Value Capital Funding welcomed a new debt restructuring client to the family.
An eight year old restaurant in Oregon that had been generating approximately $450,000 each year prior to the pandemic. Considering how devastating COVID-19 was to the restaurant industry, the restaurant owner thought he was in decent shape until he was hit with expenses for retro-fitting his establishment for the new COVID-19 environment. The cost of the renovations sucked up most of the restaurant’s cash reserves and put a severe strain on its cash flow.
The restaurant ended up with three merchant cash advances with balances totaling more than $75,000. The owner had been paying more than $5,300 a week (paid daily) and managing, but now the payments became onerous and he found himself “robbing Peter to pay Paul.” He soon fell behind and began to feel the wrath of the restaurant’s credit collections. He was deeply stressed out and knew he needed help.
The restaurant owner had already been working with a credit repair company owner and Value Captial Funding referral partner to improve his credit score and clean up a few miscellaneous items on his credit report. The restaurant owner asked the credit repair company owner if he had any suggestions for his problem. The credit repair company owner saw this as a great opportunity to help the restaurant owner by introducing him to Value Capital Funding’s (VCF) debt restructuring program.
The program had a 90% acceptance rate, no collateral requirements, no upfront costs and no minimum FICO requirements, so he thought this would be the perfect solution to the restaurant’s cash flow problem. The credit repair company owner made the warm referral/handoff to VCF.
Within days of VCF receiving the file, Fernando had a restructured repayment schedule with new lower payments of approximately $2,550/week (paid weekly – not daily). The restaurant owner and the credit repair company owner were excited to see the restaurant’s payments lowered by 52%. The restaurant owner is happy having creditors off of his back, and he is back to running and growing his business.
The credit repair company owner is one of Value Capital Funding’s referral partners and has had several clients benefit from VCF’s debt restructuring program. The credit repair company wins on two fronts: his client is thrilled with what he was able to accomplish, and he has an additional revenue source (approximately $3,750 from one file alone) that requires little effort on his part to produce big commissions. Not all transactions are very large as stand-alones, however, the impact to the merchant is often so big that it wins the advisor a client for life.
Contact firstname.lastname@example.org for additional information or visit http://valuecapitalfunding.com/partner-program/ to learn more.