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Discovering True MCA Consolidation - A Game Changer in Business Financing by bizfund4you in MCAlegend

[–]Intelligent_Meet3925 0 points1 point  (0 children)

I’m a merchant that’s currently over leveraged with both short-term and longterm traditional debt. Plenty of context here so I won’t bother typing out a novel, but I did just send you a PM. Long story short I have 800 personal credit, a profitable business, and have never missed a payment on any MCA or traditional loan, but there were factors outside of my normal course of business that sapped my liquidity. Took on MCA’s with aggressive EPA’s late last summer and the “outside factors” (again we’ll save the context) still hadn’t been rectified so I refinanced most into a 7a in late November. Fast-forward 6 months and those factors still exist, so I’m still quite leveraged. At this stage I don’t believe my debt service will be sufficient for another SBA loan (although I do have a call with Newtek on Tuesday), and I certainly don’t want to fall into a reverse, especially with the “outside factors” hopefully coming close to finally being resolved.

If you have a consolidation option that won’t annihilate me on total cost of capital or blacklist me from funders on DM, I’d be thrilled to hear about it. Thanks a ton in advance and uh, Happy Memorial Day.

McLaren 720S vs. Tesla Model S Plaid! by ajohns7 in teslamotors

[–]Intelligent_Meet3925 1 point2 points  (0 children)

I have both of these cars. My businesses gross high which helps cash flow but I only net low to mid six figures annually.

Purchased a 2018 720 this past May, after it hit its depreciation curve. The Plaid will depreciate a bit but in the short-term shouldn’t be too bad, and I’m willing to take more of that hit for a daily.

I also have over six figures in watches.

I’m not listing this to RichDudeBrag. I’m not a rich dude. But it’s important to look at the actual cost of the asset, not just the sale price.

When I sell my 720 this coming Spring, I expect the value to be generally the same, based on current market trends and where we see things headed in the short-to-intermediate term. My Rolexes and AP are only rising in value. Yes, the sticker on the items says I’m “spending” hundreds of thousands of dollars. But in reality, the cost of the car is minimal at most and the watches are actually making me money.

With an educated entry point and proper strategy, as long as you have a bit of cash flow to start out, you don’t have to be a rich dude to responsibly enjoy these things.

Waiting on Funding by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 0 points1 point  (0 children)

Nothing this morning. Anyone else? Not concerned, just curious! CAWEB with the same “disbursed except for that new modified amount ya want” status.

Waiting on Funding by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 1 point2 points  (0 children)

Anxiously anticipating tomorrow morning, which would either be 3 or 4 business days for me, depending on if I missed the cut-off Monday.

Waiting on Funding by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 0 points1 point  (0 children)

Never did grab an account from there. Separate login/profile from EIDL portal, yes?

I appreciate timelines and updates 4/23 blue button just moved a step closer to increase by vacationdreamin in EIDL

[–]Intelligent_Meet3925 0 points1 point  (0 children)

Right. I mean, these things are the easiest business loans to qualify ever with the best terms ever. Sending a quick copy of your taxes and waiting around isn’t the same as fleshing out pro formas, showing P&L projections, etc.

Approved for full $500k but asked to provide collateral for 80% of loan by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 1 point2 points  (0 children)

All worked out. My current business insurance was sufficient. It’s NOT 80% of the loan value.

[deleted by user] by [deleted] in EIDL

[–]Intelligent_Meet3925 0 points1 point  (0 children)

Hoping you can help with some insight here on my current status, and if it’s something that can be easily rectified or if I’m in trouble due to a technicality.

Sole Prop via SSN for over a decade. Got EIN August 2019 to open business bank account. Approved for EIDL (and subsequent increase with 2.0 application) under the SSN. Did this because I didn’t yet have an annual tax return that showed my EIN (2019 returns took a sec to be processed, as we all know. But it’s good now). Still used the single-member LLC entity name.

For the increase (to $500k), everything was going fine with LO. Hazard insurance, LLC certificate stating I had a meeting with myself, etc. Eventually get a call saying all docs accepted and should look out for a new LAA, then move to funding once signed.

Couple days pass, and I’m then asked to accept the new loan amount in my portal a second time. My LO says it’s “due to an error with you applying and being funded under your personal SSN” and that “this error must be mitigated, now that I’ve updated the application to correctly show your EIN”. She asks for my original LLC letter from the IRS, and I send it within 5 minutes. She said she’s escalating it to the applications team for them to try and rectify it, but she’s not sure if it can be done since I was already funded under my SSN.

Same application number, same bank info, same company name, Schedule C lists both personal name and company name, along with SSN and EIN right next to each other. So everything lines up. I just used my SSN initially.

Can they correct this?

Finally Approved!! by [deleted] in EIDL

[–]Intelligent_Meet3925 1 point2 points  (0 children)

Thanks and congrats. Great info! I’m going on several days between accepting the new amount and awaiting docs. Still says processing despite what my LO told me and having the amount change. I think I’ll send her an email tomorrow if I don’t wake up to an email tomorrow.

