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Immediate 2nd Position MCA approval needed by High Risk Lender
Looking for a high risk lender that can approve and fund a merchant for a 2nd position:
I have a horse ranch that Was funded by BizFi 1 year ago- C/C split. He was using a tour booking company named "Zerve" that did his marketing/bookings and also did his credit card processing. They suddenly went out of business and caused the merchant among many many others major issues. His revenue took a dive and no longer having a processor caused issues with BizFi.
He worked out a new term to pay off the $65,000 to BizFi at $100/week because his future was uncertain. He has made all payments since the refi with BizFi and revenue has been increasing. He's now on the upswing averaging $30k-$65k/month.
I just got him approved for $20,000 at a $26% holdback (uses Wells Fargo for processing now) but by a 1st position lender and we didn't realize until the merchant interview/funding call. So the deal died in final underwriting
Any 2nd position lenders want to link up with me and take a crack at this?
He's a solid merchant with healthy banks, no negative days and consistent credit card revenue.
Look forward to hearing from you, thanks!
Mike
I have a horse ranch that Was funded by BizFi 1 year ago- C/C split. He was using a tour booking company named "Zerve" that did his marketing/bookings and also did his credit card processing. They suddenly went out of business and caused the merchant among many many others major issues. His revenue took a dive and no longer having a processor caused issues with BizFi.
He worked out a new term to pay off the $65,000 to BizFi at $100/week because his future was uncertain. He has made all payments since the refi with BizFi and revenue has been increasing. He's now on the upswing averaging $30k-$65k/month.
I just got him approved for $20,000 at a $26% holdback (uses Wells Fargo for processing now) but by a 1st position lender and we didn't realize until the merchant interview/funding call. So the deal died in final underwriting
Any 2nd position lenders want to link up with me and take a crack at this?
He's a solid merchant with healthy banks, no negative days and consistent credit card revenue.
Look forward to hearing from you, thanks!
Mike
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