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Here is the free advice I put it right at the top when you asked. Stop wasting time trying to find a stack for a merchant that will qualify for a refi.. Pitch the refi and sell the fact that he wont be breaching his existing contract as well as the fact he will get a better deal staying with only 1 position.. In all the time you waste trying to find a second position deal you risk losing the file to someone who calls this guy and sells him hard on a strong first position deal. If the guy doesn't qualify for a refi that is one thing but you are saying you want a second position because he doesn't want to pay interest on interest..

John, qualifying or not qualifying for a refi isnt the issue here, the nature of my question was regarding 2nd position lenders not how to refi. Merchant is 40% paid off on an 18 month term and is not interested in paying the balance off to get additional capital, he wont budge with me or any other guy who sells him "hard" on a first position deal, the numbers just wont work in his favor and he is aware of this. These situations do exist, and there are lenders who specialize in this...and thats what im looking for.