[unitax58]

I have a client he has great credit $800,000 equity ih his home. He has a business that does $950,000 a month he wants a business loan factoring considered if the fee is resonable he wants $300,000 -$600,000 he can pay minthly the entire loan back or over 3-6 months max I am an ISO with diff lenders I need a company that will dig in and give me a good solid rate no 1.37s!can anyone get close to 1.15?

[funda21]

Industry? Fico? All you guys asking for deal help gotta give all the details for anyone to help you.

[John Galt]

Don't understand, unless restricted industry or nsfs, bks, defaults. Real Estate backed simple. 90 days easy at 1.15. In all honesty he doesn't need us if it's A paper. And for a client like that factoring is cheap too. Too many avenues too count, but many will charge a fee for it.

[bdshaw]

Agreed.
If he qualifies for factoring we can do the deal ourselves at very inexpensive rates around 1%.
How about if we discuss it tomorrow.
Please give me your contact. information and when to contact you.
BTW, this not a particulary large factoring deal for this industry. Im saying that so you are not concerned about the size.
One thing I offer all my brokers is to show them how to make considerable money in these types of financings.
Bob Shaw
734-929-3800
rshaw@advancecredit.com
rshaw@millenniumfundingusa.com

[RichardGerard]

To amplify the above statements- I would want to see if your client would qualify for a true ABL facility- not just a Factoring relationship. In that scenario your clients customers are not contacted, invoices pass through a Lock Box with a large National Footprint Bank, and the clients have a line of credit to draw against based on the terms of the Facility. The customers entire Balance Sheet is considered- not just the receivables- to determine that line. Since an ISO would earn based on the larger line, corresponding commissions would be higher, organically.

As Bob mentioned this is not a large Facility at all. Would appear to be a 2-2.5M range.. If the Bank charges Prime + 9 (which brings the deal to a shade over 1 percent per month), they're doing quite well (based on their cost of funds), the customer has ease in Accounting (rather than reconciling invoices and corresponding fees based on days outstanding) with a competitive interest rate, and the ability to grow.

Process takes 10-12 business days typically if client is forthcoming with documentation.. Brokers can earn on the front end and monthly- based on the specifics of the deal.. Touch base if you would like to pursue something like this further..

Richard 516 510 3855

www.businesscapitalconsultants.com

[bdshaw]

Richard is correct. If I may amplify on his amplification his analysis is an example of why ISO's should take advantage of the knowlege the folks like us have taken years to learn.
Besides helping put deals together one of our functions is to teach ISO's and Brokers how to enter and make money in this huge market.
Bob

[unitax58]

You guys are right, I am a rookie at this. I owned a tax resollution business for years before getting into this. I am finding out this industry is a lot harder then I would have thought.
With the info you guys suggested, I am confused regarding how to aproach this paticular client. His Fico is close to 800 the business is a marketing firm that builds websites to capture leads, he then turns around and sells the leads to brokers. Most of his clients he has set up net 30 payments. wants the cash to use as a buffer as he waits for the 30 day turn around .His wife owns a very popular pillates studio in Beverly Hills if that matters.

[unitax58]

My name is Michael honestly I need some menturing in this Industry.
Thank you
562 612-2798

[John Galt]

Is it possible you meant "mentoring"? or "resolution"?. Is this the new way to speeeelll on the net? Do we create our own spelling? "Meed".

[bdshaw]

Michael, i've been in commercial finance for over 40 years and would be happy to help in areas I have expertise in and point you to other professionals in areas I don't.
Bob Shaw
734-929-3800
rshaw@advancecredit.com

[John Galt]

Robert is like the "obiwankanobee" of Df because he is always the diplomat. Have to think about that...hmmm.

[bdshaw]

It's not easy being a Jedi Warrior in this crowd, a lot of under my breath muttering.
There are some bright, honest and knowledgeable folks here. some we all compliment and some we compete with.
We all learn from those and agonize over some others.
It's Saturday boys n girls. GO BLUE
Bob

[FUNd]

LOL. Slow your roll there Bob.

[John Galt]

Damn! Just figured out why all the clocks in the house are off an hour!!!

[unitax58]

Give me a break. Having poor eyesite, It is difficult for me to type letters on a smart phone. I think the message made enough sense or there would have been no response. Instead of insulting people about there spelling. Why not address the issue at hand?

[John Galt]

Unitax, how about enough respect to use spellcheck or a proper syntax? Sorry about your eyesight. If you can't use proper English on a Bulletin board, how do you expect to attract clients? Do you walk around with your pants below the underwear? We are supposed to be professionals.....Do you type that way to your suspects/prospects/clients? It wasn't really an insult, purposely. But if you type that to clients, it's just one more reason for them to hate this business.

[John Galt]

PS: Go to Crestmark, Capital Funding (Wells) or AGR. I do not know if they will underwrite it as they are strict, but with that score you should go direct to the big boys as that's their pricing . Otherwise talk further to Bob Shaw here or Richard here. Both are professional and understand factoring. The above are all banks that will allow referrals.

[John Galt]

Also most factors will not go out more than 90 days and then it's your problem. But all will meet that pricing or beat it. There are at least 4 guys on this forum that specialize in this. Expect 80-90% invoice funding and then when the customer pays, to get the balance. Average around 4% or so above prime, though I do not know the industry you speak of and that might not be right for a web based business. I hope as you requested that "addressed the issue at hand".

[bdshaw]

thanks John, I planned on calling Michael tomorrow. If he will allow me I plan in giving him enough information to understand the product and marketplace.
Bob

[John Galt]

Anytime Robert. I find you to be one of the "honest" ones on here. Plus if I can ever get anything placed with you, you can visit Hollywood, Fla.

[unitax58]

Yes please call me
562 612-2798
Michael

[unitax58]

I now have two clients wanting $400,000 both have 760 Ficos one does $950,000
monthly he is open to a revolving line of credit or factoring at a resonable rate the client will pay the balance in 30-90 days. The other client does $120,000 a month in business 9 years they have used all of there secured credit, experiancing a huge growth with there Gymnastics company. they both qualify for factoring, they both have excellent credit.

[bdshaw]

Michael, what's a good time to call after 8:30 your time?
Bob

[John Galt]

But in factoring your credit plays little. It is the customers credit and the invoice(s) that's being purchased. Anyway Bob can explain it to you rather than this forum. If his score is that good he should go to a bank and get an LOC or similar product. And you still keep putting "there" rather than "their" in your syntax. Good Luck Bob!