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07-26-2016, 03:13 PM #1
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- May 2016
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- 18
Wholesale Distributor (Sole Prop in TX) seeks $600k+
Hey guys,
I have a deal here that I've been trying to find a home for, but can't seem to find one yet. Any idea where it'll fit?
Merchant has one position. Funded around 5-6mos ago $400,000 / 1.20 / $480,000 payback on a 15mos term. Merchant is looking to buyout current position (only wants ONE position).
Current Balance as of 7/26/16: $287,600
Sole Prop
Credit: 728
State: TX
Industry: Wholesale Distributing
Monthly Revenue: $850k-1Mil
Any takers?
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07-26-2016, 03:16 PM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,499
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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07-26-2016, 03:17 PM #3
- Join Date
- Jun 2015
- Posts
- 3,325
try dan page
Dan Page dan@fundingstrategypartners.com
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07-26-2016, 03:19 PM #4
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- May 2016
- Posts
- 18
Possibly. I know they received an collateral based offer of 750k 5yr term (not sure if it was a legit offer because it was just an email to them from someone they never dealt with), however I have all financials
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07-26-2016, 03:19 PM #5
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- May 2016
- Posts
- 18
I tried with Dan, not a good fit because profit margins were too small. Thanks though
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07-26-2016, 03:22 PM #6
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- Jun 2015
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- 3,325
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07-26-2016, 03:25 PM #7
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- May 2016
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- 18
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07-26-2016, 03:27 PM #8
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Thank you for the shout-out Michael.
GHen- This is a possibility. The topline revenue sounds like it is there. It just depends upon whether the net income is there to match it.
I do a lot of consolidations, paying off existing MCA and providing cash-out. Typically a twelve to eighteen month term, with early pre-pay available any time after six months (no fees, penalties or interest, client can just pay remaining principle and get out). Payments are monthly, not daily.
We would have to get our arms around the sole proprietorship. While I don't necessarily have an issue with the business structure, it is moreso a question about how the business is run. I cannot fund a deal where if the sole proprietor somehow meets with a tragedy, the company is out of business (like a single practitioner dentist). If the numbers work and we can get past the sole proprietor issue, there is a decent chance we can make it work.
Feel free to reach out.
Best,
Dan Page
dan@fundingstrategypartners.com
Direct: (303) 938-8280
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07-26-2016, 03:29 PM #9
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- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
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07-26-2016, 03:39 PM #10
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
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- 1,289
Wholesale Distributor (Sole Prop in TX) seeks $600k+
I think Kevin has the correct approach. Except for real estate I can't think of any other collateral that could form the basis if a 5 year loan.
Depending on the industry your client may be able to utilize their inventory and accounts receivable to collateralize a line of credit.
Bob Shaw
rshaw@advancecredit.com
734.929.3800
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07-26-2016, 03:40 PM #11
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,499
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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07-26-2016, 03:42 PM #12
- Join Date
- Sep 2015
- Location
- Miami, FL
- Posts
- 189
Wholesale Distributor (Sole Prop in TX) seeks $600k+
One thing to keep in mind is that this business operates as a sole prop. Not many factors welcome a facility this size under a sole prop.
Happy to propose on this if your client considers factoring.
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07-26-2016, 03:51 PM #13
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Guys: this one is tough.. COGS is very high (over 90%), there are no receivables to leverage, as George mentioned its a sole prop- with negative equity on balance sheet...\
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