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  1. #1

    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.

  2. #2
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    Contractor at 1.40 isn't high.

  3. #3
    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.

  4. #4
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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.

  5. #5
    Tell him to email or call

    Jay.marte@yellowstonecapllc.com

    646-774-3114

  6. #6
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    Quote Originally Posted by jormanm View Post
    Tell him to email or call

    Jay.marte@yellowstonecapllc.com

    646-774-3114
    He says a 1.4 is too high. Are you saying YSC can do better in-house?

  7. #7
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    Quote Originally Posted by abfunders View Post
    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.
    Are you a broker or direct funder?

  8. #8
    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.

  9. #9
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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

  10. #10
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    Quote Originally Posted by PulseLenders View Post
    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.
    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..

  11. #11
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    Quote Originally Posted by abfunders View Post
    @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
    So you're saying you're a broker, correct?

  12. #12
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    Why must it be funded Monday...one day extra won't matter...lol..
    .

  13. #13
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    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.

  14. #14
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    Call it a broker, call it a consultant. No, I'm not the direct funder.

  15. #15
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    Not getting closed anytime soon.

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