[Triton]

Have a client who needs $400k.

Only does $145k average a month in banks and $100k in CC. Last couple months had an average daily of over $200k.

Great credit does not want to use collateral.

Which lenders will give an approval for double the average monthly revenue?

[Chambo]

what the merchant wants......and what the QUALIFY FOR are usually two different numbers

It is your job, as the sales rep, do explain the merchant and take them off the ledge

[J.Celifarco]

Have a client who needs $400k.

Only does $145k average a month in banks and $100k in CC. Last couple months had an average daily of over $200k.

Great credit does not want to use collateral.

Which lenders will give an approval for double the average monthly revenue?

nobody will.. try to sell him on a 100kish on a short program so they qualify for a refi quickly.. If the credit is strong you can get a 6 month 1.24-1.29 depending on the bank and hard sell him on the additional funds in 31/2 -4 months..

[Triton]

Thanks Chambo but I don't need a job description.
I know of a couple that give more than the merchant averages. QS for one. But they do not go higher than $150k.

Looking for a lender who does.

[RichardGerard]

PM sent... Collateral other than a Personal Guarantee would likely not be needed if firm is profitable... 25% of annual sales is the typical rule of thumb. All we would need is Balance, P&L, 14 personal and corporate and 6 banks.. funding with some Lending partners in less than 5 business days.. Commission approximately $8000..

Richard 516 510 3855

www.businesscapitalconsultants.com

[Zach]

WBL typically lends between 1.5-3X the client's monthly revenue. Plus 8 points looks real pretty on $400K ;-)


Edit... just saw they don't want to use collateral.

[dpFund]

Have a client who needs $400k.

Only does $145k average a month in banks and $100k in CC. Last couple months had an average daily of over $200k.

Great credit does not want to use collateral.

Which lenders will give an approval for double the average monthly revenue?

If I read your description correctly, it appears your client is grossing about $3M annually.

I can fund 12-24 months, no collateral needed. I am a direct lender.

On a high level, the client looks like they may qualify for $300k, possibly $400k

But it is all in the financials (not just the bank statements). The client must have a profitable business that can comfortably afford the monthly payment.

If you are interested in discussing, please reach out to me at dan@fundingstrategypartners.com

Thanks,

Dan Page

[mcaguru]

Dans the man!

[golf2014]

if other options have been explored and it can't happen..cash advance is it. double his monthly won't happen though. PM sent.

[AndyYSCISOdept]

if other options have been explored and it can't happen..cash advance is it. double his monthly won't happen though. PM sent.

Im with the golf man! Look the fact is that odds are if the merchant hasn't been funded yet and the deal has to be laid out on here to figure out where they should go for funding there is something preventing this merchant from getting what they want. What that is I have no idea but the fact remains that what they want and what they'll get are usually a wide gap apart.

[Triton]

Im with the golf man! Look the fact is that odds are if the merchant hasn't been funded yet and the deal has to be laid out on here to figure out where they should go for funding there is something preventing this merchant from getting what they want. What that is I have no idea but the fact remains that what they want and what they'll get are usually a wide gap apart.

The client was recently funded a $480k SBA Loan. They were also funded from FC recently. There is nothing wrong with the file and this is the first cash advance they have tried to acquire. I posted here before submitting to any lenders because I wanted to see what the thoughts of the community were just in case you guys mentioned a lender I hadn't thought of. Getting the file funded will be no problem. I just don't shop my clients. I find a lender that will either get what they want or close to it and send it there. I'm in the business of helping business owners not shotgunning them just so I can make a quick buck.

[Funder Mark]

So this client recently got a $480 SBA loan, they got funding through Funding Circle, and now they are looking for a MCA? Where does it end? With 3 advances, and defaulting on everything when the business closes?

[Triton]

No.

They took the SBA and FC loan because they are moving from a 5,000sq ft location to a 40,000sq ft location. When approved and funded for the SBA and FC, they were supposed to moving into a 23,000sq ft loc but it fell through. Since the money was budgeted for that location they need more because the new location is twice as large.

Either way, I'm pretty good at my job and know how to assess a file on the initial phone call. I asked all the right questions and have a very good idea as to what they are trying to do and why they need the money.

As stated before, I only posted to bounce ideas about different lenders around.

Thanks.

[Chambo]

That sounds dandy, the big move and all....but $145K a month in gross deposits and SBA lien PLUS Funding Circle? Merchant is getting NOWHERE NEAR $400K

My first post on this thread still stands....what the merchant WANTS and what the merchant QUALIFIES FOR are usually two different #'s

[Michael Jagiello BGF]

You don't need a lesson in sales, what you need is a better product to sell.. Please reach out I believe we can help

[golf2014]

this is entertaining