[WeFundIt]

Client is in a pinch and needs an immediate $20 - 30k to cover some expansion expenses.

This home health care client has the following profile:
-13 years in business
-Guaranteed deposits
-One existing MCA - $30k original; $15k bal; $305 daily
-Average $32k/mo gross
-Client was recently awarded a lucrative govt contract (Medicare) that kicks in in the next 2-3 months, that should add another $60k+/mo to their bottom line.
-565 FICO as reported by soft pull

Last 4 statements:
Neg. Bal. Days: Jan=3; Feb=6; Mar=12; Apr=14
Neg. Ending Bal: 3 of 4 months

The owner is ready to put up 2 residential lots (raw land) with an estimated value of $25k+, as collateral for a loan.

Is there a direct lender out there that can handle this? Need to move fast, if at all possible.

Thanks.

[FUNd]

LO......fuc*ing L. Are you kidding? Get a real job. My God.

[Zach]

If they had more collateral this would be perfect for WBL

[FUNd]

If they had more collateral this would be perfect for WBL

Yep and if my aunt had balls she'd be my uncle.

[Zach]

Yep and if my aunt had balls she'd be my uncle.

Maybe she identifies as non-binary, dude.

[FUNd]

Maybe she identifies as non-binary, dude.

If that's the case. I have a special bathroom for her Zach. It only cost me $37,000 to build, hardly anyone ever uses it, and the money to build it only cost me 1.47 at 16 months. The ROI on that one will be fantastic.

[WeFundIt]

Well, no surprises here. I kinda knew it was the longest of shots. But then again, one never knows...

[FUNd]

Well, no surprises here. I kinda knew it was the longest of shots. But then again, one never knows...

No, you don't know, you're right, even the most ridiculous of deals that would never be considered - ever - but a name like "we fund it" installs promise that you actually know what a deal looks like. So someone "pressed 1" on that campaign, you had zero idea what to do with it, so you come on a forum trying to get a bite. How about you go work for someone and get some formal TRAINING? Eh???

[WeFundIt]

No, you don't know, you're right, even the most ridiculous of deals that would never be considered - ever - but a name like "we fund it" installs promise that you actually know what a deal looks like. So someone "pressed 1" on that campaign, you had zero idea what to do with it, so you come on a forum trying to get a bite. How about you go work for someone and get some formal TRAINING? Eh???

I was under the impression that this is a forum where one comes to learn and collaborate, not roundly mocked and ridiculed by snarky "Senior Members" obviously out to score cheap points and giggles. This is the kind of behavior that I'd expect on a teen forum, not one that positions itself as the meeting place for real professionals, who see themselves as mentors to those coming up in the business. I guess that we all learn something new everyday, don't we? No need to respond, since I'm not here to get into a pissing contest with anyone. Have a good day.

[Cfairbank]

I was under the impression that this is a forum where one comes to learn and collaborate, not roundly mocked and ridiculed by snarky "Senior Members" obviously out to score cheap points and giggles. This is the kind of behavior that I'd expect on a teen forum, not one that positions itself as the meeting place for real professionals, who see themselves as mentors to those coming up in the business. I guess that we all learn something new everyday, don't we? No need to respond, since I'm not here to get into a pissing contest with anyone. Have a good day.

FUNd was on fire last night, don't take it to heart. That being said, his broader point here (I believe) was that as a broker in this space, one of the most important things is to figure out which deals you should pursue. Not only will you waste your time, but if you get a deal like this done, it will be with a chop shop that would put the merchant out of business (or a group that will ultimately own the property).... with all the new 3 mo/1.45x shops and so many newer brokers placing the "impossible" deals or the fourth+ position, it increasingly threatens the broader space because the most likely result from those deals is an inevitable default and potentially a soundbite that serves as a referendum for the entire market. The most successful brokers in this space find the best deal for the merchant, not the highest immediate return and will walk away from the deals that won't get done on sustainable terms.

This is a place to learn and I encourage you to keep asking questions. Just with a deal like this, it will only hurt you in the long run if you are able to even place it.

[mcaguru]

Client is in a pinch and needs an immediate $20 - 30k to cover some expansion expenses.

This home health care client has the following profile:
-13 years in business
-Guaranteed deposits
-One existing MCA - $30k original; $15k bal; $305 daily
-Average $32k/mo gross
-Client was recently awarded a lucrative govt contract (Medicare) that kicks in in the next 2-3 months, that should add another $60k+/mo to their bottom line.
-565 FICO as reported by soft pull

Last 4 statements:
Neg. Bal. Days: Jan=3; Feb=6; Mar=12; Apr=14
Neg. Ending Bal: 3 of 4 months

The owner is ready to put up 2 residential lots (raw land) with an estimated value of $25k+, as collateral for a loan.

Is there a direct lender out there that can handle this? Need to move fast, if at all possible.

Thanks.

Are you signed up with Cresthill Capital? in 3 hours you will know the options available for that client.

[Cfairbank]

Are you signed up with Cresthill Capital? in 3 hours you will know the options available for that client.

Come on Marcus, you know daily pay would kill that merchant (if he/she isn't already too far gone).

[Michael I]

Come on Marcus, you know daily pay would kill that merchant (if he/she isn't already too far gone).

carl they won't fund someone that is already bouncing on a lender , marcus is just doing his job of signing up iso

[AlexSMF]

Client is in a pinch and needs an immediate $20 - 30k to cover some expansion expenses.

