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05-08-2017, 11:04 AM #1
- Join Date
- May 2014
- Posts
- 86
Trucking + Transportation
Apparently,
The only ones we are working with now require truckers and transportation businesses to have atleast a fleet of 3 trucks in order to obtain a working capital loan?
I knew that they need atleast 4 transactions + depositing into their bank account but never heard of lenders requiring a fleet of 3 for financing - especially for a wc loan.
Who would be the best at funding truckers and transportation from A-D Credit?
Thank you so much in advance.
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05-08-2017, 11:20 AM #2
- Join Date
- Feb 2017
- Posts
- 3,433
How about a LOC based on their A/R? A bit different than a factor, but easier to deal with. Do they have $1mm in revenue?
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05-08-2017, 11:37 AM #3
- Join Date
- May 2014
- Posts
- 86
Could you please send me some info on A/R. I never got into A/R but would like to know how it works and might consider this line for our team down the line.
Thank you
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05-08-2017, 02:09 PM #4
- Join Date
- Jun 2014
- Posts
- 541
Cooper does not require any minimum fleet size for truckers. Most of our trucking deals have fewer than 6 tractors.
We focus on the C/D higher risk files-
Robert S Bloink
EVP of ISO Partnerships
Direct: 248-341-9477
Email: bb@cooperasset.com
Web: www.cooperasset.com
logo-01smaller.jpg
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05-08-2017, 03:02 PM #5
- Join Date
- Feb 2017
- Posts
- 3,433
Factoring = Purchase of A/R at fraction of value. Change the billing address to the factoring company. All transactions are manual. Starting rates are generally at 1.5%/mo.
LOC secured by A/R = Lockbox (new bank account) in the company's name at the current bank, to monitor flow. They'll forward invoices at 1.2-1.5%/month.
This company is also fintech, so the entire bank account is automated and monitored real-time with an app and can be tied into Quickbooks.
Is there a better option?
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05-08-2017, 04:20 PM #6
- Join Date
- Mar 2017
- Posts
- 38
Credibly does not require a minimum fleet size either. Give me a call @ 248-633-1238
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05-08-2017, 05:01 PM #7
- Join Date
- Dec 2013
- Posts
- 4,713
By far Mantis is a leader in funding trucking / transportation companies with very few stips (perhaps this should worry me).
(same with contractors we LOVE funding them!!).Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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05-08-2017, 06:25 PM #8
- Join Date
- Nov 2014
- Posts
- 438
LoanMe Business
949-535-7798
Email: Business.Loans@LoanMe.com
www.loanme.com/SBL-partner
1900 S State College Blvd. Suite 300
Anaheim, CA 92806
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05-08-2017, 08:06 PM #9
trucking and transportation can be tough.. I can get it done though.. 6-12 month terms and decent factors.
Chris
916.400.9001 Ext.103
888.535.8499 (Fax)
www.premierbusinesslending.com
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05-08-2017, 08:18 PM #10
The best way to find the most promising trucking deals is to be a part of their vendor groups. From there, you'll be able to pick and choose the right types of deals to fund and go after.
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05-09-2017, 10:05 AM #11
- Join Date
- Oct 2015
- Posts
- 39
TBB values trucking/transportation, as long as they're asset based (no brokers, 3pl, etc.).
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