Results 1 to 17 of 17
-
04-21-2016, 06:26 PM #1
- Join Date
- Oct 2015
- Location
- Brea, California
- Posts
- 88
Clothing Manufacturer 100K in revenue a month BUT only 1 Customer
I have a clothing manufacturer in California who does around $100K a month but only does around 4-5 deposits a month from one customer. Also, he was banking with Chase but just switched to BofA in mid March. He closed the Chase account last week.
He is looking for around 100K. Has been in business 8 years. His score is around 620. ADB 10K. No NSFs. No other outstanding loans.
I am looking for either an advance or term loan.
BFS declined because of 1 customer.
Did not submit to FC because he had a personal BK in 2010.
He had some State & IRS liens but they have all been paid off.
No he does not have any real estate to pledge as collateral.Last edited by BigIz; 04-21-2016 at 06:32 PM.
-
04-21-2016, 06:27 PM #2
- Join Date
- Sep 2015
- Location
- Miami, FL
- Posts
- 189
Clothing Manufacturer 100K in revenue a month BUT only 1 Customer
This may be more of a factoring type of customer. Happy to assist if they are open to factor their receivables.
-
04-21-2016, 07:03 PM #3
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Clothing Manufacturer 100K in revenue a month BUT only 1 Customer
It sounds like VFG has hit the nail on the head. Factoring or even a term loan would not have to deal with problems you described.
What terms would like for the term loan and what will be do with the money?
Bob
-
04-21-2016, 07:27 PM #4
- Join Date
- Oct 2015
- Location
- Brea, California
- Posts
- 88
He is looking to remodel and expand his current location. He is going after more customers. I think a 5 year term loan would be ideal. I only asked him for a portion of his taxes (2014, has not done 2015 yet) because I had submitted it for the advance and from the portion I received, he did $1,525,476 in 2014.
Last edited by BigIz; 04-21-2016 at 07:33 PM.
-
04-21-2016, 07:30 PM #5
5 year term, not happening. Become familiar with factoring and get your client on board.
-
04-21-2016, 07:39 PM #6
- Join Date
- Oct 2015
- Location
- Brea, California
- Posts
- 88
-
04-21-2016, 08:11 PM #7
Yes if a strong debtor /client merchant is working with. We have factored single concentration invoices.
Also loanme may consider but you have to be licensed since in CA.
Would be happy to help assist but we are a broker and would split fees across the board. Or you can work with one of the others..
-
04-21-2016, 08:28 PM #8
- Join Date
- Sep 2015
- Location
- Miami, FL
- Posts
- 189
Clothing Manufacturer 100K in revenue a month BUT only 1 Customer
We factor single debtor concentration deals and apparel is one of our strengths as we are a true non-recourse factor which works well with the industry.
-
04-21-2016, 08:32 PM #9
- Join Date
- Oct 2015
- Location
- Brea, California
- Posts
- 88
-
04-21-2016, 08:47 PM #10
- Join Date
- Sep 2015
- Location
- Miami, FL
- Posts
- 189
Clothing Manufacturer 100K in revenue a month BUT only 1 Customer
Absolutely not. In a factoring relationship he would obtain an advance of 80-90% on an invoice due to be paid in 30-60 days, which in turn will accelerate the client's cash-flow and allow him to meet the next orders or pay its suppliers.
-
04-21-2016, 09:45 PM #11
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Clothing Manufacturer 100K in revenue a month BUT only 1 Customer
Iz, I think if you spend 10 minutes on the phone with one of us that practice in the ABL area you will understand factoring and maybe how other assets may be financed.
Bob
-
04-21-2016, 10:20 PM #12
Lots of unknown still
If all the invoices pay under 30 days than factoring might not be ideal for the client, especially if the one debtor is billed monthly with 1 invoice.
If merchant only waits under 30 days to get paid and that wait is not what is hurting client might see if other options.
If merchant would be constantly billing every month and waiting over 30 days to get paid on each invoice(S) it would be a great fit for factoring.
Factoring helps cashflow if their is constant billing monthly.
-
04-22-2016, 06:33 AM #13
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
Clothing Manufacturer 100K in revenue a month BUT only 1 Customer
You can try LoanMe the limited deposits aren't an issue since they do term loans.
-
04-22-2016, 08:42 AM #14
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,499
Depends on the customer. We have provided factoring facilities for companies with 100% customer concentration.
Kevin 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
-
04-22-2016, 12:54 PM #15
- Join Date
- Apr 2016
- Posts
- 6
Dealstruck only cares about Bk in last 2 years.. try Dealstruck for a term...
!
-
04-22-2016, 04:24 PM #16
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Clothing Manufacturer 100K in revenue a month BUT only 1 Customer
I'm free now Is.
Bob
-
04-22-2016, 06:41 PM #17
- Join Date
- Nov 2014
- Posts
- 438
As stated by a few here; LoanMe can take a look at this.
LoanMe Business
949-535-7798
Email: Business.Loans@LoanMe.com
www.loanme.com/SBL-partner
1900 S State College Blvd. Suite 300
Anaheim, CA 92806
Similar Threads
-
WHO CAN TAKE MCA LEADS WHERE BUSINESS OWNERS ARE MAKING 5k-10k A MONTH IN REVENUE?
By Ryan McGlynn in forum PromotionsReplies: 13Last Post: 11-22-2017, 12:46 PM -
California Home flipping company. only 2 months of solid revenue 100k. only 2-3 depos
By McoupeBobby in forum Deal BinReplies: 1Last Post: 02-24-2016, 11:05 AM -
Clothing manufacturer 250k advance
By Ocean Financing in forum Deal BinReplies: 9Last Post: 02-15-2015, 10:59 AM -
$100k per month cc processing
By Tintin in forum Payment ProcessingReplies: 10Last Post: 02-03-2015, 04:54 PM -
8 million/month revenue, living on overdraft
By Zach in forum Deal BinReplies: 14Last Post: 07-08-2014, 03:16 PM