Need a Funder or Vendor? START HERE

Results 1 to 4 of 4
  1. #1
    Senior Member Reputation points: 5633
    Join Date
    Mar 2019
    Posts
    104

    Building Business Credit to Get An LOC to Use For Syndication As An ISO

    Coming up on our 1 year in business and I'm curious if any ISO shops have an LOC with their local bank to use for syndication. I imagine this is unlikely, but thought I would see if anyone has success with this.

  2. #2
    Senior Member Reputation points: 18328
    Join Date
    Oct 2013
    Location
    Designer
    Posts
    569

    Quote Originally Posted by ryanh View Post
    Coming up on our 1 year in business and I'm curious if any ISO shops have an LOC with their local bank to use for syndication. I imagine this is unlikely, but thought I would see if anyone has success with this.


    The issue isn't getting the LOC, it's getting an amount that's sizable enough to consistently participate in a nice amount of deals, (not just 1 - 3 small deals a month), and one that will grow as you do. Most don't, and you typically see lenders moving up from investor to investor/institution.

    Local banks also don't get too excited when you tell them you're borrowing money to in order to lend it (some will auto-decline if you say that), so try to give them another business reason (that's plausible, and not a lie). But either way good luck.

    I have a few possible options for private investors, feel free to reach out.

    917 727 1624

  3. #3
    Senior Member Reputation points: 91418
    Join Date
    Sep 2019
    Posts
    402

    Quote Originally Posted by ryanh View Post
    Coming up on our 1 year in business and I'm curious if any ISO shops have an LOC with their local bank to use for syndication. I imagine this is unlikely, but thought I would see if anyone has success with this.
    Fix your credit, go to Sofi.com, take $100,000 at 10% APR. Wash rinse repeat.

  4. #4
    Banned Reputation points: 179851
    Join Date
    Jun 2017
    Posts
    2,051

    Quote Originally Posted by Franklin View Post
    The issue isn't getting the LOC, it's getting an amount that's sizable enough to consistently participate in a nice amount of deals, (not just 1 - 3 small deals a month), and one that will grow as you do. Most don't, and you typically see lenders moving up from investor to investor/institution.

    Local banks also don't get too excited when you tell them you're borrowing money to in order to lend it (some will auto-decline if you say that), so try to give them another business reason (that's plausible, and not a lie). But either way good luck.

    I have a few possible options for private investors, feel free to reach out.

    917 727 1624
    Well he wouldn't be lending he would be buying and selling a product. Future Sales.

Similar Threads

  1. Who does Unsecured Lines of Credit Against Business Credit
    By briandario in forum All Other Lending
    Replies: 14
    Last Post: 09-04-2018, 11:18 PM
  2. Replies: 0
    Last Post: 10-19-2017, 10:17 AM
  3. Replies: 4
    Last Post: 06-22-2016, 07:01 PM
  4. Replies: 0
    Last Post: 11-02-2015, 12:23 PM
  5. Replies: 7
    Last Post: 06-22-2015, 01:33 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

SubcontractorHub, Lendica partner
BoA launches business loan marketplace
Quickbooks adds new LOC product


DIRECTORY