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  1. #1

    Home Builder Needs Funding but Doesn't have Business Bank Account

    I have a guy looking for 20K in funding to complete a project they are home builders. The biz is a Sole Prop though and they do not have a Business Bank Account set up. Do you think that is going to be an issue for getting an approval?

  2. #2
    Senior Member Reputation points: 6639 gaxisa's Avatar
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    I've gotten approvals with personal accounts, but it always gets killed the second UW catches on.

    Although, once I got a file that got funded through a personal account. Deposit, daily pulls, whole nine. How that got pulled off is beyond me, but as far as I know its a one out of a million situation. So yes, big problem.

  3. #3
    Senior Member Reputation points: 5036 DiamondBL's Avatar
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    LoanMe may make it work if he has some sort of entity
    Jonathan Kohanoff
    B.R.E. #01962090

    Diamond Business Loans
    Beverly Hills, CA 90211
    jon@diamondbl.com
    www.DiamondBL.com

  4. #4
    Senior Member Reputation points: 62986
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    If it is a sole prop and the checking account is john doe DBA johns homebilders, AND the bank account is a commercial checking account it can be done. Most lenders will take that.

  5. #5
    Quote Originally Posted by sigmundpannu View Post
    If it is a sole prop and the checking account is john doe DBA johns homebilders, AND the bank account is a commercial checking account it can be done. Most lenders will take that.
    He doesn't have any of that.

  6. #6
    Quote Originally Posted by DiamondBL View Post
    LoanMe may make it work if he has some sort of entity
    Nope - nada.

    Kind of amazing TBH. LOL.

    How do you not have a LLC?

  7. #7
    Senior Member Reputation points: 6278
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    Quote Originally Posted by solomancapital View Post
    I have a guy looking for 20K in funding to complete a project they are home builders. The biz is a Sole Prop though and they do not have a Business Bank Account set up. Do you think that is going to be an issue for getting an approval?
    Of corse its an issue. Just coach him to add a DBA. We have funded deals in such a fashion.

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