Results 1 to 12 of 12
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09-20-2016, 07:33 PM #1
- Join Date
- Sep 2016
- Posts
- 3
New Credit Deal
Hello,
I have a file for a laboratory with 21 months in business doing $170k/month avg ($114-260k/last 6 months). The issue is the owner just got his social security card on 8/31/16 and the credit cannot be pulled at this time. For this reason, the merchant is ready to move on any offers.
If you are a lender that can do this deal, please let me know.
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09-20-2016, 07:47 PM #2
- Join Date
- Jun 2015
- Posts
- 3,326
Empire officially claims they don't pull credit
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09-21-2016, 08:25 AM #3
- Join Date
- Oct 2014
- Posts
- 257
New Credit Deal
Intelligencedx
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09-21-2016, 08:59 AM #4
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
New Credit Deal
Is this a medical lab? I'd so, I think we can help.
Bob Shaw
rshaw@delanceyfunding.com
734-929-3800
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09-21-2016, 10:52 AM #5
- Join Date
- Dec 2013
- Posts
- 4,713
What does show when you pull credit ?
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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09-21-2016, 11:03 AM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
What does it matter? The questions should be geared towards what the business is doing first. How does he sell to? What does the balance sheet and income statements look like? How is his AP? What specific kind of laboratory? How is ownership broken down? Get comfortable with the business before you pull the guys credit.
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09-21-2016, 11:55 AM #7
Its rough cause I agree you should know the file and be comfortable before you run credit. Yet there are cases where you underwrite and process the file only to find out merchant is in CH.11 or has a UCC from a default on their report. Wasted time and money on the lenders/brokers part working the file for nothing. Credit usually is run first (screening) in order to keep things efficient and weed out the declines. Ive never heard of getting a social security card issued recently and not being able to use it. He must of just gotten a number issued to him (became citizen) is what I get from that statement.
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09-21-2016, 12:25 PM #8
100% agree. Recently we had a deal which we declined because of an open bankruptcy. The ISO asked me to confirm, because he had gotten an offer from another funder. I told him to come to me if it ended up funding, because I KNEW that it would get declined in final. That was 2 weeks ago, and I haven't heard back from the ISO.
Wall Funding ISO Team
646-979-2161
partners@wallfunding.com
http://wallfunding.com/
30 Broad St, New York, NY, 10004
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09-21-2016, 12:28 PM #9
- Join Date
- Mar 2016
- Posts
- 335
95% of people on here don't care what the industry is, who their customers are, or if the merchant has a pulse, if they have satisfactory deposits and a 506 credit score they will open their doors. That is why you see threads (like this) with insufficient information. Which leaves the merchant at the mercy of their broker's knowledge of the space.
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09-21-2016, 12:49 PM #10
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
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09-21-2016, 01:54 PM #11
New Credit Deal
The capacity to learn is a gift; the ability to learn is a skill; the willingness to learn is a choice.
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10-01-2016, 05:19 PM #12
- Join Date
- May 2016
- Posts
- 41
Sounds like a perfect candidate for a term loan. Contact me George Bloom. 772-285-6711.
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