This home health care client has the following profile:
-13 years in business
-Guaranteed deposits
-One existing MCA - $30k original; $15k bal; $305 daily
-Average $32k/mo gross
-Client was recently awarded a lucrative govt contract (Medicare) that kicks in in the next 2-3 months, that should add another $60k+/mo to their bottom line.
-565 FICO as reported by soft pull

Last 4 statements:
Neg. Bal. Days: Jan=3; Feb=6; Mar=12; Apr=14
Neg. Ending Bal: 3 of 4 months

The owner is ready to put up 2 residential lots (raw land) with an estimated value of $25k+, as collateral for a loan.

Is there a direct lender out there that can handle this? Need to move fast, if at all possible.

Thanks.

Is this merchant factoring his receivables? You have a better chance at going that route than searching for an advance that will not happen. The last thing this merchant needs is additional debt servicing.

[bdshaw]

Why the tunnel vision guys? Do you really think the only solution for this company is an advance? I have been preaching about expanding vistas into new financial products and this is a case in point, Mavins, that you are leaving money on the table.
AlexSMF got the point right away and Alex please give me your contact number so I can speak with you about future business.
The description of the company's situation sounds like a straight forward factoring program.......period.
Bob Shaw
rshaw@advancecredit.com
734-929-3800

[WeFundIt]

FUNd was on fire last night, don't take it to heart. That being said, his broader point here (I believe) was that as a broker in this space, one of the most important things is to figure out which deals you should pursue. Not only will you waste your time, but if you get a deal like this done, it will be with a chop shop that would put the merchant out of business (or a group that will ultimately own the property).... with all the new 3 mo/1.45x shops and so many newer brokers placing the "impossible" deals or the fourth+ position, it increasingly threatens the broader space because the most likely result from those deals is an inevitable default and potentially a soundbite that serves as a referendum for the entire market. The most successful brokers in this space find the best deal for the merchant, not the highest immediate return and will walk away from the deals that won't get done on sustainable terms.

This is a place to learn and I encourage you to keep asking questions. Just with a deal like this, it will only hurt you in the long run if you are able to even place it.

Thanks for your wonderful response, Carl. To be sure, I would probably would not have undertaken this deal had it not been for the real estate component. I knew that it was well outside of the realm of MCA parameters, so that is not where I was expecting it to go. I also know that there are other creative ways to bring even the most challenging deals to fruition, some that I may not be familiar with, and I am willing to learn, and I am sure that others will also.

Thanks again.

[WeFundIt]

Is this merchant factoring his receivables? You have a better chance at going that route than searching for an advance that will not happen. The last thing this merchant needs is additional debt servicing.

Agreed. I have counselled the merchant on the importance of paying closer attention to their expenses while increasing their revenues. And although they are preparing for a significant bump in income, I stressed to them the importance of being even more diligent in this regard, lest there comes a situation where the increased income is still not covering the associated expenses. I think they get it now. Receivable factoring sounds like a workable solution and one that I'd like to know more about.

[WeFundIt]

Is this merchant factoring his receivables? You have a better chance at going that route than searching for an advance that will not happen. The last thing this merchant needs is additional debt servicing.

Agreed. I have counselled the merchant on the importance of paying closer attention to their expenses while increasing their revenues. And although they are preparing for a significant bump in income, I stressed to them the importance of being even more diligent in this regard, lest there comes a situation where the increased income is still not covering the associated expenses. I think they get it now. Receivable factoring sounds like a workable solution and one that I'd like to know more about.

[Chambo]

I was under the impression that this is a forum where one comes to learn and collaborate, not roundly mocked and ridiculed by snarky "Senior Members" obviously out to score cheap points and giggles. This is the kind of behavior that I'd expect on a teen forum, not one that positions itself as the meeting place for real professionals, who see themselves as mentors to those coming up in the business. I guess that we all learn something new everyday, don't we? No need to respond, since I'm not here to get into a pissing contest with anyone. Have a good day.

And as a more senior mentor, they are saying that you should know better than to throw an impossible Hail Mary up like that.

[bdshaw]

I would be glad to teach you about factoring sir.
How about your contact 8nformation and a time to set up a call?
Bob, the most senior member

[WeFundIt]

No, you don't know, you're right, even the most ridiculous of deals that would never be considered - ever - but a name like "we fund it" installs promise that you actually know what a deal looks like. So someone "pressed 1" on that campaign, you had zero idea what to do with it, so you come on a forum trying to get a bite. How about you go work for someone and get some formal TRAINING? Eh???

In celebration of having survived a hectic week, why not let's just say that we both got a bit hot under the collar there for a bit. Life is brutal and stressful enough, we don't need to add to it. Let me buy you a beer, or maybe we could go play a round of golf sometime, eh? In any event, have a safe and awesome weekend.

[WeFundIt]

Nice! Thank you and offer accepted. PM'd you.

[WeFundIt]

I would be glad to teach you about factoring sir.
How about your contact 8nformation and a time to set up a call?
Bob, the most senior member

Nice! Thank you and offer accepted. PM'd you.

[FUNd]

In celebration of having survived a hectic week, why not let's just say that we both got a bit hot under the collar there for a bit. Life is brutal and stressful enough, we don't need to add to it. Let me buy you a beer, or maybe we could go play a round of golf sometime, eh? In any event, have a safe and awesome weekend.

Fair enough. This business is getting interesting. Can't wait to see what happens next.