Merchant does $85k per month and is seeking $75k-$100k. Are there any companies out there offering this with no collateral needed? Client does not have any existing business loans and also has a 700 FICO.
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Merchant does $85k per month and is seeking $75k-$100k. Are there any companies out there offering this with no collateral needed? Client does not have any existing business loans and also has a 700 FICO.
Why do they need a term loan and not a Line of Credit?
Im sure the client is open to that option as well as long as the term is long enough.
It's not about the "term," it's about having access to the capital over an extended period of time.
Many borrowers are so nervous they won't have the money....
LOC is always better, even if the APR is higher, IMHO.
Are they rate sensitive? You can email me, I can introduce you to someone.
If they have their financials in order why not take them SBA? Not all SBA banks require collateral to qualify, and not all will place a lien on a personal residence.Quote:
Originally Posted by CashAdvanceKing
LoanMe offers simple interest term loans from $3,500 to $250,000. Minimum FICO requirement 500+. With loan terms ranging from 24 to 120 months, we have the ability to offer larger loan amounts with monthly payments based on affordability of our minimum monthly payment. Where other lenders typically max out at average income/deposits, we focus in on average daily balances and are less concerned with revenue.Quote:
Originally Posted by CashAdvanceKing
Your file would be a good fit for LoanMe. Please give us a call at (949) 535-7798 or email us at business.loans@loanme.com
LoanMe Small Business Loan Highlights:
•Broad Business Types: LoanMe does not have a restricted merchant list. We welcome all “For-Profit” businesses. From traditional retail stores to online and home-based businesses, LoanMe can fund them all*. The business must be opened for a minimum of 90 days with an active business bank account and the owner must have a 500+ FICO.
•We Lend Businesses More: Based on affordability; with lower monthly payments and longer terms, Businesses can typically afford Higher Loans with LoanMe. Loan sizes range from $3,500 to $250,000. Just 25% minimum ownership requirement for the applicant signing the PG; means more chances for the business to get a offer that works for them!
•Affordable Payments: Loan terms from 24 to 120 months make the monthly payment lower and more affordable. With fixed monthly ACH payments, borrowers no longer have to worry about daily or weekly re-payment schedules.
•No Pre-Payment Penalties: Businesses can pay off as soon as they’d like, allowing them to save on interest controlling their total cost of capital and renew faster.
•Same Day Funding: Best of all, these loans can be funded in as soon as 2 hours! ** Now that’s fast funding!
•LoanMe Partner Portal: Get status updates when you need them. LoanMe’s partner portal displays the information you need on the leads you submit. Track and submit New Leads all through the simple to use LoanMe Partner Portal. Any additional questions? email us at business.loans@loanme.com or call 949-535-7798 for support.
•Partner Support: Tired of not being able to reach your “dedicated account rep”? LoanMe’s partner support works as a team; and we are here to help! You can reach us at 949-535-7798 or email us at business.loans@loanme.com for the fastest response.
* Approvals based on state-by-state lending laws and LoanMe UW guidelines.
**Final approval must be given and loan documents signed before 4:00pm EST for same day funding.
Download our program guide here:
https://www.dropbox.com/s/3ib20h9zxp...12.18.pdf?dl=0
*No collateral necessary
Morning CashadvanceKing,Quote:
Originally Posted by CashAdvanceKing
Being that the client has earnings and a strong guarantor (700 FICO), the remaining issues will be time in business and earnings. Can they afford a payment? If they are showing losses (also considering shareholders salary), they may not be eligible for a loan.
Collateral is not needed for the amount you are requesting, however Debt Service Coverage is.
RG