Home: Message List - advice needed LOC or Loan for debt consolodation/expansion

Re: advice needed LOC or Loan for debt consolodation/expansion

FinanceHelp4U — Wed, 23 Apr 2008 01:06:06 GMT

+That is 1-877-382-8159...sorry,+</stro<br />Carol*
FinanceHelp4u

Re: advice needed LOC or Loan for debt consolodation/expansion

FinanceHelp4U — Wed, 23 Apr 2008 01:04:45 GMT

*+Feel free to call me anytime, as I work 24/7. I just want to make sure you have my toll free # (877) 38
Thanks,

Carol
FinanceHelp4u
hardwork70@newwavecomm.net

Re: advice needed LOC or Loan for debt consolodation/expansion

flaguy — Mon, 21 Apr 2008 23:24:01 GMT

Hi Carol,

I found your phone number in another post and will give you a call on Tuesday.

Thanks.

Re: advice needed LOC or Loan for debt consolodation/expansion

FinanceHelp4U — Sun, 20 Apr 2008 19:55:08 GMT

*+Hi, my name is Carol, I am a Financial Consultant. I work with businesses helping them to obtain loans/lines of credit (even the most difficult) through lenders, such as Bank of America and others. I have many years experience, even some of those years working with the U.S. Small Business Administr
I may be able to help you, my contact information is listed below. Look forward to hearing from you and good luck!

Carol, Financial Consultant
FinanceHelp4U
hardwork70@newwavecomm.net

Re: advice needed LOC or Loan for debt consolodation/expansion

flaguy — Sat, 19 Apr 2008 18:25:18 GMT

Thanks Luckiest for the info,

Last year when I was looking for a loan, I heavily investigated the factoring/cash advannce option. Although it may be useful for some the actual repayment amount is huge. Most companies get approximately 35% interest, plus extra fee's (For example, they offered me $75K... based on repayment period of 12 months the repayment after their fee's was almost $140K) OUCH!

Re: advice needed LOC or Loan for debt consolodation/expansion

LUCKIEST — Sat, 19 Apr 2008 18:02:26 GMT

advice needed LOC or Loan for debt consolidation/expansion.
Welcome to this web site.
There has been a post in the past from a Solly. I have attached a copy of his post.
According to Solly all you need is a Credit Card Terminal.
There have been other posts where lenders will advance you monies.
Hope this helps, LUCKIEST

My name is Solly and i am a financial consultant at a company called MaxAdvance
in New York city.
We are currently helping several small businesses with our
cash advance program. What we do is offer
unsecured loans to be used for
whatever you desire without collecting a collateral. We won't take
compounding
intrest, just one set factored rate which means you can take as long as you need
to pay
it back without any penalties. CREDIT IS NOT AN ISSUE WITH US. All you
need is a credit card terminal.
Please feel free to contact me at any time at
1-866-629-4464 Ext:238.

Take care and good luck,

Solly
Mizrahi
MaxAdvance
smizrahi@maxadvance.com

advice needed LOC or Loan for debt consolodation/expansion

flaguy — Sat, 19 Apr 2008 17:44:32 GMT

Hey All,

First some history. We started our business in Jan 2005 - investing 160K of our own cash as well as using personal credit cards. In Feb '06 due to an oppourtunity to expand in our shopping center we doubled the size of the store... hence doubling many fixed expenses. In Jan '07 we purchased a local competitor who was in the process of closing his store after a sales deal they made fell through.

Right now... we are in a cash crunch, although sales are up. We took on too much too fast. We are in the process of reducing the size of the store (Hence reducing many monthly fixed expenses more than 50%).

In April '07 we got a SBA backed small loc for 50K, which is used up. We have 200K on cerdit cards (Both personal & business) and have payables of $75K due about the end of the month. At this point we have not ever missed any payments, or gotten too far behind.

Due to using our personal credit cards our credit scores have dropped to 687 & 732. We have plans for the future to purchase or build our own building. Which would also make us a unique entity in our area able to offer additional services and expand income as well. I am not sure wether to approach lenders with the short term need, or more too also try and conslodate CC debt, or to expand into the long term plans and go for a long term loan/growth oppourtunity. (Or even if a lender would consider it)

Annual sales are estimated at $600K for 2008 based on an already up 15% YTD over prior year. By reducing our rent, and if able to consolidate some CC debt our monthly expense reduction will be $14K.

So after all that... what suggestions does anyone have on the direction to turn, or places to look for funding? Any assistance or advice is much appreciated!