Results 1 to 9 of 9
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10-05-2016, 05:38 PM #1
Fail-Proof Line of Credit of $900,000 for Construction-Related Doing $5.5M+ per Year
Need a lender who can do a line of credit for a roofing company.
This needs to be fail-proof. If they do not fund construction, or aren't too favorable to construction, then don't bother.
If they only do factoring, it's a no go.
Needs $1MM ideally or more.
AR shows about $1MM over 90 days.
FICO 690+
Gross $5MM+
PM me if you can do this for sure in-house or have the lender who can get it done.
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10-05-2016, 05:53 PM #2
- Join Date
- Mar 2016
- Posts
- 335
Well, we are a direct lender that specializes in construction. We do a little bit of everything (hard money, LOC's, PO funding, factoring).
It will be tough for anyone to provide a 1MM LOC with around 25% of his yearly gross sitting in A/R still. With cross aging, this can hinder a financing company from using A/R as collateral. Roofers are tough period. Does he own any property?
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10-06-2016, 09:46 AM #3
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Hey Fundyman - Not sure if I can help but willing to learn more. Full-disclosure: We are NOT a line of credit. That stated, a lot of clients treat us a bit like a LOC, using our funds, paying it down/off, then using some more. The client would need strong financials.
If you come up short and would like to discuss, feel free to reach out and we can see if my funding model works for your client.
Best,
Dan Page
dan@fundingstrategypartners.com
Direct: (303) 938-8280
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10-06-2016, 09:54 AM #4
- Join Date
- Jan 2016
- Posts
- 435
I can point you in the right direction for an A/R backed LOC. If the aging reports are showing about $1mm and everything is on net 90 getting $1mm as a line might be a bit out of reach though without some M&E or inventory to secure as well. PM me if you haven't found a home and we can talk
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10-06-2016, 10:19 AM #5
- Join Date
- Jun 2015
- Posts
- 38
Just sent you a PM.
Kyle Readdick, CEO
Synergy Direct Funding
2525 Camino del Rio S
San Diego, CA 92108
p: [866]428-0172 | f: [888]372-6007
w: http://synergydirectfunding.com
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10-07-2016, 01:02 PM #6
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10-07-2016, 01:26 PM #7
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10-07-2016, 02:59 PM #8
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
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10-10-2016, 12:28 PM #9
if he owns Real Estate ( Multi family, SFR or commercial ) with an appraised / BPO value of 1.5M - i could do this assuming it isn't encumbered
Were not focused on Credit at all, just the ability to service debt - and we don't have requirements for DSCR in most cases.
On a side note - we dont typically offer our Hard Money Services directly to brokers, most or all of our business come from Lawyers or Re Brokers - but if you have a scenario where a client has property similar to above that is looking for a quick solution to purchase or Re-Fi, give me a quick scenario and ill let you know if its in our wheel house. if not ill steer you in the right direction,Last edited by Jstarr; 10-10-2016 at 12:32 PM.
Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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