[Triton]

So I have a merchant who has just bought 6 gas stations and is looking for $500k+ for general working capital and improvements.

Normally this wouldn't be a problem for me but since he just bought these companies within the past couple months, I am not sure how to approach it. The biggest obstacle I am sure I will face is there are 4 different EIN numbers for 4 different companies (1 company has 3 locations).

The total combined monthly sales are $1.3M and the breakdown is as follows:

Location one: $$290k a month
Location 2: $130k a month
Location 3: $350k a month
Location 4: 130k a month
Location 5: $270k a month
Location 6: $170k a month

I wont itemize the credit cards but combined they average $470k a month in transactions.

Any thoughts?

[FUNd]

If they are all different entities (which is apparent by 4 different EINs), you are probably in for a long road doing 4 separate advances, one per entity. If he just bought them, POO might be an issue too.

Long road on this one but may be a big pot of gold at the end.

[Triton]

If they are all different entities (which is apparent by 4 different EINs), you are probably in for a long road doing 4 separate advances, one per entity. If he just bought them, POO might be an issue too.

Long road on this one but may be a big pot of gold at the end.

That's what I was thinking but of course we all want that quick payoff. Was hoping there might be a one-off lender who could do something like this. I've just never heard of one who would.

[Zach]

You probably already know this, but if they have enough real estate they can pledge WBL can probably do over $1MM

[Michael I]

You probably already know this, but if they have enough real estate they can pledge WBL can probably do over $1MM

wow even if all the money is pass through ?

[Funder Mark]

wow even if all the money is pass through ?

Don't bring that up!! Even if the deal goes bad, to them it does not make as much of a difference as it would elsewhere.

[WhoisKingsley]

Emailed.

[WhoisKingsley]

If they are all different entities (which is apparent by 4 different EINs), you are probably in for a long road doing 4 separate advances, one per entity. If he just bought them, POO might be an issue too.

Long road on this one but may be a big pot of gold at the end.

Cross collateralize. No need for separate advances.

[AndyYSCISOdept]

Doesn't matter with separate Tax ID's and separate entities, most if not all companies will want multiple docs especially given the SIC code and lack of significant TOO

[WhoisKingsley]

Doesn't matter with separate Tax ID's and separate entities, most if not all companies will want multiple docs especially given the SIC code and lack of significant TOO

Of course you need separate apps for each and financials for each but they can be combined to one whole amount - but yes, the contracts will be separated by EIN and payback from each location and separate advance contracts (so you can say multiple advances. eh.)

[J.Celifarco]

So I have a merchant who has just bought 6 gas stations and is looking for $500k+ for general working capital and improvements.

Normally this wouldn't be a problem for me but since he just bought these companies within the past couple months, I am not sure how to approach it. The biggest obstacle I am sure I will face is there are 4 different EIN numbers for 4 different companies (1 company has 3 locations).

The total combined monthly sales are $1.3M and the breakdown is as follows:

Location one: $$290k a month
Location 2: $130k a month
Location 3: $350k a month
Location 4: 130k a month
Location 5: $270k a month
Location 6: $170k a month

I wont itemize the credit cards but combined they average $470k a month in transactions.

Any thoughts?

If you explain all upfront and it is underwritten as 1 deal it will be a lot of paperwork but shouldn't take longer then if it was just one company. It will be a lot of paperwork but if it is clean the volume of paperwork shouldn't affect the speed too dramatically. I see the bigger problem being it is a gas station not that it is 5 separate business', even with sales where they are I dont know how many companies will want to go 500k for gas stations.

[Zach]

wow even if all the money is pass through ?

If the average balances are extremely low we will make a smaller loan offer. If he has healthy balances it is likely we can provide a more substantial offer than an unsecured fund.