Results 1 to 9 of 9
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01-11-2016, 06:41 PM #1
- Join Date
- Oct 2015
- Posts
- 3
Merchant Looking for Monthly Payments
I have a merchant from California.
They are wedding catering business doing 500,000k annually on average. They have 2 SBA loans and that total 130k.
They are looking for an additional 25k to cover operating expenses. On average they have 6-8 deposits monthly.
Credit Score is 800+. Both of their SBA loans are through their Credit Union which they have been with for 25 years.
Any help or ideas here?
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01-11-2016, 06:43 PM #2
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
loanme
Funding circle , deal struck
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01-11-2016, 06:56 PM #3
- Join Date
- Apr 2015
- Posts
- 297
fundation
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01-19-2016, 01:27 AM #4
- Join Date
- Feb 2015
- Location
- Kansas City
- Posts
- 34
Merchant Looking for Monthly Payments
I would be happy to take a look. We are a direct funder and willing to go outside the box
holley@capassist.com
913-324-5918
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01-19-2016, 09:03 AM #5
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Of the regular term loan lenders named only FC will subordinate (Fundation says they will but rarely if ever do). 500k annually is only 42k per month. Unless their profit margin is over the top (more than 50%) it will be difficult to arrange more debt for this file IMO
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01-19-2016, 02:34 PM #6
- Join Date
- Nov 2014
- Posts
- 438
Keith, this would be a good file for us here at LoanMe. In CA we can go up to 3x the gross business income deposits on the bank statements. All other states we can go up to 2x. We'll take a look at the last 3months business bank statements. With the information you provided above, I believe we should be able to get them the $25k they need in as soon as the same day.
In all reality they could qualify for more. If so, would they be able to use the additional funds?LoanMe Business
949-535-7798
Email: Business.Loans@LoanMe.com
www.loanme.com/SBL-partner
1900 S State College Blvd. Suite 300
Anaheim, CA 92806
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01-19-2016, 04:13 PM #7
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Doesn't 42 x 3 = $126k?
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01-19-2016, 04:59 PM #8
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Merchant Looking for Monthly Payments
Only in the accounts receivable department.
Bob
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01-21-2016, 04:35 PM #9
- Join Date
- Nov 2014
- Posts
- 438
LoanMe Business
949-535-7798
Email: Business.Loans@LoanMe.com
www.loanme.com/SBL-partner
1900 S State College Blvd. Suite 300
Anaheim, CA 92806
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