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Comments:
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Company was formed in 2008 and is in the moving & storage business . They need approximately $220k to refinance several loans that were granted at very high rates. They only wish to borrow what is required to pay off their open high rate loans. The collateral will be several old Kentucky trailers, a Freightliner cab, a Kentworth cab, several forklifts and a Chevy and a Ford truck.
2010 corp. tax return
- $4.976 million – Revenue
- $283k – Profit
- $80k – Depreciation
- $63k - CPLTD
2011 corp. tax return
- $6.814 million – Revenue
- $329k – Profit
- $138k – Depreciation
- $397k in Section 179 Expense
- $89k - CPLTD
Owner has a 722 FICO and is a homeowner.
Under $8k in total revolving debt
$355k in cash reported on the personal financial statement
From the financial information they have provided it appears that they are in reasonable condition and have positive cash flow.
The challange has been the age of the collateral. This consists of trailers, tractors and a forklift. Some trailers date back to 1984 and some tractors date to 2000.
Most of our current lenders will not consider due to the age of the collateral.
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