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07-18-2022, 12:28 PM #1
- Join Date
- Sep 2015
- Posts
- 40
AAA Paper - Buyout Position(s) - Competing On This
I have a client who has 2 open positions. He has an approval for $750k over 16 months at 1.23 buy rate but it involves paying off both his On Deck balance of $125k and his Everest balance of 155k. Merchant is looking for a second position lender to buy out the Everest balance and come in as second with a 600k approval, or, a similar first position with a 2-3pt less buy rate offer buying out both current positions, and a 2-4 month longer term. Fee in the $750k approval is 3%. Merchant is looking to also bring that down to 1.5%
Merchant always has 300k in his bank account and does 400-750k per month.
Please message me here or at allen@mycommercialfunding.com about this deal.
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