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04-14-2017, 08:39 PM #1
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- Feb 2017
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- 7
Contractor doing $2+M looking for term loan or long term cash advance
My client is a contractor doing $2+MM and is looking for a term loan or longer term cash advance. Rather with weekly payments and low docs (no financials needed).
We want to close quickly, by Tuesday if possible. Offers I have are 1.4 which is high. 650-700 FICO, super clean banks (2 NSF's last 9 months). No red marks anywhere. Only negative (besides the industry) is he only has 7-10 deposits per month.
No debt on the books. He has never had a cash advance, so I really want to avoid a lender who files UCC's at funding.
Any suggestions are welcome.
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04-15-2017, 10:31 AM #2
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- Apr 2014
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- 781
Contractor at 1.40 isn't high.
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04-15-2017, 01:51 PM #3
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- Feb 2017
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- 7
FICO 650-700
$2.2MM/yr
2 NSFs in the last 9 months (Feb & Dec)
Needs $150k-$250k
$0 debt - Never had a cash advance.
Only negatives are industry (contractor) and he doesn't have a ton of deposits, but never less than 8 (and usually more). I should be able to get a 1.2 and no UCC filing on a deal this clean, with a fast closing.
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04-15-2017, 02:10 PM #4
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- Feb 2017
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If his credit is clean, not just 650-700 give me a buzz, we can work with him. Clean means no late payments in the last year and no bankruptcies or collections on his credit history.
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04-15-2017, 02:43 PM #5
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- Apr 2017
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- 10
Tell him to email or call
Jay.marte@yellowstonecapllc.com
646-774-3114
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04-15-2017, 07:59 PM #6
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- Oct 2016
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- 4,318
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04-15-2017, 08:00 PM #7
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- Oct 2016
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04-15-2017, 11:42 PM #8
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- Feb 2017
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- 7
I need a 1.18 to 1.25 including my points, closed with bank statements, an application and 2016 corp. tax return, closed and funded Monday (no hard copy COJ, UCC filing or site inspection as we don't have the time). YSC is great but too high price for this.
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04-16-2017, 07:16 AM #9
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- Feb 2017
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@WestCoastFunding, nobody can be a direct funder for these deals - the banks are. The trick is knowing how to go to which ones and knowing the product well. One of the hats I wear is as a credit consultant, and at this point, I'm just deal hunting and am happy to make introductions for you so that you can do this yourself. We can all benefit
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04-16-2017, 09:16 AM #10
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
This is a Contractor deal. If the Financials speak to it they will qualify for a real loan- But not by Monday or Tuesday. If they want an MCA, the industry is careful with this SIC code because of payer risk etc.. Chances are folks here can help but the time frame is challenging..
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04-16-2017, 09:39 AM #11
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- Oct 2016
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04-16-2017, 11:48 AM #12
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- Apr 2014
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Why must it be funded Monday...one day extra won't matter...lol..
.
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04-17-2017, 01:09 PM #13
- Join Date
- Mar 2016
- Posts
- 335
Pulse, we can do this at a tenth of the cost of an MCA. We specialize in funding contractors. WE can offer a revolving LOC.
I will send you a PM.
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04-17-2017, 05:29 PM #14
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- Feb 2017
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- 3,456
Call it a broker, call it a consultant. No, I'm not the direct funder.
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04-17-2017, 06:30 PM #15
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- Apr 2014
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- 781
Not getting closed anytime soon.
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