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10-30-2015, 04:19 PM #1
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
Consolidation and cash out
Restaurant with multiple locations
2 owners, with FICOS 550-600
Gross $1MM Month Deposits
Processing $800k/MO in CC’s
Currently has 2 advances out (NewLogic-$135k taken December 2014/Expansion-$35k taken April 2015 )
That funding was used for expanding 2 locations.
Merchant seeking an additional $100,000 cash-but I assume with the 50% Cash Out Rule the loan needs to be for $350,000??? but he wouldn't qualify for that, anyone with out this rule?
AVG ending daily is $33,000 after paying the 2 deals. NO NSF/Negative Ending Daily balances
Has a $23k judgment from 10/2015 and another $2k Judgment from 5/2015 (not loan defaults)
Looking for a 12 month term
email sigmund@laynecap.com
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