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  1. #1
    Member Reputation points: 1135 Cambridge's Avatar
    Join Date
    Dec 2016
    Location
    United States
    Posts
    67

    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/ericdouglasstatzer
    Last edited by Cambridge; 03-09-2017 at 11:37 AM.

  2. #2
    Senior Member Reputation points: 39157
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    Oct 2014
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    Naples, FL
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    471

    Quarterspot... offers 18 months, weekly payments and amortizes like a traditional loan.

  3. #3
    Member Reputation points: 1135 Cambridge's Avatar
    Join Date
    Dec 2016
    Location
    United States
    Posts
    67

    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?

  4. #4
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    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?

  5. #5
    Senior Member Reputation points: 27404
    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..
    Steven Jones
    www.davincinc.com
    Steven@davincinc.com
    PH: 210-290-4102
    "We can beat your offer!"

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