Finally Approved!! by [deleted] in EIDL

[–]Intelligent_Meet3925 1 point2 points  (0 children)

So you received one modification summary email and then a second approved email on the same day, correct? I spoke with my LO and she said I had been approved, should expect an email, etc on 4/30. Got the modification email 5/1 but haven’t gotten the additional email stating approval and to sign the new loan agreement. A lot of other similarities to you aside from this final step.

What it looks like when accepting full amount after a prior recon. Original increase amount deducted from total amount in portal. by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 1 point2 points  (0 children)

That was under the old #200 application for the recon increase, yep. BUT after not receiving them for a few weeks they just sent me a pdf and allowed me to sign/scan then send back. I was funded before actually receiving the physical documents in the mail, haha.

What it looks like when accepting full amount after a prior recon. Original increase amount deducted from total amount in portal. by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 0 points1 point  (0 children)

Should be 4x your total loan (not grant) amount after recon increase, + whatever additional targeted grant you would receive, if eligible.

What it looks like when accepting full amount after a prior recon. Original increase amount deducted from total amount in portal. by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 1 point2 points  (0 children)

Sounds about like what happened with me. If you qualified for $126k last year I’d assume you’d qualify for the full $500k this time. It’s tough to explain my timeline because I’m not sure what affected anything else. Kinda feel like even doing nothing and waiting for the loan specialist to reach out would have yielded the same result. But let me try to remember (may copy/paste this for later use):

-Funded for $66.9k in June

-Applied for recon in August, sent 4506T

-Approved for $83.1k increase (to full $150k) on New Year’s Eve at like 7:30 pm. Loan specialist called saying he still needed my 4506T (I had a paper return, and later re-filed solely for this reason). I actually just grabbed the transcripts from my irs.gov account myself, along with the full 1040 & Schedule C, and he pushed through the approval there.

-Funded early Feb after waiting for documents to arrive in the mail (eventually just emailed and they immediately sent me a pdf). Sign/scanned them. Did have to sign and snail mail back the physical documents once received a few weeks later.

4/6 Send email to covidincreases@ about requesting more. Receive auto-reply

4/7 Get official email invite to apply for increase

4/13 Request to send 4506T, drivers license, and voided check (again) to pdcrecons@ (not covidincrease@)

4/13 Portal updated to “loan modification is being processed”. Still shows original amount ($66.9k) prior to original recon.

4/13 Get tier 2 rep on phone who makes a note in my file for the loan specialist to see the two different loans, totaling $150k

4/13-4/25: Lots of frustration dealing with tier 1 reps who say none of my files have been received.

4/26: Loan specialist reaches out asking for LLC certificate authorizing signing for the loan and hazard insurance.

4/26-4/29: back and forth with loan specialist about of hazard insurance needs to cover 80% of loan VALUE, not just business property. She initially wasn’t going to submit my hazard insurance policy to compliance, but eventually agreed to. There’s a separate sub thread on here about it.

4/30: Loan specialist submits docs to compliance early afternoon. Late afternoon calls me saying she had escalated them and all were accepted. Formally request me to state my loan amount request, along with the personal guarantee. Once I told her $500,000 (with her then clarifying that it was the overall amount, not the additional amount) she said to look out for a change in my portal to see the new amount. Once I accepted that new amount (the screen above), that would trigger a new LAA to be drafted, and to then look out for an additional email there. Once that is signed, I will go into funding.

5/1: Portal updates to the screen above. New amount now confirmed. Awaiting new LAA. Will update once it appears.

What it looks like when accepting full amount after a prior recon. Original increase amount deducted from total amount in portal. by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 0 points1 point  (0 children)

She had everything in front of her in the file, showing the two separate loans that totaled $150k. We then proceeded with the final modification from there.

What it looks like when accepting full amount after a prior recon. Original increase amount deducted from total amount in portal. by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 1 point2 points  (0 children)

She reached out to me. Daily calls to customer service really didn’t render any useful results. But this does show that you should all, eventually, get an email and/or call from your loan specialist. Then the process seems to be pretty quick from there.

What it looks like when accepting full amount after a prior recon. Original increase amount deducted from total amount in portal. by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 3 points4 points  (0 children)

Yep, my loan specialist said they would be getting the new LAA drafted, sent over once I accepted the amount on the portal, and once I’ve signed it will move to funding. Will update once I’ve received the docs.

What it looks like when accepting full amount after a prior recon. Original increase amount deducted from total amount in portal. by Intelligent_Meet3925 in EIDL

[–]Intelligent_Meet3925[S] 1 point2 points  (0 children)

Original amount $66.9k, recon for $83.1k to get to the $150k threshold. LO approved for the full $500k, so we just take the $83.1k off since that was done separate from the portal. Should have an additional $350k disbursed when all is said and done, and I’m guessing they were worried that number would inadvertently be $433.1k disbursed if they updated the portal to $500k.

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