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11-20-2019, 07:50 AM #6
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- Join Date
- Dec 2014
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- Quogue, NY
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Maybe client needed money fast- and is now more prepared for a real loan.
Real Banks will not be concerned with NSF's as much as earnings, Global Cash Flow, and Debt Service Coverage. FICO scores are a large component as it speaks to the clients credibility.
There are folks like Fundation, Credibility, Street Shares, Funding Circle, TAB Bank, Independence Bank that will do these- along with a host of other Banks that will do SBA Express.
FICO should be 650+ (though Ben at Omega is not wrong in saying 680- the better the credit the better the deal).
Client will NEED to have YTD PL and Balance within 60 days- 17/18 Corporate returns (and other Corp returns if there are multiple K-1's).
If the client is profitable, has good credit, and is organized- a real loan is very likely
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