Results 1 to 5 of 5
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03-09-2017, 11:34 AM #1
900k a Year Business - 1 OnDeck Payoff - Weekly/Monthly Payment Wanted
A children's indoor party center, bounce house rentals, etc, 9 years in business, doing 900k a year is seeking to get out from under the daily payments from:
OnDeck at $450/day - $76,000 Balance
Here are his last 6 months' deposits:
Sept - 72k
Oct - 91k - 3 neg day
Nov - 85k
Dec - 75k - 4 neg day
Jan - 96k
Feb - 78k - 1 neg day
Credit is:
EXP - 678
TRANS - 671
EQUI - 710
He owns the commercial building - Mortgage is just over 11k a month
Seeking as close to 150k possible to pay off the OnDeck balance and to net him some funding. He is no longer interested in a daily payment so I'm hoping to get him ONLY a weekly or a monthly payment if possible over 18 months. We have plenty of daily payment options, please don't offer that option.
And please only contact me if you're lending the money directly and can make this happen. I have worked with this client for a year now and don't want to waste his time or ours.
Thanks,
Eric Douglas Statzer
Statzer Consulting, Inc.
100 S Ashley Dr Suite 600
Tampa, FL 33602
305.746.1470
eric@statzerconsulting.com
https://www.linkedin.com/in/ericdouglasstatzerLast edited by Cambridge; 03-09-2017 at 11:37 AM.
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03-09-2017, 11:39 AM #2
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
Quarterspot... offers 18 months, weekly payments and amortizes like a traditional loan.
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03-09-2017, 11:42 AM #3
Steven, thanks and yes, that's an option I'm working with now. I do realize however they have tightened up a great deal recently and my only concern is the 4 negative days in December.
He's never missed an OnDeck payment, but I know that Quarterspot has been really hard on submissions, I believe scrutinizing negative days over the last 3 months. Even though he's only had 1 in two months, the 4 in December concern me.
Thoughts?
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03-09-2017, 11:54 AM #4
- Join Date
- Oct 2016
- Posts
- 4,318
So I take it they won't qualify for Funding Circle and the like? If they net profit $225K see Dan Page. Do they have substantial equity in the building?
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03-09-2017, 12:31 PM #5
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
Try breakout capital.
They do 18 months weekly.
But the rate of the ondeck is probably better than the ones mentioned here.
Best Buy rates I got was a 1.16 for this kinda of paper..
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