[mleyble]

I want to be full disclosure on this so I don't waste anyone's time.
Multi-location pharmacy located in NC - Looking for MINIMUM $250K (ideally more), longer term (if possible) for partial debt refinance.
POSITIVES:
-Family-owned pharmacy since 1907, under current ownership since 1996.
-Doing ~$955K/month in gross sales between 2 entities, willing to include both in qualification. 2016 Tax Returns show gross sales of ~$11.5MM between both entities.
-Average daily balance in 1 of the primary accounts averages +$15K - some negative days, never more than 4 in either account.
-XPN of 748 when ran on 3/20 - I can't promise this is still the case.

NEGATIVES:
-Returned payments are seen from Cardinal - their primary pharmaceutical distributor. Cardinal mistakenly had auto-draft on and the funds will be used to pay off some debt to Cardinal.
-2016 Tax Returns: 2 entities show losses of $299K & $600K.
-Declined by 3 other A/B paper lenders for the following: loss in 2016, excessive debt, multiple blanket UCCs on entities.

I'm looking to help this guy, not put him in a deeper hole than he's in. Any lenders willing to take a look at this and not charge an insane rate? He's willing to put up collateral.

Also, client is looking for funds by 5/10.
I know. Now I'm reaching.

[Sachip24]

They may be getting paid by the insurance companies via invoices, if so perhaps invoice factor deal can be done. If it is an option find Kevin from Seacoast or Bob Shaw on here they know what they are doing when it comes to factoring.

[Kevin Henry-Seacoast]

They may be getting paid by the insurance companies via invoices, if so perhaps invoice factor deal can be done. If it is an option find Kevin from Seacoast or Bob Shaw on here they know what they are doing when it comes to factoring.

Sachip24,

Thanks for the name drop, but we avoid healthcare where there are payer risks.

Best,

Kevin

[abfunders]

Give me a buzz, I want to give you the tools to help.
If Experian is great, then they can get out, should not pose a problem.

[mleyble]

I considered the factoring route. Unfortunately, most of the people I've spoken to NEED to have a 1st position UCC/lien or won't be able to get him the amount he needs in the time frame he is looking for it in. I appreciate the response though!

[LJH365]

I just PMed you

[golf2014]

Op contact abfunders

[bdshaw]

mleyble- is the pharmacy wholesale or retail? has anyone spoken to the advance lenders about subordinating? can you be more specific as to the customers are that they bill to?
thanks,
Bob Shaw
734-929-3800
rshaw@ironhorsecredit.com

[bdshaw]

Thanks Sachip24

[RichardGerard]

we have done several HIPAA restricted industry deals.. Touch base if you would assistance

[mleyble]

mleyble- is the pharmacy wholesale or retail? has anyone spoken to the advance lenders about subordinating? can you be more specific as to the customers are that they bill to?
thanks,
Bob Shaw
734-929-3800
rshaw@ironhorsecredit.com

The entities encompass retail pharmacies, a long term care pharmacy, home medical equipment and respiratory services. Top payers include: Prism Cardinal as billing reconciliation company, Medicaid, Argus, cash/co-pay. It's B2C.

[Zach]

WBL will likely be one of the only options for this borrower. We wouldn't be able to fund by 5/10, but if the borrower owns real estate with sufficient equity, we are probably one of the few that could get this done.

Let me know if you'd like to speak!