Results 1 to 24 of 24
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11-05-2015, 02:32 PM #1
- Join Date
- Jun 2015
- Posts
- 3,325
Auto sales
Is there any a lenders that will still do this industry ?
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11-05-2015, 02:35 PM #2
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Yah, I just funded a few of em in the last few days....obviously Im not going out longer than 4-6 months but money is king ini the auto sales industry.
You can call me or PM if you wantAndrew J. McDonald
Director of ISO Development
Yellowstone Capital LLC
1 Evertrust Plaza
Suite 1401
Jersey city, NJ 07302
PH - 347.464.0785
FX - 646.213.1790
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11-05-2015, 02:37 PM #3
I love auto sales! But, what I love more, is real-estate collateral. If they have it, I'll fund it.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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11-05-2015, 02:39 PM #4
- Join Date
- Jun 2014
- Posts
- 541
Cooper will fund used car dealers-
Robert S Bloink
EVP of ISO Partnerships
Direct: 313-218-4663
Email: bb@cooperasset.com
Web: www.cooperasset.com
logo-01smaller.jpg
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11-05-2015, 02:52 PM #5
Auto sales are doable as long as the merchant has decent revenue. Shoot me an email and we'll talk.
Michael Jagiello
Director of Client Acquisitions
Blue Granite Funding LLC
mjagiello@bluegranitefunding.com
1(718)873-6407 Cell
1(917)791-8911 Fax
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11-05-2015, 03:05 PM #6
Auto sales are perfect as long as they own some type of real estate (residential, commercial, even raw/vacant land). Assuming they do, max advance/loan amount would be 2x-3x their average monthly deposits (past 6 months). If you'd like to discuss it further definitely get in touch.
Paul Marzolla
CEO @ GreenBridge Loans
______________________________________________
Main: (800) 677-5771
Email: paul@greenbridgeloans.com
Connect with me on LinkedIn
Click to download our Partner Agreement
______________________________________________
GreenBridge Loans
221 River St, 9th Fl
Hoboken, NJ 07030
www.greenbridgeloans.com
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11-05-2015, 03:27 PM #7
We Fund Auto & Gas Stations...Pm me. No SIC restrictions.
Joe EsparzaFUNDKITE"FinTech High-Risk Funding Table"joseph.e@fundkite.com | 929.999.2700x1008
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11-05-2015, 03:40 PM #8
- Join Date
- Jun 2015
- Posts
- 3,325
ok let me be clearer on what a lenders me . i have 110 k at a 7 month 1.39 paying me 12 points .i have 140k at 1.73 from wbl paying me 8% ( no its not a typo ) . i need a 15-18 month deal at the 1.38 rate
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11-05-2015, 03:46 PM #9
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- Jun 2015
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- 3,325
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11-05-2015, 03:49 PM #10
- Join Date
- May 2014
- Posts
- 317
I'm sorry but anyone charging 1.73 is completely insane. That's crazy to me
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11-05-2015, 03:55 PM #11
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- Jun 2015
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- 3,325
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11-05-2015, 04:28 PM #12
- Join Date
- Jul 2014
- Posts
- 1,746
People must be buying it all day long if what WBL says is true. Funny story, there was a collateral based working capital lender here in Orange County called Blackstone, that charged crazy, insane rates, like 4 year deals with the borrower putting up every last piece of equipment they owned as collateral, and paying back FOUR times the funded amount over 3 or 4 years.
Only a very small percentage were desperate enough to take the offers from them. They were always very "busy" but they literally funded only 5 or 6 deals a YEAR, and had hundreds, if not thousands of applications annually.
They were also highly profitable.
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11-05-2015, 04:41 PM #13
I understand that the factor rate is high - no doubt about it. But that factor rate is roughly the same APR as a 1.38 for 6 months.
Why is a lender who does a 6 - month 1.3 fine and dandy, but one who does a 12-month 1.6 evil and wrong? It's the same rate. We just happen to extend 12-month terms to Yellowstone/Pearl type deals. Also, our loan size is most likely 2-3X what other other lenders would offer.
