Results 1 to 9 of 9
-
05-29-2023, 02:42 PM #1
- Join Date
- Mar 2023
- Posts
- 46
Revise Consolidation/5th Position
Law firm. Have balances with -
LCF
Forward
Coconut
Kabbage
Family Funding
Star
Please advise who will do revise consolidation or another position
-
05-29-2023, 03:19 PM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,925
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
-
05-29-2023, 03:32 PM #3
- Join Date
- Jul 2022
- Posts
- 34
Shoot us an email bg@fundprollc.com
-
05-29-2023, 05:46 PM #4
Lawyers and Doctors don't know how to run their businesses.
The LAST thing these guys need is a 5th position.
Problem is they have funds in clients trust accounts.
They need to hire an accountant that operates like a trustee....and take all their checkbooks away from them. (reach out - I do have access to an accounting team that can review and determine a course of action_
And they might also:
They need a bankkruptcy attorney.
Need to be put into receivership...
In all seriousness neither you nor you client have the skills to handle this situation....and I mean that in truth not to be a jerk.
I cannot over emphasize the seriousness of this situation. You have clients funds in trust. Your client run the serious risk of being disbarred and jailed.Last edited by Olderguy; 05-29-2023 at 07:47 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
-
05-30-2023, 06:29 AM #5
It appears they have 6 active positions….
A reverse will only be a regular sized band-aid placed on a gushing open wound…
Someone with this poor cash flow management cannot be trusted with a reverse consolidation even if all 6 of the lenders are on 30-45 day terms
Steve is right
-
05-30-2023, 07:19 AM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,472
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
-
05-30-2023, 07:45 AM #7
- Join Date
- Feb 2017
- Posts
- 3,396
Firstly, you don't do a reverse around Kabbage. They're a LOC with monthly payments.
Secondly, this client needs a real consolidation.
Thirdly, not all doctors and lawyers "don't know how to run their businesses." I don't like sweeping statements or assumptions about business owners, they each have their own story.
Everyone seems to be assuming that the client is actually 100% overleveraged based on a single post. The broker requested a reverse consolidation because that's what s/he knows how to sell. There are other options out there, and a "guided landing" is one of them. If the client's business credit is great their personal FICO is somehow surviving (650+) even if it's not "outstanding" business credit, then there's another option on the table as well that I offer that's not based on cash-flow.
What are the senior positions here? SBA? EIDL? Is there still cashflow or it's all taken over by the MCAs and they're going broke? Did they try ERTC? What type of lawyer? Are there lawsuit settlements that can be loaned against/purchased?
-
07-24-2023, 09:59 AM #8
- Join Date
- May 2023
- Posts
- 19
QFS Capital Specializes in Reverse $ Consolidations! Give us as call or email to get started on your cashflow relief consolidation offer! We do offer MCAs as a side by side deal!
ISO Friendly
Competitive Commissions
Cashflow relief for Merchants
Average term 7-9
5m+ for funding per deal.
-
07-24-2023, 10:01 AM #9
- Join Date
- May 2023
- Posts
- 19
No law firms!
Similar Threads
-
Looking For Either A Strong 5th Position or Consolidation
By Michael Jagiello BGF in forum Deal BinReplies: 9Last Post: 09-17-2018, 06:10 PM -
2 position consolidation
By codyp_bizcash in forum Deal BinReplies: 9Last Post: 09-14-2018, 06:24 PM -
1st, 2nd, 3rd position consolidation
By zcgdirect in forum Merchant Cash AdvanceReplies: 6Last Post: 07-01-2017, 07:22 AM -
Consolidation or Restaurant 4th position
By AJR in forum Deal BinReplies: 5Last Post: 05-26-2016, 04:12 PM -
3 position consolidation
By KM516 in forum Deal BinReplies: 4Last Post: 09-06-2015, 11:32 AM