Results 1 to 12 of 12
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03-14-2017, 01:45 PM #1
Asset based funding.
Who does assets based funding in MCA industry? Except WBL
Preferably accepting land as a collateral
Construction (flooring), 20+ years in business, 3.5Ml annual gross sales, 2 Ml in collateral. Looking for 0.8-1 Mln
Thank you!Premier Capital Funding
Office Line: 1-877-563-4226
Fax line: 1-877-340-9184
E-mail: iso@premierecapitalfunding.com
Web: http://premierecapitalfunding.com
2715 Coney Island Ave, 3rd Fl, Brooklyn, NY 11235
DIRECT FUNDER * 2nd and 3rd positions * HIGH COMMISSIONS
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03-14-2017, 03:23 PM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
I just closed a deal for a flooring business. We did a factoring deal using AR and Inventory as collateral. Kevin.Henry@SeacoastBF.com
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-14-2017, 04:03 PM #3Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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03-14-2017, 04:05 PM #4Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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03-14-2017, 04:08 PM #5
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
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03-14-2017, 04:48 PM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-14-2017, 06:38 PM #7
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
If it doesn't fit into Kevin's box I suggest giving Sean @ Liftforward a call.. They like to attach to Real Estate as a second trustee.. If they like the business and collateral they can get you up to $1M.. The rates will be infinitely more affordable than an advance
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03-14-2017, 07:54 PM #8
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
I PMd their link from lift forward to him. Or search Sean Najieb
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03-14-2017, 09:42 PM #9
- Join Date
- Aug 2014
- Posts
- 194
Asset based funding.
Liftforward doesn't do construction, even with collateral.
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03-15-2017, 09:57 AM #10
Hard money lenders or " Private Lenders " dont have any interest in financing or collateralizing land because for two reasons,
1) the valuations are inflated both by the appraiser and Borrower.
2) if the deal goes south the probability of selling the land is considerably less -VS- if it had a structure on it, and most of the time when someone borrows against land they walk away from the deal. Trust me when i tell you we have about 35 Ac that we can't give away for 50% ltv, Nobody wants it.
On a side note for the brokers that are receiving Real Estate requests, you really need to understand the deal and what the borrower has and what they are expecting.
We will lend on almost anything if it makes sense and you just need to ask some simple questions
Refinance / or cash out
1) tell me about the property and do you have a mortgage on it, if so what is the balance ? and are you current ?
( is it a SFR, Multi Family, Commercial, Industrial, Warehouse, Mixed use etc.. )
2) What is it worth and how did you come to this conclusion?
3) Do you own any other real estate other than raw land? if so we need a REO list. and balances.
4) What rates and points are you expecting, (this isn't conventional financing so 4% and 2 points won't work)
5) We are asset based not credit driven but we need to know if they have any open BK's
Purchase
It's basically the same as above but if they are just getting into real estate investing the rates and points will be higher.
and please dont bring me a "Clown Deal" that is a deal where the buyer is looking to purchase a $2M property and they have $10,000 down. or someone that brings me a SFR transaction that's a purchase for $80k and they need $300k for rehab... these types of emails or calls won't be returned.
If you want to get into asset based lending i would be happy to fund almost anything that makes sense, if you dont know what to ask call me first and i will be glad to help.Last edited by Jstarr; 03-15-2017 at 10:05 AM.
Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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03-16-2017, 11:03 AM #11
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
premiere capital funding:
As far as I know there is no one on this forum that will use raw land as collateral other than Jerry at JStar.
Asset Based Lending (ABL) generally applies to personal assets as opposed to real assets (real estate).
I can't imagine your client having any significant inventory but how about accounts receivable and paid for equipment?
Bob Shaw
rshaw@ironhiorsecredit.com
734-929-3800
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03-20-2017, 02:55 PM #12
- Join Date
- Mar 2016
- Posts
- 4
(Please excuse any grammatical errors, posting from my phone)
Hello Everyone,
Although I am new to this forum, I have 10+ years experience in ABL and specialized in Construction Deals. Land aside, what portion of the revenue is overstated? In construction, it is few and far between where the contractor provides 100% of the work in house and pays cash for the materials (COD). With that said, via Mechanic Lien Laws, Id estimate the gross revenues should be discounted at least 20% - 30% for materials alone. If the contractor is acting as a General Contractor and Sub-contracting the work out, revenues should be discounted an additional 20% - 30%. Lastly, retention receivables are often removed or discounted 75% where looking at their assets.
Raw Land is a tough one too. The question is, where is the land located? Downtown, Commercial, Residential. Is it permitted? Can it be added to city services (water/power)?
If the account pencils out, Id be interested in the deal. Send me a PM if you want to discuss it further.
-Robby
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