Looking to broker with someone that offers Business LOC's
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Looking to broker with someone that offers Business LOC's
Rapid does, Midwest Corporate Credit also offers a business LOC, I'm sure there are plenty of others.
I've done quite a few with RAPID, but just learned if the merchant is in CA, the ISO must have a CA Lenders License... :eek:
We have something like that but it would be asset, A/R or inventory backed. bankable rates. good credit a must.
$ 1% bonus point for the month of June $
We have revamped our lending criteria for aggressive offers and maximum deal flow. We pride ourselves on being extremely creative and flexible.
Our funding Criteria:
- 10k minimum funding - 500k max funding
- B, C, D paper
- Offers not based on credit score - low credit ok
- Response time (realistically) as low as 60 minutes
- 1st - 5th position - Up to 38% withhold of net deposits
- 1.32 buy rates
- Terms up to 140 days (weekly's upon approval)
- Max Upsell to 15 points
- Early Payoff Discounts
- 4 truck minimum for trucking industry
- 15k a month average revenue
- Minimum of 5 deposits per month
- Minimal stips (VC & ID)
- Docusign Contracts
- Commission paid after 1st debit clears (4 days)
! Attention Sales Reps !
- Ask us about our Line of Credit for syndication -
Michael Ross
Lendbug
New York, NY
Mross@lendbug.com
646-360-0411
Terms and interest rates :
- $2500 to $250,000 - 3 day approval typically
- 6 Month term starts at 7.99% or 1.5% per month
- 12 Month term starts at 14.99% or 1.5% per month also 18 month term available
- No prepayment penalties, Only pay interest for the months that you use
- Once you get an approval you have access to the capital in about 1 day
Requirements :
- Time in business 1 year
- Min. Gross sales 30g Per month
- Fico of 600
- No more than 3 overdrafts in 3 months
- Min bank balance is $2500.00
Required Documents :
- Application completed ( attached )
- Last 3 months of business banking
- Drivers license
Message me let's speak
No minimum fico required anymore, also have a/r backed business loc's
We represent an investment group that offers loc's at 80% LTV. Minimum $10M+, 5% int only qrtly pmts. They're looking at all deals. DM for more info or call us at: (209)881-4410
My companies first position deals work kind of like a line of credit. On renewals we do not payoff the old balance to shorten the old term and charge double on the old balance. We just exten the term out the payment stays the same and when the old balance is finished months later then they pay on the new balances. I have merchant been with me for years and keep renewing every few months and paid a total costs between 32-38% for years of funding.
Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872