[Increment1]

I have a wholesale seafood company that has been in business since 2013. When operating, he does around $100k a month in revenues. He shut down in Sep and Oct to take a trip to China and has procured agreements from food service companies in Shanghai to purchase up to $1mm a month in live lobster. He now needs funds to start fulfilling those agreements. Credit sucks, low 500's. He has a residential property in Edison, NJ worth $435k that has a $160k 1st on it. A funder can lien the remaining equity but it would have to be 2nd position. Anyone know anybody who would fund this?

[bdshaw]

I have a wholesale seafood company that has been in business since 2013. When operating, he does around $100k a month in revenues. He shut down in Sep and Oct to take a trip to China and has procured agreements from food service companies in Shanghai to purchase up to $1mm a month in live lobster. He now needs funds to start fulfilling those agreements. Credit sucks, low 500's. He has a residential property in Edison, NJ worth $435k that has a $160k 1st on it. A funder can lien the remaining equity but it would have to be 2nd position. Anyone know anybody who would fund this?

This looks like ti typical Export deal requiring EXIM type insurance and an export factoring line.
I have recently help finance a meet exporter to both the Orient and Middle East.
Let's talk.
Bob Shaw
734.929.3800
rshaw@advancecredit.com
rshaw@millenniumfundingusa.com

[Zach]

Give me a call, this looks right up our alley. Based on the information you provided, offer would likely be between $120-150K.

[BB_Cooper]

This looks like ti typical Export deal requiring EXIM type insurance and an export factoring line.
I have recently help finance a meet exporter to both the Orient and Middle East.
Let's talk.
Bob Shaw
734.929.3800
rshaw@advancecredit.com
rshaw@millenniumfundingusa.com

Export factoring line? Is that tied to a LOC?

[pmoney]

I have a wholesale seafood company that has been in business since 2013. When operating, he does around $100k a month in revenues. He shut down in Sep and Oct to take a trip to China and has procured agreements from food service companies in Shanghai to purchase up to $1mm a month in live lobster. He now needs funds to start fulfilling those agreements. Credit sucks, low 500's. He has a residential property in Edison, NJ worth $435k that has a $160k 1st on it. A funder can lien the remaining equity but it would have to be 2nd position. Anyone know anybody who would fund this?

The credit is fine since we don't have a minimum credit score requirement. We lien up to 75% Combined Loan To Value (CLTV) for residential and commercial properties and will lend in any position. In sum, if the valuation for the property comes back at $435k your client would be looking at $166,250. Edison is a large community so we may be able to get some favorable comps to support a larger property value and larger loan amount; I'm very familiar with the area. If you'd like to discuss specifics in greater detail definitely get in touch, 201-210-8552 or paul@oracleloans.com

[RichardGerard]

http://grow.exim.gov/export-credit-insurance-video

Being that these are contracts, and not actual receivables, it's likely that PO Finance to jump start things would be first step..

[D360]

Thanks for sharing the video Richard. I learn so much by you guys.

[bdshaw]

No LOC BB

[bdshaw]

Richard is in the money. Unfortunately the earliest the Exim bank could begin to underwrite new policies will be after the 20th of this month.
However there are other options.
If anyone has any questions about Export or Import finance please feel free to give me a call.
Bob

[VFG]

I have funded a few seafood clients and live lobster is hard to PO Finance specially if coming from China. I would have to see the debtors he sells to and how solid are his suppliers in order to determine if it's PO financeable.

If you're open to PO funding and factoring let me know.

[MFS-Global]

Credits fine with us since we have no minimums and he wouldnt have to use any assets for collateral. We can probably do this for you as long as the banks are right. Send the deal to submissions@mfsglobal.com so you can test out our programs.

MFS Global
212-729-8697
isosupport@mfsglobal.com