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02-27-2020, 06:55 PM #1
- Join Date
- Oct 2016
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- 4,318
My personal advice is to learn as much about all the financing options. MCAs, equip financing/leasing, SBAs (full 7(a) and 504 programs), A/R financing (LOCs/factoring), Hard money, longer term CRE financing, etc.
Just having knowledge of these other products will help with a MCA sale. No business owner really wants to make a MCA their first option, but at the time it may be only option. If they feel like they’re talking with someone knowledgeable who can’t at least try all the options, it builds credibility and helps them deal with the fact that the MCA is the only option after your tried others.
With all that having been said, it’s about the path of least resistance. 8 years ago MCAs were so damn easy. No one stacked, and damn near everyone renewed. Now this whole industry is saturated to the point merchants are getting 3-5 calls a day from different brokers. Whereas with hard money, there are way fewer brokers. On top of that, it’s just a cleaner business.
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