Cit Commercial Finance and Factoring Customers, What now?
If your a cit factoring customer your most likely trying to determine how to proceed now that your credit facility is with a company that has filed for chapter 11 bankruptcy.? If you have not already found a new funding source you should be talking to new lenders and factoring companies now.? Some of the CIT commercial factoring clients may qualify for loans with traditional banks, but many companies that really need the funding will not qualify for loans with a bank as the credit quality of cit customer base will not fit for many banks underwriting criteria.
Capital Quotes LLC and a few other commercial finance consultants are working with cit factoring customers to help these organizations find new sources for accounts receivable financing at rates as close as possible to what cit was offering.? You can contact this company and find out your options within a day or less.? They do not charge any consulting fees and work with over 50 accounts receivable finance companies.
Many of the cit commercial loan customers have discovered more options available then they expected after getting the news.? My expectation is that cit will only focus on a few specific industries and this will limit how many if any factoring customers they can keep in house as clients.? The important thing to remember is to make sure you have a plan in place should CIT commercial finance decide to no longer provide factoring services on your companies accounts receivable.? Invoice factoring is a great tool, but it?s also a cash flow strategy that can cause a major hurdle for a company if they expect financing on invoices and then find out no funds are available a few days before payroll is due.
Most CIT factoring customers will not have trouble finding another accounts receivable financing solution as long as they look in the correct places.? Traditional banks can waste a lot of time evaluating a deal that they cannot approve.? If you have been using the cit factoring program you would be best served looking direct at lower cost factoring companies and asset based lenders.? The best way to do this is via a small business lending consultant that specializes in factoring and knows exactly which factor can provide a solution for your needs.
If your a current cit factoring customer I hope you have some back up plans available now.? If you do not you should be able to get some quickly if you contact an expert in your field.
Jeff Bross is a accounts receivable financing consultant
http://www.factoringquotes.com http://www.capitalquotes.net
Source: http://mariofinkbiner.com/2011/09/01/cit-commercial-finance-and-factoring-customers-what-now/
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