[Kevin Henry-Seacoast]

I have a medical device manufacturer. Been in business since 2008. Annual revenue $4.8MM. The negatives are:
1) 2 owners 50/50-one is a silent partner and the other who did the current advance with ondeck has an IRS tax lien in a documented repayment plan the last 2 years with a balance of $1 million........apparently ODC missed it when they did their loan.
2) current ODC balance $160k paying $7,942 a week-not looking to refinance if we can get a 2nd position deal
3) No real estate

Average deposits last 4 months $439,353
Average ending daily balance $139,624
Average number of deposits are 23

Any recommendations?

Sigmund,

Do they currently have a LOC or are they factoring? Are the receivables and inventory unencumbered? If the AR and Inventory is clear, we might be able to set up a factoring facility for them. kevin.henry@SeacoastBF.com