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02-24-2017, 03:48 PM #1
Reputation points: 10
- Join Date
- Nov 2015
- Posts
- 12
Restaurant Split Deal
Have a restaurant doing $3.7M annually with a profit last year of $650k. $300k tax lien on payment plan making all payments. $300k a month CC sales. In business over 15 years. Located in CT.
3 open positions:
1st $100k balance via 27% cc split.
2nd $60k balance daily pull
3rd $27k balance daily pull
(I did not fund any of these, I'm not the one who stacked him)
Never missed a payment but does have a few negative days a month.
Asking $300k-$350k CC split deal to buy out all 3 positions, and net at least $100k. Will sign no stacking addendum, or whatever is needed to assure he will not do that again. He truly regrets the multiple positions, I know this Merchant personally.
Have a lender looking at it now, but having trouble getting comfortable with the 3 positions and high tax lien amount on pay plan.
Direct lenders who may get comfortable with this please reach out.
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