[skideeppow]

I have this tough deal. Restaurant owes CFM 48k. They process with NAB.
He owes the LL 21k, and they are getting ready to evict him, within two weeks.

So his banks show about 50k in deposits a month. TIB is 6.5 years.

I know this is ugly, but just seeing if there is anyone willing to take the risk. He would need 80k, to pay off CFM then pay the LL then put 9k in his pocket.

[valid124]

sent you a pm

[mcaguru]

Cresthill capital will probably make an OFFER ASAP! fewest stips and funds ASAp with contracts-back-in.

[Chambo]

Cresthill capital will probably make an OFFER ASAP! fewest stips and funds ASAp with contracts-back-in.

you'd make an offer with the merchant owing as much as they deposit AND they owe $21K in back rent?

C-Mon Son.jpg

[Michael I]

you'd make an offer with the merchant owing as much as they deposit AND they owe $21K in back rent?

C-Mon Son.jpg

they funded a merchant that defaulted a 100k with you guys . send it to them and hope for a stupid underwriter

[skideeppow]

Cresthill capital will probably make an OFFER ASAP! fewest stips and funds ASAp with contracts-back-in.

Really? You think you can bail this guy out?

[Zach]

WBL is likely his only option if he owns any real estate.

[Chambo]

WBL is likely his only option if he owns any real estate.

did you read? He owes his LL a ton of dough

[mcaguru]

[Eagle Funding]

Has there ever been a post where WBL and Cresthill hasn't said they can get the merchant money?

[J.Celifarco]

nope Marcus thinks it makes his company look good to run around claiming they fund anything and everything but then if it cant get done he just says he is not an underwriter.. Cant speak for anyone else but I would love to see this nonsense stop. The guy is being evicted and you say you can get the deal done doesn't make you or your company look good, it makes it look like you have no clue what your doing or what you are talking about.. Personally I like working with companies that are competent understand the industry and know what they are talking about. All that happens by saying you can do this is make the person submit the deal and spin their wheels and do work for a deal that never gets done. You are wasting his time in the hopes of signing up an ISO when the deal will never fund.

[Zach]

If the borrower can demonstrate that as a result of this loan he can get back on track, and he has the real estate to pledge, WBL can facilitate this. This would need to be verified with documentation; preferably a new contract, payoff letters for existing advances, or something that would help demonstrate that this loan will put him in a financially superior position.

To expound, let's say his CPDR is hovering at 30% due to a multitude of cash advances; perhaps the massive daily payments are the reason for his plight. Perhaps there was a recent flood or situation that forced them to close down, falling behind on rent and their CFM payments.

If we can structure a loan that will bring his PDR down to 5-15%, it may allow him to recover and prevent his business' failure. This deal is certainly not an automatic decline for us, although it would obviously have several hurdles.

[Chambo]

If the borrower can demonstrate that as a result of this loan he can get back on track, and he has the real estate to pledge, WBL can facilitate this. This would need to be verified with documentation; preferably a new contract, payoff letters for existing advances, or something that would help demonstrate that this loan will put him in a financially superior position.

To expound, let's say his CPDR is hovering at 30% due to a multitude of cash advances; perhaps the massive daily payments are the reason for his plight. If we can structure a loan that will bring his PDR down to 5-15%, it may allow him to recover and prevent his business' failure. This deal is certainly not an automatic decline for us, although it would obviously have several hurdles.

and you would pay the back rent he owes ? I forgot, you cannot READ

[Zach]

I read that and subsequently typed my response. See above.

[J.Celifarco]

the landlord is getting ready to evict him.. Since when is that not the end of the conversation and the deal is dead

[jotucker1983]

This deal is beyond dead.

- He can't get approved for anything that would even pay off the NAB/CFM advance balance of $48,000 due to the required 50% - 60% net rule that most companies have.

- Then on top of that, he's significantly behind with the landlord to the point of potential eviction.

- To do this deal, someone is going to have to come in and approve the guy for about $70,000 which would have him netting nothing, it would all go to pay off NAB/CFM and the Landlord.

I'm not sure what the basis of that $70,000 would be? Zach said he could probably put his house on the line? But my question is, if he has a good amount of equity in the house, could he have not gotten some sort of traditional equity loan/line already? Wouldn't that make more sense than using your house as security for a 6 - 12 month 1.30 to 1.50 factor advance?

[skideeppow]

deal is dead, and cresthill can not do it. MC is so full of ****.

[Chambo]

deal is dead, and cresthill can not do it. MC is so full of ****.

it took THIS POST for you to finally figure that out? He's been full of it since he put on diapers

[mcaguru]

I said Probably. Remember, I am the one fielding calls for 12 hours a day with problem files that then get offers. the file description cost us money to UW but i have enough source of reference/ knowledge that i know there is a possibility. similar to stage 4 Cancer the best doctor has enough reference of successes to tell Betty Smith she has a chance. I know the cost an ISO has spent perhaps on the lead and feel the responsibility to help.

[J.Celifarco]

I said Probably. Remember, I am the one fielding calls for 12 hours a day with problem files that then get offers. the file description cost us money to UW but i have enough source of reference/ knowledge that i know there is a possibility. similar to stage 4 Cancer the best doctor has enough reference of successes to tell Betty Smith she has a chance. I know the cost an ISO has spent perhaps on the lead and feel the responsibility to help.

JUST STOP because the more you try to justify this the dumber you sound.. HE IS BEING EVICTED END OF STORY DEAD

[Zach]

This deal is beyond dead.

- He can't get approved for anything that would even pay off the NAB/CFM advance balance of $48,000 due to the required 50% - 60% net rule that most companies have.

- Then on top of that, he's significantly behind with the landlord to the point of potential eviction.

- To do this deal, someone is going to have to come in and approve the guy for about $70,000 which would have him netting nothing, it would all go to pay off NAB/CFM and the Landlord.

I'm not sure what the basis of that $70,000 would be? Zach said he could probably put his house on the line? But my question is, if he has a good amount of equity in the house, could he have not gotten some sort of traditional equity loan/line already? Wouldn't that make more sense than using your house as security for a 6 - 12 month 1.30 to 1.50 factor advance?

It is likely that the borrower simply does not qualify for a second position deal against their primary residence. Or perhaps they own land, which virtually no lenders besides us will provide cash out against. Or maybe they have 2 mortgages out and need a 3rd or 4th position. There are plenty of situations where our product is the most viable option, or the only option.

[Kevin Henry-Seacoast]

I can't believe there is so much conversation over a crappy deal for a company that is going out of business. It's like watching to seagulls fight over a french fry.

[J.Celifarco]

I can't believe there is so much conversation over a crappy deal for a company that is going out of business. It's like watching to seagulls fight over a french fry.

THANK YOU... I feel like Im in the twilight zone. If these are the deals that banks are funding then those banks are going to be out of business really soon