL is a Residential Licensed Mortgage Lender is 45 States? Yes, still lending against primary residences

[Olderguy]

There are better options:


One of my guys now has access to a national bank that can do a loan combining primary and investment/commercial property.

LTV, CLTV 70%

5 years 18% - 25% interest

https://drive.google.com/file/d/1B0-...ew?usp=sharing

[Dutucker]

Hello, why haven't they gone to an SBA business loan they are 11% interest instead of factor rates of 1.3 or worse. Also, we could do invoice factoring at 10% of the cost of the MCA loans, without having to collateralize his personal residence.

[Yankeeman07]

SBA loans - 7A $500k to $7.5m No Minimum Fico Score?

Really - you have to be a newbie to promote that BS

[Olderguy]

that does not sound right.. need to see the contract. might be reading the terms wrong..

if you want a 2nd pair of eyes, you can send it and ill gladly take a quick look at it for you to help you make sense of the terms.

ordaineduw@gmail.com

It was the pay off letter she got....$1M plus $1M. Killed any hope for them. Couldn't do equipment cash out as all their equipment was spread out through several states and this payoff with the prepayment penalty lost all hope for them.

[Business2122]

I have a deal, 600k a month healthcare. Has 2 positions out and needs a third. Has a 2.9M house in California and has an outstanding balance of 1.5M on the remaining mortgage that he is willing to collateralize. Need 150-200k. I have bank statements, app, mortgage lender info, appraisal, and mortgage statement balance ready to go. Please PM ASAP.

I can offer a MCA and collateralize the mortgage through packaging it into a performing note, (this would be another loan source)

DM or email if interested

[Ehenek]

This is right in my wheelhouse.