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08-31-2016, 11:43 AM #1
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- Join Date
- Apr 2015
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$550k per month; tax Lien On PRIOR Business
Hey all,
Tricky one here, I appreciate any potential work arounds.
I have a client that is doing about $550k per month in deposits. Looking for $200-500k.
Here is the story:
He owned a business a few years ago that no longer exists, which had a big tax bill. He is working with his CPA to put together a payment plan. Meanwhile the IRS attached the business lien to his condo which has a significant amount of equity in.
This is coming up on some lender searches and I'm having a tough time finding a work around.
Will any of you take a look at this deal? I have proof that the tax lien is on the prior business and that the IRS attached the lien to his condo simply because of the tax bill on the prior company.
The current company is free and clear and does not have any tax liens. The current company also has a senior and secured factoring facility from a major factoring company, so obviously some due diligence has been done and is continuing, as the factoring company PROBABLY has tax lien monitoring in place. The factor funded his receivables as recently as last week.
Also given the factoring situation, a SMB loan will work better than an MCA (which amounts to a sale of the factor's security, which will cause issues).
Any and all suggestions/work arounds welcome.
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