Results 1 to 6 of 6
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07-23-2015, 01:13 PM #1
Export Company does $9MM/yr. Looking for Max Funds.
I'm facing one of those situations where the merchant won't expose all the bank statements for privacy reasons, but shows $9MM average on tax returns.
P&L's and balance sheet are consistent with gross income on the tax returns.
Bank statements show average of $145K deposited each month.
Beginning and ending balances stay around $600K each month.
Average daily balance stays around $600K.
FICO in the 600s.
Looking for $1MM for operations, preferably term loan. It's not a typical cash advance deal because the interest rate doesn't appeal to him, nor does the terms. However, if it is possible to get him somewhere around $200K now, with 145K showing on the bank statements, he'll most likely do it. That will get him started.
Any direct in-house lenders able to get this done or feel they can get it done with extra documentation, PM me or email: solidmerchantsolutions@yahoo.comLast edited by Fundyman; 07-28-2015 at 01:57 PM.
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07-23-2015, 02:25 PM #2
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Depending on the quality of his collateral )A/R, Inventory and Equipment or real estate He may qualify for factoring at or around bank loan rates or an Asset based Loan (ABL.) Only one or two bank statements are required. What's the business?
Bob Shaw
734.929.3800
rshaw@advancecredit.com
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07-23-2015, 03:17 PM #3
- Join Date
- May 2015
- Location
- NC
- Posts
- 208
I'm curious how you get $9M/yr in revenue with $189k in monthly deposits?
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07-23-2015, 03:21 PM #4
Ans on the 1st line: "I'm facing one of those situations where the merchant won't expose all the bank statements for privacy reasons, but shows $9MM average on tax returns."
He uses one set of bank statements for each aspect of the company: payroll, expenses, purchases, revenues, etc.. & has multiple entities with the main company as an umbrella. Unless we're dealing with fake tax returns, which wouldn't make sense, there is plenty of income. He just doesn't want to expose all his bank statements. No transfers into the account from other bank accounts.
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07-23-2015, 03:23 PM #5
- Join Date
- May 2015
- Location
- NC
- Posts
- 208
gotcha, thanks
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07-23-2015, 06:55 PM #6
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