Results 1 to 22 of 22
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10-04-2016, 10:28 AM #1
- Join Date
- Jul 2015
- Posts
- 23
Payoff 2 Positions (net less than 50%)
Great Business. Averages $450k/month. Averages Balance = $50k - $60k
Has 2 Positions. Total Balance = $300,000
Looking to get $400,000 to payoff both positions and net $100,000.
Any Direct Lenders that can do this?
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10-04-2016, 10:37 AM #2
- Join Date
- Oct 2016
- Posts
- 25
With deposits of 400k/m I can do up to 1.2 Million, as long as the merchant has real estate collateral to back the loan. If not, I may be able to do an SBA loan for the 400k.
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10-04-2016, 10:38 AM #3
- Join Date
- Sep 2014
- Posts
- 720
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10-04-2016, 10:46 AM #4
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10-04-2016, 11:45 AM #5
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
WayUp - I am a direct lender and do exactly what you are requesting.
Paying off the first two positions and providing cash out is not a problem.
We are not a MCA lender so it looks quite different, which will very likely please your client. On average, we get client payments down to about one-third of what they are paying on their MCA loans. Very high likelihood we can pay off his balances, provide the extra $100k he is seeking and his payment would still be less than he is paying today.
Monthly payment
12-30 month term
Client can pay us off any time after six months, with no fees, penalties or interest
No real estate required :-)
Since we are not a MCA lender, we do not fund based upon bank statements. The client would need to show monthly Net income of about $50k to qualify (a little over 10% net margin which is quite typical for most businesses) and have a strong balance sheet.
Feel free to reach out if you would like to discuss.
Best,
Dan Page
Direct: (303) 938-8280
dan@fundingstrategypartners.com
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10-04-2016, 12:21 PM #6
- Join Date
- Oct 2016
- Posts
- 25
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10-04-2016, 12:24 PM #7
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
You truly do not know what you are talking about. Our (admittedly dated and ugly) website states the truth that any intelligent funder knows. Like other funders in this space, we do not "lend" money. We purchase future income. Do your homework before bashing someone else on the forum. We are direct and I have my personal money in every deal.
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10-04-2016, 12:32 PM #8
- Join Date
- Oct 2016
- Posts
- 25
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10-04-2016, 12:34 PM #9
- Join Date
- Jul 2015
- Posts
- 1,202
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10-04-2016, 12:43 PM #10
- Join Date
- Apr 2014
- Location
- Washington DC
- Posts
- 421
Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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10-04-2016, 12:57 PM #11
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10-04-2016, 01:11 PM #12
- Join Date
- May 2016
- Posts
- 148
Everyone would vouch for Dan, he's one of the best in the business. He just needs to upgrade his website to something newer than 1995 lol.
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10-04-2016, 01:13 PM #13
I work with other private lenders that dont even have a website and use yahoo email. So I dont care about website
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10-04-2016, 01:21 PM #14
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Thanks for your kind words everyone. And yes, you are absolutely correct, FundingCzar. My website is pathetic. I think it was one of those do-it-yourself websites that we tested back in 2008 for $189 or something. My only excuse is that we have been so busy funding that we have not dedicated resources to upgrading the website. But it is the top of my 4th quarter priority list!
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10-04-2016, 01:41 PM #15
I vouch for Dan, and I apologize if one of our newbies is speaking out of line.
Dan is the man, we all know that.Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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10-04-2016, 04:00 PM #16
- Join Date
- Oct 2016
- Posts
- 25
Even the companies that "purchase receivables" still refer to themselves and each other as lenders. If you are not an MCA lender but operate the way they do, then what kind of lender are you? Apologies. Wording is a funny thing. And it legitimately says you're not a lender on your website. What is someone supposed to think when your first post says you're not an MCA lender? That coupled with the fact that this deal isn't referring to purchasing property also points to you not being a private or hard money lender.
But I suppose if there are that many people vouching for you then you must be doing something right.Last edited by boundbygravity; 10-04-2016 at 04:22 PM.
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10-04-2016, 04:03 PM #17
- Join Date
- Oct 2016
- Posts
- 25
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10-04-2016, 04:27 PM #18
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Yes, I do hope we are doing something right. We have north of $4MM of deals in underwriting, scheduled for funding this month, so I hope our clients agree. :-)
And you're right, wording is a tricky thing. I am not a lender. Neither are any of my MCA colleagues who frequent this forum. All of us purchase future receivables. There is a very clear and legal distinction that must be adhered to. Our funding model is simply different than MCA, per the description above. In fact, we are working on making our funding LESS expensive rather than more expensive. One of those efforts is the new 30 month term that substantially reduces the cost of capital.
Search the threads on this site for the discussions on legal distinctions of lending vs. purchasing receivables, if you are interested. But I do understand how that wording can confuse the casual observer and cause them to interpret differently, thinking perhaps we are a broker and not a direct funder.
We are certainly competent enough to build a new site. Just a matter of investing the time to draft all new copy. But it is coming!
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10-04-2016, 05:03 PM #19
- Join Date
- Oct 2016
- Posts
- 25
This is true. Have 7 months in the MCA game, done a few deals. The legal distinction is important, something I must get accustomed to considering. Much more experienced in residential, commercial real estate and construction loans. Both traditional (mortgages, fha, va,etc) & alternative (hard, private,bundle loans,etc). So if you ever need help with any of that, I'm your guy.
Pardon my temporary foot-in-mouth disease.Last edited by boundbygravity; 10-04-2016 at 05:16 PM.
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10-04-2016, 05:32 PM #20
- Join Date
- Mar 2016
- Posts
- 335
Back to the deal..... What kind of great business is this person doing? More info would help.
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10-04-2016, 05:34 PM #21
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
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10-05-2016, 06:10 PM #22
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
don't waste ur time on that dude
He's bound by stupidity and will learn his place soon.
Dp all the way!
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