[stat]

i have some clients who are looking for some additional capital even though they already have a 1st position in place; their argument is that they are not willing to pay interest on interest by paying off the first to get additional capital. Now these are not your YSC 3 month 1.40 clients (not that there is anything wrong with YSC) i need something similar to a first position pricing and term, obviously not as good as 1st position but not a 3 month 1.40 either. I know IOU and Quarterspot will do decent 2nds but i need more options.

Any input would be appreciated

[J.Celifarco]

There are no other options.. If the merchant wants more money they need to pay off the first position to get a good deal.. even with the interest on interest it is still a better deal to pay off the balance then it is to stack a terrible deal behind the first..

[stat]

There are no other options.. If the merchant wants more money they need to pay off the first position to get a good deal.. even with the interest on interest it is still a better deal to pay off the balance then it is to stack a terrible deal behind the first..

thats exactly the point, not looking to stack with a terrible deal. I agree with you that stacking with a 3 month 1.40 will be worse than paying off the balance on the first but i know for a fact there are better options out there, IOU and Quarterspot are 2 of them...

[cardinalequity]

IOU has a restricted list of lenders they won't come behind on. So be careful....

thats exactly the point, not looking to stack with a terrible deal. I agree with you that stacking with a 3 month 1.40 will be worse than paying off the balance on the first but i know for a fact there are better options out there, IOU and Quarterspot are 2 of them...

[Fly]

I have a couple sources that fit this criteria besides IOU and Quarterspot. You can pm me, send me the deal, and I'll split 50/50.

[stat]

IOU has a restricted list of lenders they won't come behind on. So be careful....

im aware of IOU's restricted lender list, but thanks for the heads up!

[cardinalequity]

No problem..see I share info.

im aware of IOU's restricted lender list, but thanks for the heads up!

[Chambo]

i have some clients who are looking for some additional capital even though they already have a 1st position in place; their argument is that they are not willing to pay interest on interest by paying off the first to get additional capital. Now these are not your YSC 3 month 1.40 clients (not that there is anything wrong with YSC) i need something similar to a first position pricing and term, obviously not as good as 1st position but not a 3 month 1.40 either. I know IOU and Quarterspot will do decent 2nds but i need more options.

Any input would be appreciated

In the future, TBB and BFS are the only fund sI know that regularly do add ons, as opposed to refinancing the balance. I have seen SFS and RAPID do it on a special, case by case basis, but not the norm

[Eagle Funding]

Stat,

Who is the balance with? Give me a call to discuss 718 316 3323

[stat]

Stat,

Who is the balance with? Give me a call to discuss 718 316 3323

The balance is with an A paper lender, and im looking for direct lenders not a split with another ISO, but thanks anyway.

[Fly]

That's great you don't want to split the deal with anyone. Now you know why we don't want to give you our edge without getting compensated? Regardless, me revealing my sources that do what you are looking for is a whole hell of a lot more worth than 50% on one measly deal.

[stat]

That's great you don't want to split the deal with anyone. Now you know why we don't want to give you our edge without getting compensated?

Easy tiger im not asking for a list of your clients, i dont see how sharing some lender info will take money out of your pocket, and besides, isn't that what forums are about???

You shouldn't be intimidated by another ISO submitting leads to a lender that you submit to as well, especially if your connection with that lender is a solid one.

[cardinalequity]

My sentiments exactly!

That's great you don't want to split the deal with anyone. Now you know why we don't want to give you our edge without getting compensated? Regardless, me revealing my sources that do what you are looking for is a whole hell of a lot more worth than 50% on one measly deal.

[Fly]

Are you serious? It's like giving the competition free training on how to take specific deals to specific lenders to win that deal from other ISOs. Why would I give someone else that edge?

For example, if we both currently had your customer you are searching for the second position. Obviously, he doesn't qualify for IOU and Quarterspot and you are out of options. I would win the deal, because I still have options. Make sense?

[stat]

I think its hilarious how ISO's come to this forum for answers and information but the second someone asks them a question on information that they have they get all tight.

And Fly, right after your 50/50 proposition which i declined you said that "regardless, your sources are worth more than the 50% split", so what were you gonna take my deal and run? and this is exactly why i dont want to deal with you.

[Fly]

No, I changed my mind as soon as I read your answer about not wanting to work with ISOs.

Let's face it, the real reason you don't want to deal with me or as you already said "any ISOs", is because your greed/ego is bigger than your brain.

But Good Luck finding your answers.

[Eagle Funding]

The balance is with an A paper lender, and im looking for direct lenders not a split with another ISO, but thanks anyway.

Split with an ISO? Do your research my friend

http://trustcapitalfunding.com/home.php


Now when you educate yourself give me a call 718 316 3323

[stat]

Your mind was set when you made that offer just to get the deal because you obviously have a hard time getting your own. And the REAL reason i dont want to deal with you is because i know i can get it done without you.

[stat]

In the future, TBB and BFS are the only fund sI know that regularly do add ons, as opposed to refinancing the balance. I have seen SFS and RAPID do it on a special, case by case basis, but not the norm

Thanks Chambo, ill look into TBB and BFS

[J.Celifarco]

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..

[stat]

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.

[J.Celifarco]

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.

I was referring to your first post where you said the sticking point is interest on interest, you didn't saying anything about 40% paid in. If that is the case IOU, and Quaterspot are the only banks I know that gives a decent factor rate and term for second position deals.

[aredmond]

Judging by the fact that the merchant has an 18 month term he is most likely with On Deck. Stacking behind On Deck is difficult because they generally eat into a large percentage of the merchants gross to help PREVENT stacking. If you have a great relationship with this client and want to do business with him for a foreseeable future I wouldn't advise stacking behind them. On Deck will never fund that merchant again.

You said you dont want 3 month 1.40's. What price range/term did you have in mind?

[stat]

Judging by the fact that the merchant has an 18 month term he is most likely with On Deck. Stacking behind On Deck is difficult because they generally eat into a large percentage of the merchants gross to help PREVENT stacking. If you have a great relationship with this client and want to do business with him for a foreseeable future I wouldn't advise stacking behind them. On Deck will never fund that merchant again.

You said you dont want 3 month 1.40's. What price range/term did you have in mind?

Anything over 6 months below a 1.35 after fees

I think the terms/rates quarterspot and IOU are offering on add ons are fair given the circumstances. This merchant wont qualify with IOU due to the industry type and Quarterspot didnt make the greatest offer dollar wise....just looking for more options.