Value Capital Funding welcomed a new debt restructuring client to the family.
The business is a large podiatry practice that was formed in 2014. The doctor built up a great business that was generating ~ $1.8MM in annual revenue.
Dr. “Kenneth”, was humming along and doing very well in 2019. In 2020 when Covid-19 hit, he had patients who were afraid to come to his office and all elective procedures were postponed. Flash forward a few months and Kenneth had a terrific opportunity to expand to another location. He did so knowing that he would need to make investments in the new office.
Things rarely go as planned and before long the practice had multiple MCA’s and a high-cost line of credit totalling $402,000. Kenneth was paying $11,200 a week to service this debt and it was really squeezing his reduced cash flow.
Kenneth came to us through our partner, William, who is a tax accountant and services Kenneth’s practice. William, who has been working with us for almost a year, knew that he was seeing a textbook case for our Debt Restructuring Program.
William knew the Program had a 90% acceptance rate (at this point, Kenneth would not have qualified for a new loan to refi this high-cost debt), no collateral requirements (Kenneth’s collateral was already tied up), no upfront costs, and no minimum FICO requirements.
Within days of William submitting Kenneth’s file to Value Capital Funding, Kenneth had a new repayment schedule and is now paying $5,152/week (paid weekly – not daily). Needless to say, Kenneth (and William) were excited to see his payments lowered by $6,048/week or 54%!
William is one of Value Capital Funding’s referral partners and has had multiple clients “graduate” our Debt Restructuring Program. William wins on two fronts: his client is thrilled with what he was able to accomplish for him, and he has an additional revenue source that requires little effort on his part to produce big commissions. Way to go, William!