Results 1 to 9 of 9
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07-12-2016, 07:01 PM #1
- Join Date
- Jun 2015
- Posts
- 32
1 million in sales and great credit seeks $300k
I have a client that owns a chain of tanning salons, has a 700 credit score and a million a year in sales, he is looking to consolidate $300,000 over a 3 to 5 year term to a lower APR of 10% to 18% , please text me if you can help 424-281-7918 or email me at sales@buytanningsalons.com I am an ISO but I am open to a commission split on this deal or any help!!
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07-13-2016, 09:23 AM #2
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
1 million in sales and great credit seeks $300k
Hi BTS, what will the owner do with the 300k?
Bob
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07-14-2016, 06:34 AM #3
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Good Morning Buy Tanning Salons..
1 Million in sales is roughly 83k per month. $300k in debt is considerable especially since the merchant gets paid point of sale. This looks like a tough one. The only way it can be done is if the Merchant is SUBSTANTIALLY profitable: guessing at how much you're looking to buy out- I doubt that is the case.
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07-14-2016, 07:33 AM #4
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
1 million in sales and great credit seeks $300k
To get an answer to your question you'll need a few years of business and personal tax returns, YTD P&L/balance sheet to see if the business is profitable and can debt service for either SBA or possible FC/Fundation type of financing.
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07-14-2016, 10:02 AM #5
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Sigmund,
Unless the client has a 25% NET PROFIT to dedicate- they don't have the requisite DSCR.. The last few years aren't pertinent to their cash position now.
The FICO score will tell you how much personal debt has accrued, and the 15 taxes will tell you the rest of what you need to know. If you replace all the existing debt with a new facility, you back the #'s out and see what the profit margin would be. Do they have enough to cover the new debt?
That's the pre underwriting.. From there your best bet would be SBA because the 10 year AM gives the client the best shot..Last edited by RichardGerard; 07-14-2016 at 10:03 AM. Reason: spelling
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07-14-2016, 10:17 AM #6
edit: deleted I misunderstood parameters of deal, please ignore.
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07-19-2016, 01:56 PM #7
- Join Date
- Jul 2016
- Posts
- 5
1 million in sales and great credit seeks $300k
Misunderstood
Last edited by FidelGlobal; 07-20-2016 at 12:54 AM.
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07-19-2016, 05:58 PM #8
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07-19-2016, 11:37 PM #9
- Join Date
- May 2016
- Location
- New Jersey
- Posts
- 31
RichardGerard is spot on.
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