[brokerCompany]

Tire shop in Texas.
29k monthly revenes
2 nsf in Oct
Ending balances 8800
Low fico under 600
3 advances
Ever : 21,000 daily 187
US WORK:11,500 daily 116
Capcall: $5,000 daily 110
NO REAL ESTATE

Who can refinance 2 or 3 of these?

thanks

[dpFund]

I'd suggest Breakout Capital but as I recall they have a 600 FICO cutoff. Perhaps Power Up?

[TB-Commercial]

If not what Dan suggested, maybe Quarterspot? I think 550 is their cutoff.

[Cfairbank]

Thanks Dan! Our 600 minimum is for business loans (and that's a "soft" cut-off), but will go as low as 500 for cash advances -- and we really look at the reason WHY the merchant is in the 500s. For example, if it is for healthcare accounts or small, old accounts in collection, no problem. If they are behind on core assets (house, car, etc.) that will be immediately declined by us regardless of product.

That said, this merchant is definitely over-levered, too much for us to consider a consolidation at this stage -- they are already paying over 30% of revs to service debt. Anyone who does consolidate this now will just put the merchant in a worse position. If I were you, I'd encourage the merchant to pay down the balances quite a bit more (at least to 25k) before looking to consolidate. Like I said, consolidating these balances right now would will likely kill the business unless you are going to a CDFI.

Edit to add: if you really want to push a consolidation in the near term (which I would advise against), you should try IOU.

[golf2014]

If he owes more then his income...breakout won't do it

[AdvanceFund]

Tire shop in Texas.
29k monthly revenes
2 nsf in Oct
Ending balances 8800
Low fico under 600
3 advances
Ever : 21,000 daily 187
US WORK:11,500 daily 116
Capcall: $5,000 daily 110
NO REAL ESTATE

Who can refinance 2 or 3 of these?

thanks

We don't look at credit but merchant must maintain a 2k minimum daily balance.