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  1. #1

    1 million in sales and a 700 credit score needs to consolidate debt, with good rate

    I have a client that owns a chain of 3 tanning salons, each is a separate LLC, he is doing about 1 million a year in sales, has a 700 credit score and wants to consolidate 300,000 in debt that is currently at 12% to 30% APRs can Anyone help me, help him?

    He is ideally looking for a 5 year term

    I would like to get him a rate less than 12% if that's possible?

    Email or tex me if you can help, my email is or you can text 424-281-7918 thank you !

    Fyi I am an ISO
    Last edited by BuyTanningSalons; 07-12-2016 at 08:03 PM. Reason: Additional details

  2. #2
    Veteran Reputation points: 120235 Chambo's Avatar
    Join Date
    Sep 2012
    New York City

    1 million in sales between all three? That's about 83 to 84,000 a month. If these numbers are right, they wouldn't qualify for 300,000 with ZERO balances, much less a buyout of 300,000. Add to that the current debt of 12%-30% APR? You want BETTER than that?

    Maybe if the guy owns some real estate, our boys over at WBL can offer him something, but they sure as shit ain't gonna do it for no 12%

    Sorry if you find this abrasive...just keeping it real, so you can move onto the next one.

  3. #3
    It is doable. Just take a $310k advance deal at 1.45 factor rate and pay off the existing $300k at 12% APR. This allows the owner to net $10k for a short vacation. Then once he is back from vacation, assist him to apply for $500k SBA loan to pay off that $450k advance. Everyone wins; the owner got a vacation; you, the ISO get to make mucho dollars.

  4. #4
    Senior Member Reputation points: 53888
    Join Date
    Dec 2014
    Quogue, NY

    Where it becomes challenging is when you push the debt past the SBA Express program threshold of 350k. That forces client to have at least 100% collateral.

    Chambo is right about the 12% though.. Why would a lender deploy capital to a business at 4X's their monthly top #? Their profits better be substantial, the credit impeccable, the equipment basically new etc... If that were the case they likely wouldn't be in the spot they're in..

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