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  1. #1

    Insurance business owner - $40k/mo. - 6+ yrs in business seeking $200k LOC

    Client has no business credit history, but a 700+ personal credit score, $200k total outstanding personal debt including mortgage. No outstanding business loans currently. Prefers line of credit, but would be open to a longer term loan.

    Let's talk.
    Last edited by davec1990; 08-30-2019 at 05:10 PM.

  2. #2
    Senior Member Reputation points: 43599 brokerCompany's Avatar
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    Fundation
    Bluevine

    Or message me I have funds that lend to insurance agencies only

  3. #3
    I'll check out Fundation, Bluevine has a 2-3 week application approval period before they'll work with ISO's, so they're out for this one.

  4. #4
    Senior Member Reputation points: 81655
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    Quote Originally Posted by davec1990 View Post
    Client has no business credit history, but a 700+ personal credit score, $200k total outstanding personal debt including mortgage. No outstanding business loans currently. Prefers line of credit, but would be open to a longer term loan.

    Let's talk.
    SBA Loan
    10 Year - No Prepayment
    8% to 9%

    **Tax Returns must show they can service the loan.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  5. #5
    Senior Member Reputation points: 18402
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    Not getting 200k

  6. #6
    Quote Originally Posted by Yankeeman07 View Post
    SBA Loan
    10 Year - No Prepayment
    8% to 9%

    **Tax Returns must show they can service the loan.
    I haven't done much with SBA loans - don't they require the merchant not borrow any additional funds for the life of the loan?

  7. #7
    Quote Originally Posted by golf2014 View Post
    Not getting 200k
    Not with that attitude

  8. #8
    Senior Member Reputation points: 503040
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    Quote Originally Posted by davec1990 View Post
    I haven't done much with SBA loans - don't they require the merchant not borrow any additional funds for the life of the loan?
    They aren’t going to allow subordination. In theory, if their financials are together you could work on a 7(a) Express LOC. Best bet is a 0% APR unsecured credit card. But I’m assuming they already have those?

  9. #9
    Senior Member Reputation points: 81655
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    Quote Originally Posted by davec1990 View Post
    I haven't done much with SBA loans - don't they require the merchant not borrow any additional funds for the life of the loan?

    SBA do not have a pre-payment penalty - The amount a merchant could borrow is dependent on their
    ability to service the loan.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  10. #10
    SBA do have a pre-payment penalty for the first 3 years 5-3-1

  11. #11
    Senior Member Reputation points: 503040
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    Quote Originally Posted by jason peterson View Post
    SBA do have a pre-payment penalty for the first 3 years 5-3-1
    That only applies to 15 year terms or longer.

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