Results 1 to 11 of 11
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03-07-2016, 11:22 AM #1
Seasonal Construction Company Needs $80-100K ASAP but monthly payments
I know I'd get the usual "go to Dealstruck" or "Funding Circle." Both declined. One, for banal reason.
I need a lender that can lend even provide a line of credit to a merchant who grosses over $800,000/annual, and is on pace to making $1M this yr.
Reason for funds: Inventory & payroll
Slow months: Dec-Apr
Avg monthly gross: $100K during May all the way through Nov.
FICO: 600+
They won't start seeing serious revenue until May, at about $65-70K, then $100K+ every month thereafter.
Right now, bank statements won't reflect more than maybe $10K. It's a REAL seasonal business.
I need a lender who can do a true business loan or line of credit, and get it funded within reasonable time.
PM or email: solidmerchantsolutions@yahoo.com
Thanks
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03-07-2016, 11:34 AM #2
Your only bet might be LoanMe
Michael Jagiello
Director of Client Acquisitions
Blue Granite Funding LLC
mjagiello@bluegranitefunding.com
1(718)873-6407 Cell
1(917)791-8911 Fax
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03-07-2016, 11:44 AM #3
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03-07-2016, 01:13 PM #4
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03-07-2016, 01:14 PM #5
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03-07-2016, 01:26 PM #6
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03-07-2016, 01:29 PM #7
- Join Date
- Jan 2016
- Posts
- 435
Aside from going ABL your merchant does not have many options. For almost half a year your merchant is grossing about 10-15% of what they typically gross during their hot period. So The DSCR may be feasible during that may-nov time frame however for the other 5 months they are a huge risk unless they keep an absurd amount of cash in the bank. If they were looking for equipment you may have a few options for a monthly pay but this merchant needs to have something to secure to get what he wants
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03-07-2016, 01:57 PM #8
The only thing he has is discipline during the slow months w/ no negative days, but here's the point: Slow months are basically almost over. May is around the corner, at about $70K, then $100K+ in June, & so on....
Everyone is going to want to jump him for MCAs starting in May, but he needs money now. He's gonna send those funding companies to hell in 2 months cause he'll already have funds by then. I'm just surprised there's not a lender out there who can see 12 months of bank statements on a well-established company, notice the pattern, and structure a repayment program that makes them feel comfortable to lend even now, when he needs the capital, as opposed to 2 months from now, when he no longer needs it...
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03-09-2016, 01:24 PM #9
- Join Date
- Feb 2015
- Location
- Kansas City
- Posts
- 34
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03-09-2016, 01:29 PM #10
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12-27-2017, 11:31 AM #11
- Join Date
- Jun 2017
- Posts
- 2,049
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