Results 1 to 22 of 22
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06-03-2016, 05:17 PM #1
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
Salon need 30k, 10 years at same location, but took over 3 months
I just bought my salon 3 months ago. Sales are 20k a month, with credit cards about 10k. I only deposit about 2k cash. I have an opportunity to purchase another salon at a great price and need about 30k. Fico 649. Can anyone work this deal? Thanks.
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06-03-2016, 06:32 PM #2
- Join Date
- Jul 2014
- Posts
- 1,746
12K a month in deposits and 3 months time in business, you're not getting anything near 30K unfortunately.
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06-03-2016, 09:44 PM #3
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
Well, I took it over from family and I have been there for a year so I hope that isn't viewed as 3 months in business. For the deposits, we all know how that works. 50/50 credit cards and cash is pretty standard. I am just trying to see who might understand the business and willing to work some magic. I am planning to pay it off within 3 months or so, so anything close to a no prepayment penalty would be great too. Thanks.
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06-04-2016, 04:08 PM #4
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Salon need 30k, 10 years at same location, but took over 3 months
Is anyone working on this financing for you now?
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06-04-2016, 09:29 PM #5
- Join Date
- Nov 2013
- Posts
- 598
Congratulations on your new acquisition, with the revenues you stated and what you keep in cash you should be able to come up with half the $30k. You're looking at anywhere between 12-15k to be advanced, but you have a few hurdles to show like actual time in business etc.
Im sure all interested parties here would be interested to know how you came upon this forum? Have you had any advances in the past?
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06-05-2016, 07:06 AM #6
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
I like to do my research when I do anything, that is how I came upon this forum. My family and I actually thought about opening an ISO in the past because our past experiences with merchant cash advances wasn't the best. So yes, my family members did had advances in the past, but not me personally. My brother did an advance with a situation exactly like this one. Businesses changing hands within family is very normal.
Let's see how this one goes. I can keep everyone updated.
I was hoping the MCA industry would be getting better. One offer I got from a company that is pretty active on this forum is 9k with about 105 payback a day within 6 months. Thats about 14k payback! Needless to say, we stopped communications.Last edited by xiaojinlong; 06-05-2016 at 07:08 AM.
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06-05-2016, 08:26 AM #7
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
Make sure you understand how the concept of "no prepayment penalty" works in much of the short term market. All cash advances and most short term loans are fixed contracts; meaning you owe the full payback no matter when you pay it. Consequently, a funder can say there's "no prepayment penalty", but that just means you won't owe more than the total payback amount. In the short term market, you need to also ask if there is an "early repayment discount" or "prepayment benefit" -- that is what allows you, on a fixed contract, to pay less than the total payback amount if you pay early.
Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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06-05-2016, 04:34 PM #8
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Salon need 30k, 10 years at same location, but took over 3 months
Contact me if you want al link to to try a Fast Track SBA loan.
Bob Shaw
734-929-3700
rshaw@advancecredit.com
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06-05-2016, 10:20 PM #9
- Join Date
- Jul 2014
- Posts
- 1,746
Puh-leeze... One minute you're a lost salon owner looking for funding with a ridiculously low amount of deposits, and the next you're a 'family' thinking about opening an ISO because 'your experiences weren't the best'. What, you're going to cut hair and paint nails with one hand and change the whole MCA client experience with the other? With absolutely zero industry experience? Give me a break. You're a kitchen table ISO looking for advice but didn't want to take the skewering of a another unintelligible, wannabe, newbie pissing in the client pool with misinformation and inexperience. Get a job.
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06-06-2016, 09:15 AM #10
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
With attitudes like that, I am scared for your clients and partners (ISOs or direct lenders)...
Think what you may, I am here to grow my business. As long as I attain my goal, I do not care what you think.
"You're a kitchen table ISO looking for advice but didn't want to take the skewering of a another unintelligible, wannabe, newbie pissing in the client pool with misinformation and inexperience. Get a job."
That might sound like you if I can comprehend what you are trying to say. And I don't need a job when I can have money coming in without working.
Rather than attacking business owners for trying to get funding, maybe try to do a self reflection.
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06-06-2016, 10:07 AM #11
- Join Date
- Jun 2015
- Posts
- 3,325
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06-06-2016, 11:06 AM #12
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
That would certainly not be posted on a public forum. Some people who are helping me would have that information. I hope you don't post your clients' info on this forum...
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06-06-2016, 11:08 AM #13
- Join Date
- Jul 2014
- Posts
- 1,746
Yeah bud, you had me all the way up until you said you were 'thinking' about starting an ISO. Give me break. With the mail, phone calls, and carpet bombing marketing campaigns that go on with offers for merchant cash advance on a daily basis, especially to a 10 year old business, it just doesn't add up. And if you have all this money 'coming in without working', what's the problem?
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06-06-2016, 11:19 AM #14
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- Jun 2015
- Posts
- 3,325
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06-06-2016, 11:20 AM #15
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
I never said I was rich. Please use common sense and read what people write. Don't just add words to what they are saying.
One can own a business and not work, and make $500 a month. He can also make $5,000 a month. Or he can make $1 million a month without working. If he can have a system where his employees do most of the work.
Now, what if hes in the process of trying to double his income using his system?
Now, if I can double my income of $500 a month in peace... (hope someone catches the sarcasm).
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06-06-2016, 11:22 AM #16
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
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06-06-2016, 11:25 AM #17
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
I was being as clear as I can about my situation. You guys do not need to read between the lines, or above it, or below it, or add anything to it.
Well, I think I am closer to getting the deal done. This is a nice break from all the work I guess.
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06-06-2016, 11:26 AM #18
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- Jul 2014
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- 1,746
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06-06-2016, 11:35 AM #19
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- Jun 2015
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- 3,325
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06-06-2016, 11:35 AM #20
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- Jul 2014
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- 1,746
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06-06-2016, 11:40 AM #21
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
As I said, I am not new to the MCA industry. We have took loans out before. We even contemplated opening an ISO. Maybe that isn't such a good idea because it seems like running an ISO make people go crazy.
Have you ever thought about opening a McDonald's franchise? Thought about buying a new BMW? How about that trip to Caribbean you never had the time to go?
Thoughts are thoughts. Some are dreams. Some you never take action on. Some you turn into reality.
Besides, I am pretty sure there are lots of business owners lurking on here. We like to do our research before we jump into anything. The ones that don't are the ones who take the 10k loan with a 20k payback in 3 months.
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06-06-2016, 11:42 AM #22
- Join Date
- Jun 2015
- Location
- lakeland, fl
- Posts
- 10
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