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03-21-2016, 02:47 PM #1
- Join Date
- Jan 2016
- Posts
- 21
Seeking 1st position 12 month +
In consideration of a Food and Beverage company File, we are looking to obtain funding of $250K to $400k.
FICO 650+
No tax liens, pass due, good credit
Balance is $100K with Deal Struck
Sales are $450+ per month.
Loanme is unsecured at $65K
There have been a number of inquiries recently, but not too many
The company has been in business as a food and beverage distributor for over 20 years and does business with some key accounts is. Some of their widely known clients are The Convention center, nearly all the hotels, and major restaurants, private schools and such.
Their sales declined during the 2008 recession, and since then they have steadily shifted their business to the food service industry. By doing this they have been able to nearly double their sales profit in the last 3 years.
Because of the nature of their business, being a food and beverage distributor, they have receivables at 45 to 90 days out.
Recently, they have managed to pay off all their debts, a small judgement, and have no tax related liabilities.
Additionally, they have obtained a factoring arrangement, which has and will continue to increase their cash flow. The goal is to attain a level where, like a retail business, they are paid next day. However, like every business they are in need of funding to continue expanding.
The bank statements for the last 6 months have been decent however, in the last 3 months, there have been various negative days. This has not affected any of the ACHs which were all covered by them and the bank:
May 3 negative days
June 9 negative days
July 6 negative days
Aug 2 negative days
Sept 2 negative days
Oct 15 negative days
Nov 14 negative days
Dec 5 negative Days
Jan MTD 1 negative day
Feb 2 negative days
It should also be noted that their bank Bank has an intraday running total which is not reflected by the end of day balances. As previously stated the bank does pay ACHs first, this information can be verified by reaching out to their banker.
Highlight Financial Information:
************************************************** ************************************************** ************************************************
monthly Totals
Date Gross receipts expenses
May-15 376,668.75 375,566.48
Jun-15 573,162.54 578,031.26
Jul-15 596,040.29 591,393.19
Aug-15 618,156.94 614,413.77
Sep-15 503,900.72 505,414.26
Oct-15 535,931.39 550,216.47
Nov-15 487,031.70 486,638.53
Dec-15 628,582.95 616,762.75
************************************************** ************************************************** ************************************************** *
Food and Beverage
Profit and Loss Comparison
2013 to 2015
P&L P&L Interim P&L Projected P&L
2013 2014 5/2015 to 9/2015 2015
$ 3,129,128.00 $ 3,907,833.00 $ 2,388,828.52 $ 6,187,065.87
650,457.00 784,550.00 432,262.89 $ 1,119,560.89
-40,758.00 174636 143,580.59 $ 371,873.73
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03-21-2016, 03:16 PM #2
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Seeking 1st position 12 month +
Sent PM
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03-21-2016, 04:08 PM #3
- Join Date
- Apr 2014
- Posts
- 781
No chance
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03-21-2016, 04:35 PM #4
If the client has real estate collateral, WBL can provide up to $900K for this client for longer than the desired 12 months.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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03-21-2016, 05:02 PM #5
May 3 negative days
June 9 negative days
July 6 negative days
Aug 2 negative days
Sept 2 negative days
Oct 15 negative days
Nov 14 negative days
Dec 5 negative Days
Jan MTD 1 negative day
Feb 2 negative days
Merchant isn't getting a 12 month offer with this rap sheet
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03-22-2016, 10:14 AM #6Michael 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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03-22-2016, 04:49 PM #7
- Join Date
- Mar 2016
- Posts
- 3
Based on Preliminary Data, our company feels we can help you get funded through our network of lenders. We charge no upfront fees and will customize your funding to your needs. Please call one of our account specialists to take care of your needs. 310-569-8311.
Customer Service
CDMPay
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03-22-2016, 04:53 PM #8
"Network of Lenders"?
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03-22-2016, 05:02 PM #9
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03-22-2016, 05:10 PM #10
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03-22-2016, 05:13 PM #11John 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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03-22-2016, 05:15 PM #12
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03-23-2016, 10:04 AM #13Michael 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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03-22-2016, 05:48 PM #14
- Join Date
- Sep 2015
- Location
- Miami, FL
- Posts
- 189
Seeking 1st position 12 month +
My suggestion is that if they have a factor in place that you contact the factor and make sure they are ok with allowing a cash advance lender take a second position. Otherwise, the client may end up losing their factoring relationship as most factors will not subordinate to cash advance lenders.
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03-22-2016, 08:03 PM #15
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Seeking 1st position 12 month +
I agree with VFG.
Many factoring deals lend themselves to adding advances by using an intercreditor agreement clarifying both parties security positions.
However, if you add an advance to a factoring client you will be collecting the factors collateral and they often will get nervous, tell their client they have defaulted and shut off the facility. No factoring yields no deposits and no collections for the advance company.
Bob
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