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01-28-2016, 04:38 PM #1
Reputation points: 10
- Join Date
- Oct 2014
- Posts
- 30
Auto Broker Grosses 4.5 Million a year
I have a client I have been working with for a couple of years now and he is always looking for additional working capital!
Here is the scenario:
Merchant is an auto broker that grosses about 500k monthly, with anywhere from 35-40k average daily balance and ending balances always around 50k.
He is currently paying on one advance $570/daily from GBR (BFS) that he still owes about 60k on, it was an 18 month term and he has about 5 months left on it. The only other loan he has has is 100k he received in November 2015 from Lending Club with a monthly payment of $4,900 for 24 months.
Ideally he would like to renew with GBR (BFS), he has perfect payment history with them. Unfortunately for him, they really don't want to work with the auto sales industry.
So what he's looking for is someone to pay off the remaining balance with GBR and net anywhere from 200-300k. He is not interested in a 2nd position, he's fine with a daily payment but the kicker is it's going to have to be a 15+ month term. I know plenty of guys that will give an 8 month term, that's why I'm posting in the deal bin, I need a 15+ month term to strike my client's interest.
If you are or work for a direct lender that can possibly get this done please respond to the thread or PM.
Thank you
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