Results 1 to 12 of 12
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05-02-2017, 12:31 PM #1
- Join Date
- Dec 2014
- Posts
- 8
Pharmacy - NC - Looking for MINIMUM $250K for partial debt refi
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.
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05-02-2017, 12:37 PM #2
- Join Date
- Jan 2014
- Posts
- 1,380
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.
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05-02-2017, 12:46 PM #3
- 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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05-02-2017, 12:50 PM #4
- Join Date
- Feb 2017
- Posts
- 3,463
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.
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05-02-2017, 12:51 PM #5
- Join Date
- Dec 2014
- Posts
- 8
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!
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05-02-2017, 02:00 PM #6
I just PMed you
Sean Hawley
CEO
BLF
Bright Light Freight
shawley@brightlightfreight.com.com
631-210-6327
SBA, Term Loans, LOC, MCA & Equipment Finance (Transportation & Trucking)
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05-02-2017, 02:39 PM #7
- Join Date
- Apr 2014
- Posts
- 781
Op contact abfunders
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05-02-2017, 03:44 PM #8
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
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
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05-02-2017, 03:46 PM #9
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
Thanks Sachip24
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05-02-2017, 04:22 PM #10
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
we have done several HIPAA restricted industry deals.. Touch base if you would assistance
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05-02-2017, 04:23 PM #11
- Join Date
- Dec 2014
- Posts
- 8
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05-03-2017, 04:38 PM #12
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!Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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