Merchant with 7 MCA's and $350K credit card debt
Broker brings me a client with commercial property in recycling business. Has $217,000 mortgage his bank refused to renew (with the bank 10 years).
In addition has 7 MCA's at $750,000 and $350,000 in credit card debt.
Monthly revenue is $575,000 and debt payments are $12,000 a week.
Got him a LOI for $1MM collateralizing 3 properties 30 year loan at 10.1%. 5,4,3,2,1 prepayment penalty.
Reach out if you have any questions on taking out MCA debt for merchants.
Steve Benjamin
Professional Business Loans
Irvine, CA 92620
949-228-1050
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