[xiaojinlong]

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.

[FUNd]

12K a month in deposits and 3 months time in business, you're not getting anything near 30K unfortunately.

[xiaojinlong]

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.

[bdshaw]

Is anyone working on this financing for you now?

[FCF Fund]

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.

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?

[xiaojinlong]

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.

[Cfairbank]

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.

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.

[bdshaw]

Contact me if you want al link to to try a Fast Track SBA loan.
Bob Shaw
734-929-3700
rshaw@advancecredit.com

[FUNd]

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.

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.

[xiaojinlong]

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.

[Michael I]

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.

what is the name of the salon ?

[xiaojinlong]

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...

[FUNd]

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.

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?

[Michael I]

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...

is this a client of yours or your own salon ? a little confused here

[xiaojinlong]

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).

[xiaojinlong]

is this a client of yours or your own salon ? a little confused here

Hi Michael, I own the salon. I was just saying you wouldn't post your own client's info on this forum. That's why I was confused on why you asked what my salon's name is.

[xiaojinlong]

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.

[FUNd]

Hi Michael, I own the salon. I was just saying you wouldn't post your own client's info on this forum. That's why I was confused on why you asked what my salon's name is.

Hmmm...so you just took over the salon 3 months ago, but decided to open a Daily Funder account in June of 2015. Something smells, and it's not the fish someone just decided to microwave for breakfast (whom will be getting a swift kick in the a** momentarily).

[Michael I]

Hi Michael, I own the salon. I was just saying you wouldn't post your own client's info on this forum. That's why I was confused on why you asked what my salon's name is.

i wouldn't put my client information however i will put my own information

[FUNd]

This is a nice break from all the work I guess.

What work? I thought you made money without working.

[xiaojinlong]

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.

[xiaojinlong]

What work? I thought you made money without working.

Paperwork is work. Yard work is work. Replying to you is work.