[Lendvo]

#3 and #5 are probably deal killers with 90% of what you would encounter in these scenarios

Totally agree Chambo, those requirements kill 80% of the consolidation opportunities we see @ Lendvo. However, if the merchant meets them we can be very aggressive on no-net consolidations, and have gone up to 12mo out. If you blindly consolidate these guys without a margin of safety the result will not be pretty.