Looking For Single Digit Interest - FICO 836
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  1. #1

    Exclamation Looking For Single Digit Interest - FICO 836

    Good Morning,

    I have a client that's looking for a business loan - unsecured or secured with low interest
    My client had a deal on the table for 125K for 9 months - he was going to go through with it however his dad that owns the business - didn't like the rate for unsecured money

    Client does 450K-500K monthly - average daily balance 80K - over 7 years in business

  2. #2
    Senior Member Reputation points: 27404
    Join Date
    Dec 2015
    Location
    Texas
    Posts
    552

    Morning!! This is all I strive for. Please fill free to contact me!

    up to 500k monthly - https://www.fundingcircle.com/us/ref...31330016310000
    10 year 350k max monthly - https://www.smartbizloans.com/?partn...ferrer=steven&

    How many current positions? And current outstanding business debts?
    Please note anyone requesting for over 125k with 30% ownership or more will have to sign. But still single digits.

    Steven Jones
    210-290-4102
    Davincinc@outlook.com
    http://www.davincinc.com/

  3. #3
    No Balances at all

  4. #4
    Quote Originally Posted by Davincinc View Post
    Morning!! This is all I strive for. Please fill free to contact me!

    up to 500k monthly - https://www.fundingcircle.com/us/ref...31330016310000
    10 year 350k max monthly - https://www.smartbizloans.com/?partn...ferrer=steven&

    How many current positions? And current outstanding business debts?
    Please note anyone requesting for over 125k with 30% ownership or more will have to sign. But still single digits.

    Steven Jones
    210-290-4102
    Davincinc@outlook.com
    http://www.davincinc.com/


    Client has no Balances at all

  5. #5
    Senior Member Reputation points: 68233
    Join Date
    Dec 2014
    Location
    Quogue, NY
    Posts
    1,108

    Again Steven from davincinc.com:

    Why can't GlascoMCA contact Funding Circle and Smartbiz himself? The paperwork process might take him about 30 minutes- total.

    For that matter, given the information posted, why hasn't the client asked his local bank for assistance?

    Speaking to that Glasco- while the suggestions Mr. Jones make are viable, they are predicated on profitability, debt service coverage, collateral and a strong guarantor. If the client is profitable (and in a business that is not potentially restricted ie 'gun shops') a commercial bank
    would LOVE 400-500k in monthly deposits on its ledger, and most certainly offer the client what he seeks.

    I understand that many Brokers wish to concentrate on MCA submissions frankly because they are more profitable (in the near term) than Mid Prime lenders, and Banks (with an SBA guarantee). Additionally there are many folks on this Blog that can explain there are numerous other choices for mainstream products other than the ones mentioned herein..

    If the client does not deserve to be in the MCA space- Steve is correct- take him to a better place. Just realize there are many places out there. Not just 2.
    Last edited by RichardGerard; 09-07-2016 at 08:19 AM.

  6. #6
    Banned Reputation points: 4530
    Join Date
    Mar 2014
    Location
    Ann Arbor, Michigan
    Posts
    1,289

    Once again agreeing with Richard
    Bob

  7. #7
    This deal is a no brainer. Not many points but a good relationship to keep. Contact me if you would like th insight.

    Warmly

    Eli
    718.926.5331

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