Results 1 to 14 of 14
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09-10-2017, 08:47 AM #1
- Join Date
- Sep 2016
- Posts
- 11
Looking for non-ACA funding for merchant-730 FICO
Hello folks,
I have a long-time merchant, who has gotten several loans through me over the years, who is looking for working capital of about 100-200k. As stated in the title, he currently has a 730 FICO and would like more favorable terms than our MCA/ACH programs.
Are there any FUNDERS (and I repeat....FUNDERS) who would like to consider this merchant, and if so, what are your requirements?
(To those of you in FL, I'm praying for you and your families!)
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09-10-2017, 09:22 AM #2
- Join Date
- Feb 2017
- Posts
- 3,395
Did you try Funding Circle or SBA?
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09-10-2017, 10:50 AM #3
- Join Date
- Sep 2016
- Posts
- 11
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09-10-2017, 11:43 AM #4
- Join Date
- Feb 2017
- Posts
- 3,395
SBA is a lot easier than you think.
www.smartbizloans.com
I am still a broker with Funding Circle, they aren't allowing new brokers. Shoot me over an email, we can discuss the various programs that you should know about I can submit it for you. FC is a bit tight - I just got a rejection on a 700+ credit score due to low business credit.
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09-10-2017, 03:39 PM #5
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- Oct 2016
- Posts
- 4,318
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09-10-2017, 05:50 PM #6
- Join Date
- Sep 2016
- Posts
- 11
That's a fair statement. Very fair statement.
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09-12-2017, 01:16 PM #7
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,924
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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09-12-2017, 07:25 PM #8
- Join Date
- Jan 2014
- Posts
- 1,367
What industry? how does he get paid by his clients?
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09-13-2017, 12:33 PM #9
- Join Date
- Sep 2017
- Posts
- 3
Send me a email with details and i'll see what we can do. Have direct money but it has to make sense.
Robb
repayne@financier.com
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09-13-2017, 04:46 PM #10
- Join Date
- Jan 2015
- Posts
- 70
If your client owns some valuable equipment, we can probably refinance it and put some cash in his hands
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09-14-2017, 06:07 PM #11
- Join Date
- Nov 2015
- Location
- Indiana
- Posts
- 17
95% of my business is SBA, and I understand not wanting to go through a SBA loan for this size of a loan. That said, you could place this as an SBA express loan. You can get those through quicker than a typical SBA loan. Someone here mentioned smartbiz, and they have a great track record and have relationships with SBA lenders. If it were me, I would go with a direct lender like Celtic Bank.
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09-14-2017, 06:19 PM #12
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- Feb 2017
- Posts
- 3,395
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09-15-2017, 09:04 AM #13
- Join Date
- Sep 2017
- Posts
- 3
Hello If this scenario is still on the table I may have a solution that's the perfect fit. shoot me a email repayne@financier.com
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09-26-2017, 04:12 PM #14
- Join Date
- Nov 2015
- Location
- Indiana
- Posts
- 17
Sorry, I just saw this. It depends on your volume with them and how good the broker is at putting a package together. If the broker is just doing an intro and sending a few financials they will probably only get 1%. That said, if the broker is good at putting an SBA file together and send a decent amount of volume then they can make up to 2% on general-purpose deals. Celtic is not the best paying SBA lender, but they do deals that others won't. The best paying SBA lender can vary from bank to bank depending on the relationship. You may be getting 3-4% at bank A, while I would only get 1% submitting there. I may have a better relationship with bank B and get 3-4% there, while you only get 1%. Like most things, it just depends.
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