Are there term loan programs out there for merchants that are under 2 yrs in business? If so, who would those lenders be? & what are their basic guidelines, please?
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Are there term loan programs out there for merchants that are under 2 yrs in business? If so, who would those lenders be? & what are their basic guidelines, please?
LoanMe offers a small business term loan in 29 states + Washington DC.Quote:
Originally Posted by Fundyman
1. Standard Small Business Loan
• Six Loan Tiers
• Loan Amounts: $3,500 - $100,000
• Max 10yr Terms
• No prepayment penalty
• No Fico Minimum Requirements
• Qualification Based on Affordability – Overall Credit Health of PG(Personal Guarantor)
• Partner Commission: 5 points
• Merchant: Minimum Monthly Income $3,500
• Merchant: Minimum Annual Income $42,000
• Negative Days – No cap on SBL
• 90 Days in Business
• 90 Days Business Bank Acct – Bank must be in business name
*State limitations and usury laws may affect eligibility*
2. Jumbo True Consolidation
• Top Tier Clients
• Consolidate existing positions (within and past 90 days)
• $200K max
E-mail us at business.loans@loanme.com for additional info or to sign up.
Cheers.
1 1/2 TIB? Could do SBA if qualify. 660 fico, making money, good cash flow.
Can 650 FICO work? If not, that's okay. Also, how long to fund this type of loan, since you're talkin SBA...? ThanksQuote:
Originally Posted by Olderguy
Maybe - 650 is marginal...do a tri merge and get three scores...what's the loan amount?...maybe do SBA express if good cash flow. I have another lender who can do term loans with out tax returns depending on the industry. Could be less than 30 days on term to 30 - 45 days on express. Go to creditchecktotal.com and pay $1 for scores. Is the P & L and balance sheet strong?
Terms loans are possible for businesses under 2 years if the revenue is 50-100K monthly or has a minimum credit score of 680 or a business credit score of 80.
With those credit scores you'll qualify for revolving lines of credit. It also depends on the merchant industry as well, when discussing private term loans