Results 1 to 25 of 35
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04-18-2017, 01:27 PM #1
Consolidate 5 advances
On deck payoff 13,500
Max payoff 14000
3rd Advance FUnd payoff 14000
Lendini payoff 25000
5th fund payoff 10000
They do around 83K monthly.
Medical services.
Any takers for consolidation
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04-18-2017, 01:39 PM #2
76,500 in balances? Does $83,000 a month? How are they staying in business?
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04-18-2017, 01:47 PM #3
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04-18-2017, 01:58 PM #4
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04-18-2017, 02:05 PM #5jotucker1983Guest
- The merchant is a typical UCC lead, which means he was found in the UCC system, which explains why he has 4 positions stacked on top of On Deck.
- They do $83,000 gross monthly but their outstanding balances are at $76,500. What are the total daily payment amounts on all 5 positions?
- If I'm going to guess, the merchant is probably using at least 40% of his gross sales to payback the 5 positions. I bet he probably has NSFs/Overdrafts all over the place.
Stop wasting your time on this deal. Tell the merchant to stop taking out funding on top of funding (because if anybody is foolish enough to consolidate this, the merchant will stack again) and to pay off these damn advances normally (if he even survives that long). From there, you can see what you can do for him down the line.
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04-18-2017, 02:10 PM #6
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- Oct 2016
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- 4,318
If they net around $150K a year (I doubt it) you may be able to get them into Dan Page's program. If they're willing to lose a home they own, maybe WBL. Other than that this seems pretty tough.
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04-18-2017, 02:30 PM #7
- Join Date
- Sep 2012
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- New York, NY
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- 1,780
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04-18-2017, 02:32 PM #8
- 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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04-18-2017, 02:33 PM #9John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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04-18-2017, 02:41 PM #10
- Join Date
- Mar 2016
- Posts
- 335
Just found a picture of the merchant:
tumblr_inline_miyjdiNp1a1rrpsd7.gif
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04-18-2017, 02:42 PM #11
we all laugh about a scenario like this, but it is actually very troubling. It is nonsense like this, complete lack of fiduciary responsibility, that is going to get our industry pinched
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04-18-2017, 02:44 PM #12
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- Sep 2014
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- 720
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04-18-2017, 02:54 PM #13
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- Jul 2015
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- 1,202
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04-18-2017, 02:55 PM #14
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- Oct 2016
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- 4,318
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04-18-2017, 02:58 PM #15
Actually the merchant does NOT have any nsfs and the ALB is around 15k. So they may deposit a little more will have to go back and look closer.
They are surviving. Sure it was foolishness on both sides to get all the advances. Just 1 in many deals in the pipeline working on a solution for the merchant.
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04-18-2017, 03:13 PM #16
- Join Date
- Oct 2016
- Posts
- 4,318
Worst stacking I've seen, the merchant had 9 positions, $600K in advances.
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04-18-2017, 03:15 PM #17
- 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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04-18-2017, 03:25 PM #18
- Join Date
- Sep 2014
- Posts
- 720
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04-18-2017, 03:29 PM #19Eagle Funding Group
Phone: (646) 793-6809
Email: info@eaglefundinggroup.net
Web: www.eaglefundinggroup.net
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04-18-2017, 03:38 PM #20jotucker1983Guest
Are you sure? No NSFs, Overdrafts, or Negative Days?
Barely.
This is not a "deal". There is no solution other than to tell the merchant to sit down, pay off the 5 advances, try to survive, and you'll reconnect with him in October to see what their current status is.
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04-18-2017, 03:39 PM #21
- 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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04-18-2017, 03:41 PM #22
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Hell...I saw it three times from three different brokers. I told the last broker that nobody is going to be able to help him. The broker thought she was going to be able to get it done and stop the stacking nonsense because the owner would listen to her. That's when milks came out of my nose.....
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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04-18-2017, 03:53 PM #23
- Join Date
- Oct 2016
- Posts
- 4,318
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04-18-2017, 03:55 PM #24
- Join Date
- Jun 2014
- Posts
- 541
What is the total of the 5 daily pulls?
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04-18-2017, 04:02 PM #25
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
If it is the same deal I am thinking about I saw it too. Came to me looking for consolidation. Nope.
That stated...the client owns property that is pretty heavily leveraged but I actually have a shot at pulling more equity out of his property at 8% - 12% rate.
That is about the only way out of a problem like this.
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