Update that came in at 6:30AM this morning June 30, 2009 from Bob:
I forgot to attach an application like you requested yesterday. I can gather the materials needed for me to put together a term sheet or you can do that. Whatever level of involvement you want to have in a transaction is up to you. In order to put together a term sheet, I only need the following items:
1) A completed application
2) A current detailed AR aging report.
3) Last year’s year end and this year’s interim income statement and balance sheet.
Read the previous post. This bank’s fees on factoring accounts receivable are a fraction of what normal factors charge. If you want to save money on fees with a creative seasoned banker, Bob’s your man. Bob also knows a lot of people in the finance world and is a tremendous resource to me.