Results 1 to 8 of 8
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05-12-2017, 11:26 AM #1
- Join Date
- Jan 2017
- Posts
- 116
Car Dealer - 18M / year, needs 650k (rate conscious)
Scenario:
Industry: Car Dealership
Yrs: 52 yrs in business
Annual Gross: 18M
Credit: 800
Dealership R/E worth: 8.5M +/- / balance 6.5M (SBA 3M / Bank Loan: 4m)
State: Texas
Looking for 650,000 (but flexible) for consolidation of some already existing loans that are under 10% and extra working capital with a longer term. (Very rate conscious)
Suggestions? LOC? Term? Secured/Unsecured?Last edited by CFSCCorp; 05-22-2017 at 12:16 PM.
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05-12-2017, 11:52 AM #2
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
I could likely get him funds on his dealership at less than 10%, but it would require him to refinance his two existing loans, if he is open to that.
From what you have described above, he has (at least) a couple million that could be pulled from his property.
Feel free to reach out if you would like to discuss. I do a lot of these loans.
Best,
Dan Page
Direct: (303) 938-8280
dan@fundingstrategypartners.com
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05-14-2017, 12:52 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,996
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial
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05-14-2017, 02:22 PM #4
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
If the Real Estate has requisite equity and he is Cash flowing- the SBA 504 Program would likely take out the existing 7a and Bank Loan. Once you have that prequalified you can arrange Bridge Capital to get him to the finish line.
As you likely know Car dealerships have an additional layer of financing with their Floor Plan- so structuring this will likely take awhile-alleging there is enough collateral and net income.
Dan was likely intimating that he would broker a hard money real estate deal to take the bank out of the Real Estate- however very rate conscious clients will definitely shy away from the points charged on these deals. Truth be told however if the client is paying P and I to other notes, a 12 month period of interest only might save him considerable dollars while the 504 is arranged.
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05-14-2017, 04:04 PM #5
- Join Date
- Feb 2017
- Posts
- 3,463
Let me get you in touch with a source that can help out. Good credit meant the banks can help in good ways. Which banks? That's the trick to the trade. He doesn't need consolidation, but he might want to consider it depending on the rates he'll get. Email me, I'll make an introduction for you to help make you a bunch of money on this deal and the client will enjoy the rates.
Also, I've got a non-bank LOC I work with. Sounds like he's got enough on-hand to UW the file. Rates are a bit higher (can't compete with the bank), but up to 6 months of interest-only.Last edited by abfunders; 05-14-2017 at 05:45 PM.
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05-15-2017, 11:14 AM #6
- Join Date
- Dec 2013
- Location
- Connecticut
- Posts
- 332
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05-15-2017, 11:55 AM #7
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
You mean George and the team at LQD actually funded a deal!!!! Impressive.. Is this a Leap Year?
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05-15-2017, 01:18 PM #8
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