Results 1 to 6 of 6
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08-30-2016, 01:58 PM #1
Reputation points: 6278
- Join Date
- Mar 2016
- Posts
- 186
Consolidation
Trucking & Excavation
20+ Years TIB
250K + Revenue
Didn't pull credit-Client says it's at 625
No negs
Want to consolidate roughly 190K.
Currently paying $1555
Who could give a nice long term and lower the daily?
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08-30-2016, 02:06 PM #2
Any real estate?
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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08-30-2016, 02:06 PM #3
Reputation points: 12878
- Join Date
- Jan 2016
- Posts
- 435
How does the balance sheet look
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08-30-2016, 04:53 PM #4
Reputation points: 7360
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Hi Mike,
I am a direct funder and consolidate a lot of trucking companies. I'm not a MCA lender so I do things differently. The primary driver for pre-qualification is Net income. Your client would need to have net monthly income of at least $24k to qualify.
Your client is currently paying north of $32k monthly right now. If we consolidated $190k his payment would be less than half of what it is right now.
Please reach out if you would like to discuss.
Best,
Dan Page
Direct: (303) 938-8280
dan@fundingstrategypartners.com
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08-30-2016, 06:45 PM #5
Reputation points: 4530
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Consolidation
If there is no senior debt they would do better with a LOC.
Bob Shaw
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08-30-2016, 07:19 PM #6
Reputation points: 68233
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Mikem,
A few of my esteemed colleagues alluded to needing more information before being able to make a recommendation. Even the 'Lenders' on this Blog that specialize in consolidations (which look A LOT like advances when considering pricing and term), have criteria they follow.
The FICO score at 625 is helpful, however: is/was the client profitable YTD and on its last Tax Return?
Is there a factoring firm with a UCC on the receivables in addition to the 190k in MCA debt?
Why are they taking on more debt? Is it to facilitate growth (new contracts etc.)? Have the sales increased or decreased?
Consolidating an Advance with another advance-may not be the right solution. That being said the folks here that offer those products have instances where they are definitely helpful- they're just not the empirical solution to stacked clients.
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