Results 1 to 16 of 16
-
10-28-2016, 11:16 PM #1
Deal with Payment Adjustments
Hey guys, I have a client who has had his payments reduced/adjusted to "help him out for a bit." Obviously, this action has resulted in declines pretty much everywhere. He has 3 current advances totaling $180k and has revenue of $200k monthly. Personal bankruptcy that just discharged in February. We were going for a consolidation initially, but he called today and said he can't wait and needs funds as soon as possible. Not sure what to do, and not sure if it's even possible. Should I just throw the deal away? Would appreciate any friendly advice. Thanks in advance.
-
10-28-2016, 11:23 PM #2
Deal with Payment Adjustments
Does he have any real estate?
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
-
10-28-2016, 11:43 PM #3
Yes, but it's already collateralized (sp?)
-
10-29-2016, 02:56 AM #4
Deal with Payment Adjustments
We can take up to 4th lien position on the real estate, as long as there's enough equity.
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
-
10-29-2016, 07:39 AM #5
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
Deal with Payment Adjustments
The his next step is a business bankruptcy
-
10-29-2016, 08:16 AM #6
- Join Date
- Sep 2016
- Location
- Greensboro North Carolina
- Posts
- 4
Deal with Payment Adjustments
How long has he had the advances, and what is the industry?
David Porter
Commercial Lending Specialist
(336) 907-2061 Ext. 2100
(336) 907-2062 Fax
Email: dporter@eccapitalcorp.com
Web: www.eccapitalcorp.com
-
10-29-2016, 09:22 AM #7
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Deal with Payment Adjustments
TB, is your client a retailer? If not, there are a number of financial instruments that may work if someone were to drug deeply into their numbers.
Please tell us what type of business it is.
Thanks, Bob
rshaw@delanceyfunding.com
734.929.3800
-
10-29-2016, 09:28 AM #8
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Deal with Payment Adjustments
Please pardon my spelling.
-
10-29-2016, 02:33 PM #9
Thanks for the help guys. He's an equipment dealer.
-
10-29-2016, 02:33 PM #10
Sorry, and the advances are a couple months old.
-
10-29-2016, 02:44 PM #11
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Deal with Payment Adjustments
Are his customers consumers or businesses?
-
10-29-2016, 03:57 PM #12
Businesses, Bob.
-
10-29-2016, 11:52 PM #13
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Deal with Payment Adjustments
Can we talk on Monday?
Bob Shaw
734.929.3800
rshaw@delanceyfunding.com
-
10-30-2016, 01:35 PM #14
Yep, I'll call you first thing in the morning. Thanks Bob!
-
10-30-2016, 01:46 PM #15
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Deal with Payment Adjustments
You are quite welcome
-
10-31-2016, 09:13 AM #16
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Unless Zach or Bob can help you, I would walk away. I consolidate a lot of clients. But if this client had a workout on advances that are only a couple months old, AND a personal bankruptcy, AND he is running out of money again, he clearly cannot manage his money, and would do a terrible job managing mine. I would stay far away from him since it will just burn up your time and be an extremely frustrating experience.
Sorry to the wet blanket.
Best,
Dan Page
Similar Threads
-
No payment 6 mo loan...
By Christian in forum Merchant Cash AdvanceReplies: 17Last Post: 08-03-2016, 10:26 AM -
Monthly payment options for a larger deal?
By Dr MCA in forum Deal BinReplies: 11Last Post: 05-18-2016, 09:50 PM -
Payment Overpulls
By FUNd in forum Merchant Cash AdvanceReplies: 52Last Post: 04-26-2016, 02:40 PM -
12 month deal needed, Client doesn't want daily payment, health spa
By Moneyformerchant in forum Deal BinReplies: 6Last Post: 08-03-2015, 02:40 PM -
Need down payment!!!!
By kjax in forum All Other LendingReplies: 11Last Post: 03-26-2015, 07:33 AM