[Amiran5]

I work with Lendistry, but they require real estate for any merchant not in CA and Celtic Bank declined to board with them.

Any suggestions?

[Yankeeman07]

I work with Lendistry, but they require real estate for any merchant not in CA and Celtic Bank declined to board with them.

Any suggestions?

I work with a SBA Bank
How much capital are they seeking?

[Mynameisbob]

They’re are a couple banks that offer SBA express with no collateral up to 150k

[RichardGerard]

To all:

Nearly ALL banks will do Express up 150k- obviously others will go up to 350k

[Amiran5]

I work with a SBA Bank
How much capital are they seeking?

I don't have a client at the moment. I wanted to know what are the qualifications and guidelines so that I can pitch the program to clients.

[RichardGerard]

Typical SBA non collateral guidelines are: a US Citizen, 2+ years in business, 650+ FICO (there are several FICO versions- and no two scores are alike- even with the same score), no prior defaults on any government backed loan (think Student Loans), no prior felony criminal past, no open litigations or tax LIENS, no open judgments, and the earnings to substantiate the capacity to pay back the loan.

Other mitigating factors will include existing debt on balance sheet, sales trends, YTD profitability, industry volatility, passive income business types, Global Cash Flow Coverage etc.

On deals that have collateral coverage the FICO requirement can be considerably lower- with a valid reason why it is sub standard.

Without fully understanding all of the nuances previously mentioned (and the cadence of the process AND the expectations of the bank) there will potentially be a great deal of anxiety for you and your client(s). Providing the client a due diligence check list upfront- rather than perpetually asking for more information- will also place the onus for success/failure on them- not you.

While there are aggregators that we all have access to, there are also several regional lenders that are aggressive in the non collateral space as well- with varying flexibility in packaging for compliance and underwriting. Lastly, interfacing with your clients' Accountant is often integral in the process as their 'cruise control mentality' is to mitigate their clients tax liability- NOT assist them with lower cost debt to expand.

Being able to navigate these challenges is the difference between getting something done AND gaining your clients long-term trust- or watching it die. On average we arrange over $2M per month in secured and unsecured Bank/SBA Financing for Business Acquisitions and Working Capital for our clients and our Broker Partners clients. If we can provide value to getting something to the finish line, feel free to touch base.

Richard Gusmano, Founder and CEO
Business Capital Consultants
3237 Route 112 Suite 9
Medford, NY 11763

www.businesscapitalconsultants.com

rg@businesscapitalconsultants.com

[sigmundpannu]

I work with Lendistry, but they require real estate for any merchant not in CA and Celtic Bank declined to board with them.

Any suggestions?

You can use smart biz for these since they have several lenders on their platform. I also like Independence Bank since they will not put a lien on commercial real estate.