Results 1 to 21 of 21
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02-24-2016, 12:38 PM #1
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
Ladies Apparel boutique in need of funding.. needs to net at least $35K
This is an LLC and has been in biz for 5 years. Generating $150k/mo most months.. jan and feb only $80K/mo. They owe IOU $54K, Strategic $64K and Kings $26K.. for a total of $144K. Would be fine to leave IOU in place and payoff other two, she needs to net $35K for inventory. Bank statements are stellar, no nsf activity. 90% of revenue is cc's, which is not leveraged. All of the above are daily pulls. Credit is fine.. nothing real bad, just low score (550) due to inquiries and debt. Current daily pull totals $1346.
Need a direct lender that can help with this.
Thanks.
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02-24-2016, 12:40 PM #2
WBL would be a perfect fit for something like that. Do you have a moment to speak?
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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02-24-2016, 12:57 PM #3
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
Hi Zach, she doesn't have collateral.. sadly..
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02-24-2016, 12:59 PM #4
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Several 3-5 year options available
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02-24-2016, 01:25 PM #5
- Join Date
- Jan 2016
- Posts
- 435
Why did the merchant not go after a split or lock box in the first place? If 90% is CC processing it will typically yield a higher approval and more flexibility with the payback.
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02-24-2016, 04:05 PM #6
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
Already tried that.. she has too much debt to qualify.
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02-24-2016, 04:06 PM #7
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
because she was funded by IOU to begin, arguably the lowest rate lender in this space. Would've been nice to find a 2nd pos lender to do a split.
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02-24-2016, 04:07 PM #8
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
Already tried that.. she has too much debt to qualify. We were very close with Deal Struck..
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02-24-2016, 04:26 PM #9
- Join Date
- Sep 2014
- Posts
- 720
Ladies Apparel boutique in need of funding.. needs to net at least $35K
QS, not sure if they would get the full $150K approval (very unlikely). But they will pay off positions, come in 2nd w/ 1st Pos terms, and require 45% net (after fees) if PG qualifies. Long shot, but the only one worth taking (that I can see). They should be more concerned with reducing monthly payments than netting capital. Once payments are down they can get another position wherever. Or you could just sell them a 4th (someone is going to).
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02-24-2016, 04:33 PM #10
- Join Date
- Jan 2016
- Posts
- 435
It sound like the merchant is already over leveraged for another MCA and with a drop in revenue like that a consolidation with another MCA is not likely, WBL would be a good route if their was collateral. It sounds like Richard has some term options up his sleeve which is going to be your best option as the merchant is essentially asking for double what their current monthly revenue is
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02-24-2016, 04:35 PM #11
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02-24-2016, 04:41 PM #12
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
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02-24-2016, 05:17 PM #13
- Join Date
- Sep 2015
- Location
- Miami, Fl
- Posts
- 148
You could always try to get LoanMe to do it. My understanding is they offer 3x monthly gross -any outstanding balances.
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02-24-2016, 07:54 PM #14Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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02-25-2016, 11:13 AM #15
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02-25-2016, 01:15 PM #16
- Join Date
- Oct 2014
- Posts
- 260
Unfortunately Quarterspot will never fund a merchant that has 3 current advances. They consider 3 advances not 2 "stacking". They will autodecline the file and also put them on their blacklist for funding. Even if the merchant came back years later with no current advances it would be declined
Second place? Set of steak knives.
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02-25-2016, 01:42 PM #17
My suggestion is submit this to On Deck and put that she owes 120,000. If they give her an approval for 250,000 then have her pay down one of the advances by 20k out of pocket and then have On Deck fund it for the 250,000. Only questionable item here would possibly be the credit score. I know On Deck typically does not like to fund with below 600 score if they are buying out multiple positions. Other than that, you can try Quarterspot and see if they would buy out Strategic and Kings and go into 2nd position. If you want to take her out of the MCA products all together then see if you can possibly obtain a term monthly payment loan for her through a guy like Richard Gerard. I personally would not take this to WBL as the last thing you want is to pretty much give your merchant a 45% daily payment mortgage.
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02-27-2016, 08:56 AM #18
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Thanks Alex agreed... There are assets in Boutiques (inventory) and the revenue is substantial enough to support a larger facility- perhaps 250-300k. While the credit will be a consideration- it will be less significant than the Balance Sheet, P and L, and historical Financials.
Banks that do monthly payments want to see a track record and something to attach to... Sounds like there might be something there..
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03-01-2016, 12:21 PM #19
- Join Date
- Dec 2015
- Posts
- 13
We can get this funded.
--
JT Esterkamp
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03-06-2016, 08:01 PM #20
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
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03-06-2016, 08:08 PM #21
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266