[Red]

Are there any lenders that will accept personal bank statements for a sole prop?

[ridextreme]

Do you know what her avg. deposits are?

[Red]

25k monthly

[mcaguru]

i would advise my friendly competitors to never fund a personal account.

[ryan $]

As far as i know - NO ONE funds personal accounts

[abfunders]

If the client has great credit, there are ways to get personal loans for the guy and charge him. Personal guarantee, maybe income verification.

If the credit is not great, just tell him to go to Loanme, and go make some money elsewhere and don't waste your time.

[Sachip24]

funding a personal account makes it a personal loan, which means lenders have to abide by usury laws which is a no no in this space. As Micah mentioned you can try personal loan, line of credit may be your only option

[Han Solo]

I know a funding company that would do it with the schedule C, how many points I get off this if it funds?

[danlen]

As far as I know you cannot fund an MCA deal into a personal account, if you can get them to open a biz account I can try underwriting using the personal states but we would ultimately have to fund/pull from a biz account.

Daniel Lenefsky
Senior Finance Executive/VP ISO relations
P:646-774-3301
F: 646-398-5656
daniel@yellowstonecapllc.com

[Han Solo]

They should pay me for giving out this kind of information but TVT will fund a personal account with a schedule C that matches the owners name. Enjoy

[Lendvo]

My understanding, from ACH processing providers, is that the core issue is a Federal Reserve regulatory issue regarding the processing of automated commercial finance transactions out of a personal checking account using the Automated Clearing House. Funding of the account is not really the problem it seems but servicing.

That said...we've often seen larger companies, who should have better regulatory regimes, processing LOC payments from personal checking accounts. Either there is something they know that we do not (maybe utilizing the debit/credit card channel?) or their automated systems can't distinguish between a personal and business checking account or can but they just don't care or are blind to it.

[Don Dolla]

you can use the personal bank statements to prop up an approval with the right lender HOWEVER you must have the merchant open a business bank account before funding .... i have investors that will do this for me in the past

[Yankeeman07]

Are there any lenders that will accept personal bank statements for a sole prop?

Possibly - any credit card sales.

Are they using SS or EIN?

Call me to discuss.