Results 1 to 13 of 13
-
02-09-2015, 04:41 PM #1
- Join Date
- Mar 2013
- Posts
- 21
Which lenders can pay off $160K exisiting loan?
I know most lenders can only payoff up to $75K existing balance. Can anyone suggest one, I have a client doing over $300K a month in bank deposit but has $160K in existing balance. Wants $100K cash too.
-
02-09-2015, 04:45 PM #2
- Join Date
- May 2014
- Posts
- 317
Is it one balance that equals 160k or 2 or 3 that equal 160k?
-
02-09-2015, 04:55 PM #3
- Join Date
- Mar 2013
- Posts
- 21
2 balances, 1 is $160K, the other one is just a small 2nd position $11K balance.
-
02-09-2015, 05:06 PM #4
- Join Date
- Dec 2013
- Posts
- 4,713
email bizdev@cresthillcapital.com i can lead you in the right direction.
-
02-09-2015, 05:32 PM #5
- Join Date
- Jul 2014
- Posts
- 196
Which lenders can pay off $160K exisiting loan?
It would be easier to pay off the 11k and get a nice amount on a 2nd. It's probably going to be difficult to pay off the 160k until you wait to get that amount lowered. It's possible but would all depend on industry, credit, and what state there in.
Mike@SamsonPartnersLLC.com
O# 347-492-1801
C# 917-689-1502
F# 718-304-1163
-
02-09-2015, 05:50 PM #6
- Join Date
- Dec 2013
- Posts
- 4,713
Mike at Samson can get it done!!
bizdev@cresthillcapital.com
-
02-09-2015, 11:55 PM #7
- Join Date
- Feb 2015
- Location
- New York City
- Posts
- 44
It would be much easier to assume the second, than buy out first and second, however, if the merchant does have A credit, good industry, healthly ledgers, numerous deposits, high monthly revenue, and numbers that substantiate the payment as well as the advance, feel free to call me. As long as the deal make sense, you should be able to buy out both positions, make the client happy and fund top dollar. PM Me if you would like to discuss. Choice.
Last edited by TheChoice; 02-09-2015 at 11:59 PM.
-
02-10-2015, 12:05 AM #8
- Join Date
- Feb 2015
- Location
- New York City
- Posts
- 44
If you take the lower tier position, most likely you'll be offered a third and it would be the merchants responsibility to buy out the second. It should be a nice second, but if the merchants looking to maximize dollar amount with one position and payment, you can go a whole different route. It's all about managing the expectations of the client as long as its a reasonable request substantiated by their financials and credit history. Choice.
-
02-10-2015, 07:29 PM #9
- Join Date
- Feb 2015
- Location
- NY
- Posts
- 7
Why would you re-factor 160k? In the end the merchant would only net approximately 140k, don't you think it makes more sense to get him in a new 3rd position for 100k over 6 months? I have relationships with lenders who would be more then happy to look into a file like that. E-mail me with more information regarding the file. jhancockmae@mcamerchant.com
Last edited by jhancockMAE; 02-10-2015 at 07:32 PM.
-
02-10-2015, 08:03 PM #10
A six month 100K THIRD position? for real?
-
02-10-2015, 08:22 PM #11
- Join Date
- Jan 2014
- Posts
- 283
i had a Merchant who owed about the same amount and got a $400,000 offer, so it is doable but their statements have to be PERFECT...deposits, balances, no NSFs, good credit, etc. It will help a lot if they take credit cards as well.
-
02-10-2015, 08:43 PM #12
- Join Date
- Oct 2014
- Posts
- 257
Which lenders can pay off $160K exisiting loan?
A 6th month 100k 3rd position......who does that???? They must be in the business of losing money. In my opinion speak to funding circle for a refinance and that will open up their affordability again. Feel free to reach out if you have any questions. Henry@trustcapitalfunding.com
-
02-11-2015, 06:45 AM #13
- Join Date
- Jun 2014
- Posts
- 195
Cap assist
Similar Threads
-
How many cash advance and short term business loan lenders are there ?
By amikassar in forum Merchant Cash AdvanceReplies: 4Last Post: 07-03-2014, 02:28 AM -
Improving Transparency for Alternative Lenders, Loan Brokers
By channin19 in forum Merchant Cash AdvanceReplies: 12Last Post: 06-20-2014, 03:02 PM