Results 26 to 45 of 45
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01-27-2016, 03:16 AM #26
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- Oct 2015
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01-27-2016, 09:22 AM #27
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- Oct 2015
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- 7
hi
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01-27-2016, 09:25 AM #28
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- Jan 2016
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- 18
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01-27-2016, 09:39 AM #29
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- Oct 2013
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- New York, NY
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- 1,203
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01-27-2016, 10:31 AM #30
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- Jul 2014
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01-27-2016, 10:52 AM #31
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- Oct 2013
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- New York, NY
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If I was to wave a white flag in my office right now can we just admit that this conversation/thread should be done?
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01-27-2016, 10:53 AM #32
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- Jul 2014
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01-27-2016, 11:08 AM #33
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- Jan 2016
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- 435
-grabs popcorn-
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01-27-2016, 11:39 AM #34jotucker1983Guest
Jason,
The truth is that you are going to have to manage your merchant's expectations based on your level of knowledge of the industry. It's one thing for the merchant to make a specific dollar amount request, but if his profile doesn't qualify him for said request, then it's your job to inform him of what he does qualify for and explain how the process works. At that point, either the merchant can accept what he qualifies for or walk away from the table.
- A traditional bank will not approve him for a loan as you said he lacks any type of collateral and he's a start-up, which I assume means he's been operating for less than 6 months, is that correct? He probably can apply for a personal loan and/or make credit line increase requests.
- On the alternative side there might be a couple starter merchant cash advances that he could take, but he will not get anywhere close to $250,000. I would say that he might get about $20,000 if he's less than 6 months in business.
- Are you sure he has no collateral at all? No pre-owned real estate, equipment, luxury cars, antiques, arts, commercial accounts receivables, jewelry, or gold? If he has any of the tangible items, then he could qualify for a low tier asset-based loan program where they would do a short term deal with an approval amount of a particular percentage of the LTV of said items. Or, with the receivables, he could do some A/R factoring.
But that's pretty much it. Take this information back to your merchant to "educate" him on the process at hand.
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01-27-2016, 11:45 AM #35
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- Jan 2016
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- 18
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01-27-2016, 11:46 AM #36
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- Oct 2013
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- New York, NY
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John, I always find your responses to be so thoughtful and really spot on. Thank you for sharing. (No sarcasm)
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01-27-2016, 11:47 AM #37
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01-27-2016, 11:48 AM #38
- Join Date
- Jul 2014
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- 1,746
Financing of 250k needed.
Oooooooh, what a twist. He's the "businesses owner". He just dropped the mic and got the drop on all us fools.
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01-27-2016, 12:03 PM #39
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- Jan 2016
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- 18
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01-27-2016, 12:04 PM #40
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
I wonder how many merchants are lurking on this forum. What would they think of the shenanigans and mud slinging that typically goes on?
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01-27-2016, 12:12 PM #41
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- Jul 2014
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01-27-2016, 12:16 PM #42
can this thread end please??? I am pretty sure the chance of anything useful coming out of it passed a while ago
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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01-27-2016, 12:17 PM #43
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- Oct 2013
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01-27-2016, 12:22 PM #44
- Join Date
- Jan 2014
- Posts
- 1,378
lol plot twist
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01-27-2016, 12:43 PM #45John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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