[MKashat]

Good afternoon,

I have a merchant who is currently grossing 4.5M annually and needs 150k over 18 months. Can Capital made an offer and received signed contracts but the broker tried to slip in a service fee without telling him. The merchant became upset and no longer wants to work with Can Capital. Reps are locked out because Can received signed contracts. Does anyone know of a lender that will accept this industry type?

He does not have property to place as collateral.


Best,

[John Galt]

There are a lot of funders that will accept used car dealers now, but it is hard to compete against Can for pricing and terms. They are #1 in total funding for a reason.

[MKashat]

1. I absolutely love your handle "John Galt".
2. Who should I go to in regards to this deal. Who would come close to Can?

“If you don't know, the thing to do is not to get scared, but to learn.”

Best,

Mason Kashat
Premium Merchant Funding
MKashat@PremiumMerchantFunding.com

[John Galt]

I know of plenty of funders who will now entertain car dealers (they didn't before). I do not know of any funders that will beat Can when they want something. I do alot with them and when I see them on a potential client, I walk away. Just like ondeck or other funders doing low rates for a or b paper. You might be well off waiting for the 30 days and then not charging a fee to your client. In the older days we had what was called an agent of record which would allow the client to pick his broker, alas it is not available nowadays.

[MKashat]

Who would you recommend that would look to fund this industry? Unfortunately the lockout period is for 90 days.

[rick_clsfunding]

Credibly

[Michael I]

Rick I think they cap at 25 or 50 k for auto sales . Also they cap how far they will go out .
Iou been doing them on and off . Check if they currently do it

[rick_clsfunding]

Rick I think they cap at 25 or 50 k for auto sales . Also they cap how far they will go out .
Iou been doing them on and off . Check if they currently do it

Hi Michael - I believe you're thinking of their minimum deposit requirements, which was $40k for dealerships. I'm pretty sure they go out to 14 months, but this may have changed.

Also, the last underwriting guideline update I received, IOU had placed used auto sales on their Prohibited Industry List...unless this has changed as well

[Oxforddan]

Vital cap will do used car dealerships, however they won't come close to a can offer

[Michael I]

Yeah Rick an email from two weeks ago they only do up to 25k and max 6 months (credibly)

[rick_clsfunding]

Yeah Rick an email from two weeks ago they only do up to 25k and max 6 months (credibly)

Thanks for the update, hadn't heard that.

[ChezkyGCG]

I pm you my info, I'll get this this done

[Michael Jagiello BGF]

Credibly may be able to do something. Their rates are pretty good but I don't know if they'll go tooth and nail with can but it's worth a shot. Best of luck!

[AndyYSCISOdept]

There aer a lot of people out there who will do used car dealerships. A lot will depend on what kind of stats the dealer has...meaning, how is the credit? How are the daily balances? etc etc...