Results 1 to 7 of 7
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02-21-2017, 08:15 PM #1
- Join Date
- Mar 2015
- Posts
- 62
3 YEARS?!? is it possible without collateral?
630 FICO
7 years in biz
Restaurant
Squeaky Clean Banks
2.6MM last year
Hell bent on a longer term than MCA companies are offering - anybody in the fringe with some advice? Limited equity in properties so no real leverage there. I'm sure if it really comes down to it I can get him done on an 18month but I'm curious if there is a softer easier way.
Looking for 200k min for 36 months - weekly payment.
Inbox me - or post here.
Thanks,
Alan
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02-22-2017, 08:41 AM #2
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Longer terms without collateral seems to be getting more difficult. We fund up to 30 months, but individual restaurants are one of the few businesses that are restricted (especially for longer terms, since the failure rate is so high with restaurants).
Best,
Dan Page
Direct: (303) 938-8280
dan@fundingstrategypartners.com
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02-22-2017, 09:37 AM #3
- Join Date
- Mar 2015
- Posts
- 62
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02-22-2017, 09:54 AM #4
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
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02-22-2017, 10:11 AM #5
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Dan is right.. Restaurants have absolutely no tangible assets (other than the walk in boxes). The inventory, commercial cooking equipment, and POS Systems cannot be levered, which leaves the guarantor and DSCR.
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02-22-2017, 11:30 AM #6
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
get his fico score above 660 and take him to a term lender. Can happen in 30 days
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02-22-2017, 02:37 PM #7
- Join Date
- Oct 2016
- Posts
- 4,318
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