[getitfunded]

I am currently working with one of my vendors to finance a deal where a charter school is looking of $80k to purchase some equipment that comes with a service contract. It was declined for equipment financing because of negative items reporting on credit; Corp was formed in 12/10 and the main principal of the school has a 780 fico however, All of the commercial trades reporting for this entity are either currently past due or have resulted in default.

Here's the problem, their banks are good (ledger wise) but their deposits are low, very low, none. is August they only deposited $16,241.66 and the Avg. ledger as $1,191,400.79.

In September they opened up another bank account and decided they wanted to use that on moving forward so for September (Current bank) there was $0 in deposits with $483,867.12 in deductions/transfers bringing the Avg. ledger to $714,593.01.

The Second statement (new bank) shows the two deposits equaling $797,772.74 and two debits both equaling $27,069.


For October the bank statement (the bank that they are closing) showed $0 in deposits, $185,056.06 in deductions/transfers which brought the Avg. ledger to $355,777.49.

The second statement (new bank) the month of October shows the beginning balance from September being $770,707.74. This month they deposited $477,813.37 (total of 8) and had 30 deductions showing $726,759.23 where they ended at $521,761.88 in the account.

November hasn't come out yet but I can recommend the MTD to show how both accounts are cash flowing if needed (which will obviously be requested); their goal is to close the original account and be fully using the new one by the end of December. Just some additional information as to why they are switching banks, the new one offers more favorable terms for them as a charter school. I've consulted two lenders on this and have had no luck because the deposits are horrendous, they are non-profit, and their ledgers are rapidly declining due to them switching banks. They have the money to purchase outright (not sure why they don't) but they want to keep the capital in the account. Honestly for the most part I've ignored this file not my type of deal and too much of a pain. Because of the the PG's credit I recommended that he gets a Corp. credit card, purchase the equipment on that and walk away paying 0% interest instead of the high rates that will come with short-term financing but he insisted on going this route.

The vendor really wants to get this done (he wants to make money haha) so I figured I'd see if anyone on here wanted to take a shot at this, or specialized in a similar area. The do only want $80k which isn't much compared to what they have, but the will take a minimum of $60k. I don't care if I get two points on this deal, I just want to stop hearing about this file and hopefully never get another non-profit again.

P.S. I know there is a lot more when it comes to non-profit and I do have the 2014 & 2015 full comprehensive annual reports.

PM me if you think you can do this.

[mcaguru]

Not sure what our Underwriters would price this deal at but you would know ASAP if you submit and request a "RUSH"

Sign up for ISO Agreement!!

[asharaby]

PM'd you

[AaronC]

Sent you a PM