Results 1 to 10 of 10
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03-24-2015, 04:24 PM #1
Looking to Consolidate 3 high amount loans
Merchant has 3 loans out totaling around $310,000 and daily payments around $2500.
Has 4 bank accounts totaling on avg $240,000 monthly.
Merchant wants to consolidate 3 loans and set daily payments around $2000
Or have a buyout and get more $ on top.
Or take 4th position ?
Whose interested ??? or who can I send to ?Last edited by fbilson; 03-24-2015 at 04:55 PM.
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03-24-2015, 05:45 PM #2
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
Will be tough.. Pearl or YS might consider doing a 4th layer.. or try Payroll Funding for consolidation..
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03-24-2015, 05:52 PM #3
Not understanding how it works with Payroll funding as their terms are only 6 months ?
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03-24-2015, 05:53 PM #4
That depends on his daily balances, if he gets a 4th, and geting a renewal would be tough, that depends on how much he can net after.
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03-24-2015, 06:17 PM #5
owes 310k and doing 240k this guy is already over leveraged.. How can anyone payoff that amount with the gross where it is.
240,000k gross if you want to do a 12 month program then most banks who offer that will take 10% of gross as payments which means max payments of $24,000 per month.
$24,000 x 12 months = total payback after the factor rate of $288,000
even if someone was willing to payoff 3 advances and give that kind of money to 3 of their competitors (which I highly doubt anyone would do). Even if they would the numbers just don't work. With the payments of $2000 a day that you are suggesting you are asking a bank to be ok with with a 17.5% gross for a 12 month program. Not going to happenLast edited by J.Celifarco; 03-24-2015 at 06:19 PM.
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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03-26-2015, 07:36 AM #6
- Join Date
- Mar 2015
- Location
- NY
- Posts
- 39
Any assets or colleteral
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03-30-2015, 05:28 PM #7
- Join Date
- Mar 2015
- Location
- Southern California
- Posts
- 4
Pm sent
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03-30-2015, 05:31 PM #8
- Join Date
- Mar 2015
- Location
- Southern California
- Posts
- 4
I have a lender who does exactly what you are trying to accomplish. Pm me for more info.
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04-07-2015, 08:25 PM #9
- Join Date
- Apr 2015
- Location
- Meriden, Connecticut, United States
- Posts
- 14
I have the perfect investor to handle this account, how much does this merchant bring in a month and what is there average reserve balance? lets get this deal done give me a ring or feel free to email it over ASAP.
Tel: (860) 890-7220
Toll Free Fax: 1(844) 279-7010
Email: Michael@smartseedcapital.net
Web: Smartseedcapital.com
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04-07-2015, 09:32 PM #10
- Join Date
- Nov 2013
- Posts
- 600
If you truly want to Refinance this merchant and get him out of the daily nightmare, assuming he is profitable in 1 of the 2 years, been in operation over a year and has 600 FICO with no liens/BK take him to some of the online term lenders. Online lenders will do about 20-25% of his gross so the merchant by the soft numbers could qualify for a 500k deal.
PFS basically reimburses the merchant the total weekly remittance plus their own daily debit and their commission structure is not very competitive, plus they charge high factors. Not a true refinance, just a high factor on top of other high factors and they pay off the other MCA phase by phase not a lump sum payoff.
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