Results 1 to 2 of 2
-
04-22-2016, 01:32 PM #1
- Join Date
- Mar 2015
- Posts
- 78
2.5 Mil annual wholesaler, 5 traditional loans/LOCs outstanding. Seeks consolidation
General:
14 years in business, import/export fragrance wholesaler. Owns his home, has liquidity in cash (75k), retirement (92k) and securities (112k).
Cash Flow:
163k monthly spread out among 3 accounts. 1.9M in 2013 and 2.5M in 2014 annual revenues, gross profit went up 66% from 2013-2014. 2015 taxes are still pending but 2015's annual was 2.3 M.
Right now his monthly A/R's are about 150-200k, but peak months ranges from 250-300k which turns every 60-75 days.
Outstanding Debt:
5 traditional loans/LOCs out with Santander, Chase, and Sovereign banks with low monthly payments all with 5 year terms except for one with 10 year.
Total outstanding balances are ~390k, 5 monthly payments totaling ~11k.
-----
Client is looking to pay off all traditional lines and consolidate under one lender/entity, net the rest of capital for inventory.
Seeking a long-term product of 5+ years and around 500-750k. We have already tried FundingCircle (too overleveraged), Fundation (hard cap of wholesalers 150k+). Still out with Dealstruck.
Client will not accept MCA rates.Last edited by Lender Of Gold; 04-22-2016 at 01:44 PM.
-
04-22-2016, 04:23 PM #2
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
2.5 Mil annual wholesaler, 5 traditional loans/LOCs outstanding. Seeks consolidation
Hello LOG:
The existing loans sound more like term loans than lines of credit.
The importance is generally term loan lenders do not take an all asset lien thus allowing lenders who offer products that look more like traditional loans to lend to companies like your client.
This sounds like an Asset Based. Loan using inventory and accounts receivable as collateral.
If you interested in exploring this please contact me.
Bob
Similar Threads
-
MCA, traditional business loans, debt financing
By ryan1046 in forum Financial ServicesReplies: 0Last Post: 04-11-2016, 04:56 PM -
Private Investigator Seeks weekly MCA / Veterinarian Seeks Consolidation
By kremser in forum Deal BinReplies: 17Last Post: 03-25-2016, 09:29 PM -
Term loans and locs
By MCAVeteran in forum Business LoansReplies: 2Last Post: 03-18-2016, 03:33 PM -
Trucking company seeks 100K and does 1.25 million annual
By bostriba in forum Deal BinReplies: 5Last Post: 02-24-2015, 10:43 AM -
Looking for Direct Lenders that do Traditional Type Loans
By bruce@bdfunding.com in forum All Other LendingReplies: 2Last Post: 09-23-2014, 08:40 AM