[Lorenso dennis]

[*]I have a merchant doing 2.1 Million a year requesting 150k. [*]She has 2 balances which are more than half way paid down. [*]16k is owed to Wise funding and 38k is owed to business backer. [*]The main problem here is that she has a bankruptcy which was discharged 7 months ago and her credit score is 620.


Is there anyone out there who can help?

[Funder Mark]

She is making $2.1M a year, which come down to $175k AVERAGE monthly deposits. Not only does she have a bankruptcy that was discharged 7 months ago, she also has 2 existing positions. Only possible options here: she can get a real estate backed offer with WBL, possibly some kind of consolidation if the business is profitable, or a reality check, and take whatever she can get.

[bdshaw]

[*]I have a merchant doing 2.1 Million a year requesting 150k. [*]She has 2 balances which are more than half way paid down. [*]16k is owed to Wise funding and 38k is owed to business backer. [*]The main problem here is that she has a bankruptcy which was discharged 7 months ago and her credit score is 620.


Is there anyone out there who can help?

Lorenso, if she is B to B we may be able to help.
Bob Shaw
734-929-3800
rshaw@advancecredit.com
rshaw@millenniumfundingusa.com

[pmoney]

Only possible options here: she can get a real estate backed offer with WBL

This is something we can do since the BK has been discharged. With those revenues we would be able to give the merchant the $205k they need; $150k in working capital and $55k to consolidate. The collateral aspect is the most important piece of this transaction so if they have real estate definitely get in touch and we can weigh-out some options.

[@jeannette]

Credibly can look at funding as long as the BK has been discharged for a day and they did not include any MCA companies in the BK. We will consolidate up to 3 advances as long as it will net the merchant at least 50% of the funding amount. Both of these factors do add a high risk element to the deal and the % of deposits and terms of the funding would be capped. If you would like additional information, feel free to email me at jnearing@credibly.com or call 770-362-2307

Thank you,
Jeannette

[Jstarr]

WBL isn't a good choice to leverage Real estate, nor are they a true "ASSET" based lender.

[Zach]

JStarr,

Sounds like you may have had a bad experience with a particular deal. I can empathize with you there; losing deals is a terrible, and often times bitter experience.

As we both know, the WBL products are a valuable tool in many situations. It would be a shame if you decided to end a relationship that many of your merchants would benefit from.

Care to talk about it offline? I'm available 24/7. Perhaps there's a way we can salvage a deal from it.