Is anyone familiar with ComData accounts?
Does any lender fund trucking and use the ComData account as a bank account? I have a trucking company that is paid on their ComData account and runs everything off it? Could be MCA or any type of lender.
For reference: https://www.comdata.com/
I can handle it if you want and pay you on it: Here are some guidelines.
TIB: 5 years or more.
If not, have a CDL that is over 5 years.
Or a driver with over 5 years.
Loans up to 7 years and rates 8% and up.
Amount of money requested...
Use of funds - equipment financing, working capital or each/both? Break it down. Day cab, sleeper or what Long haul, short haul or what? How many truck current own Type of products hauled DOT number Fico Loan App 4 months business bank statements Most recent business tax return Do they require apportioned plate? Are they Owner Operator or they have drivers? If have drivers how many driver currently work with them? If Owner Operator How many years of CDL/ Industry hauling experience? Is PG a Homeowner or they are renting? Have they financed or leased a truck before? How is their current payment history? If required can we get loan reference from the other lender(s)? Invoice on truck he wants to buy Mileage on invoice. year on invoice NOTE: Over 500,000 miles and over 10 years old makes it a C-D financing. For a private party equipment transaction we would need the following: - Complete condition report (showing make, year, model, with current condition and mileage) - see attached - Photos of the unit Once unit is approved then we will request; - Copy of title (front and back) - Bill of Sale Steve Benjamin Professional Business Loans Irvine, CA 92620 SteveProBiz@gmail.com https://probizloans.net/ 949-228-1050
I have funded truckers with factoring accounts that were used like a checking account . Feel free to reach out to me jstrelzik@flashadvance.com or call me 954- 641-8756 or my cell 305 785-2548.
From my lender:
Yes we can have the lender consider the ComData account as their cashflow etc.
This is like factoring and most trucking lenders are familiar with the concept
I have a guy that can probably do it...I'll ask him.