Admittedly I am being perhaps a bit defensive here, but it is a very common misconception about our product line. We offer longer terms on high-risk deals than any of our competitors, with similar rates as many of them. Due to the lengthening of the term, the factor rate will definitely be higher.
Imagine if Everest, Knight, Pearl, or Yellowstone did 12-month deals. Their 1.35-1.45 factor rates over 4-6 months would equate to 1.90-2.10 over 12 (or even higher).
If you sold our deal at 6-months you are looking at a 1.38 (and probably a much larger loan size) with a weekly payment. Not too shabby for a high risk deal, right?Last edited by Zach; 11-05-2015 at 04:45 PM.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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11-05-2015, 04:47 PM #14
- Join Date
- Apr 2015
- Location
- Florida, First MCA sold in 85/ WS in 76. CFP/RIA, series 3,6,7,8,10,63,Ins218,220.
- Posts
- 554
Put in the right perspective, how much do you pay for over a 30 year mortgage? Easily 6x the actual mortgage, how about in Europe where a 50 year mortgage is common?
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11-05-2015, 04:49 PM #15
- Join Date
- Jul 2014
- Posts
- 1,746
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11-05-2015, 04:51 PM #16
- Join Date
- Jul 2014
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- 1,746
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11-05-2015, 05:05 PM #17
- Join Date
- Oct 2015
- Posts
- 53
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11-05-2015, 05:09 PM #18
To clarify, because we have collateral, we have to offer:
1. 2-3X the size of our competitor's offer
2. Longer terms than any of our competitors
3. Lower rate
We have to beat the competition in every single category for our product to be viable? No way!
We beat our competition on loan size and term every time, and in many cases the rate as well (1.73 for 12 is much better than 1.45 for 4).Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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11-05-2015, 05:10 PM #19
Last edited by Zach; 11-05-2015 at 05:13 PM.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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11-05-2015, 05:14 PM #20
- Join Date
- Jun 2015
- Posts
- 3,325
seriously wbl reps , you need to have respect for each other . after calling out paul for jumping on after zach i get two pm from different wbl reps .
I am loyal to my rep that i have been with since pretty much the beginning of wbl , just dont fund as much since they stopped using vehicles
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11-05-2015, 05:16 PM #21
Exactly. If a merchant needs $150k but a MCA will only get them $60k it then becomes a major decision that they have to make. Do they take 60% less than they need going an unsecured route, or do they pledge a property they own as collateral to get that extra $90k? Ultimately every consumer is different.
Paul Marzolla
CEO @ GreenBridge Loans
______________________________________________
Main: (800) 677-5771
Email: paul@greenbridgeloans.com
Connect with me on LinkedIn
Click to download our Partner Agreement
______________________________________________
GreenBridge Loans
221 River St, 9th Fl
Hoboken, NJ 07030
www.greenbridgeloans.com
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11-05-2015, 05:19 PM #22
- Join Date
- Jul 2014
- Posts
- 1,746
Nobody is challenging the fact that you must make certain concessions - to win deals. You would be out of business in an hour if you just offered the same deals YSC or Pearl was offering, that's common sense. It's the rate that's kind of out there. I'm not saying you guys aren't all rolling in the dough and pushing $100,000 sports cars, like you say you are, not at all. I think a few people on here are surprised to see a 1.7--anything---on deals collateralized by a very strong instrument, real estate.
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11-05-2015, 09:47 PM #23
- Join Date
- Aug 2014
- Posts
- 194
But with no collateral, if they default they don't lose their house or property. The justification for the short term and high rates is that it's unsecured...
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11-05-2015, 11:04 PM #24
- Join Date
- Apr 2015
- Location
- Florida, First MCA sold in 85/ WS in 76. CFP/RIA, series 3,6,7,8,10,63,Ins218,220.
- Posts
- 554
Honestly the point is the client pays 6x principal and no principal is repaid in the first 5- 7 years. Yet it's legal. It is not so far fetched to make a comparison to our mafia based loans (but they don't break your legs if you don't pay).
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