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03-31-2016, 12:31 PM #1
Client Needs $86k
Hey All
I have a client that's a producer and sole importer of SCORE vodka. They have been successfully selling in the state of Florida for the past 3 months. Currently they have an order for 4 additional containers (Florida, New York, Texas, Kansas). Currently the product is in the bonded warehouse in Miami and in order for the product to be released they have to pay Federal Excise tax upfront. Distributors will pay them within 90 days. Is there any lender that will finance this?
-Distributors will owe $142k in 90 days
-Only $18k worth of current outstanding invoices (so factoring wont work)
-Roughly $1M in inventory for collateralLast edited by NickHubbard; 03-31-2016 at 02:02 PM.
Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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03-31-2016, 12:34 PM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,481
Hi Nick,
If the current AR were a bit larger we might be able to help. Why are terms with distributors 90 days? Usually with alcoholic beverages you don't see terms more than N30.
Best,
KevinKevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-31-2016, 12:59 PM #3
- Join Date
- Dec 2013
- Posts
- 4,713
Ask your client if he would sell equity.
Last edited by mcaguru; 03-31-2016 at 01:17 PM.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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04-12-2016, 02:58 PM #4
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Hi Nick, is this deal still open. If so I think I know a way to get it done.
I hope all is well, Bob
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