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  1. #1
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    3 Best Lenders For Term Loans Today?

    I'm sure there are posts on the site that list lenders but I just want to know in your opinion (obviously seasoned brokers preferred) what are your 3 top term loan lenders?

    I see a pattern over the years, where these so-called term loan lenders get out there, gather an IMMENSE book of business from ISOs, and then announce out of the gatdamn blue that they are no longer accepting broker applications, thus, basically forcing you to do all that's in your power to retain, redirect, or re-engage your clients at all costs...

    That being said, who would you recommend as most likely to be solid, long-term, competitive term loan lenders out there right now in the game?

  2. #2
    Senior Member Reputation points: 43599 brokerCompany's Avatar
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    Any Bank that does SBA
    FUndation

  3. #3
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Quote Originally Posted by brokerCompany View Post
    Any Bank that does SBA
    FUndation
    I should have specified non-SBA, as I usually use Smartbiz for that. What I'm looking for is an alternative for SBA loans, typically when they wouldn't pass Smartbiz' initial underwriting... I'm thinking if they're not qualified there, most likely they won't qualify anywhere, especially if the reason for decline is lack of business credit.

    Anyway, Fundation, yes. Definitely a name that comes up regularly. Appreciate it.

  4. #4
    Senior Member Reputation points: 47257
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    Quote Originally Posted by Fundyman View Post
    I should have specified non-SBA, as I usually use Smartbiz for that. What I'm looking for is an alternative for SBA loans, typically when they wouldn't pass Smartbiz' initial underwriting... I'm thinking if they're not qualified there, most likely they won't qualify anywhere, especially if the reason for decline is lack of business credit.

    Anyway, Fundation, yes. Definitely a name that comes up regularly. Appreciate it.
    wondering the same thing. If i get declined from Smartbiz, is it worth sending the deal anywhere else? Or will it probably get declined with most other banks.
    I put my contact info in here, and
    was bombarded with spam from funders
    if you need to reach me PM me

  5. #5
    Senior Member Reputation points: 7556 cmarks's Avatar
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    Quote Originally Posted by skideeppow View Post
    wondering the same thing. If i get declined from Smartbiz, is it worth sending the deal anywhere else? Or will it probably get declined with most other banks.
    anyone use Newtek? https://www.newtekone.com/loans/term-loans/
    Chris Marks
    funderintel.com

  6. #6
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Quote Originally Posted by cmarks View Post
    All I know is Newtek is official. I have submitted deals to them in the far past, but never closed with them. They're mainly or entirely SBA though. So is Celtic...

  7. #7
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Quote Originally Posted by skideeppow View Post
    wondering the same thing. If i get declined from Smartbiz, is it worth sending the deal anywhere else? Or will it probably get declined with most other banks.
    I'm sure it is worth sending elsewhere. There are certainly almost-SBA lenders out there. I just know they're not offering 10-yr loans.

    Also, there's no way Smartbiz is using all the SBA banks out there, so it's just a matter of a declined deal not fitting their algorithm.

    Other banks will be slightly more lenient but the question in my mind is "if the reason for decline is 'insufficient business credit' does that disqualify the merchant across the board with all banks...?"

  8. #8
    LoanMe offers monthly term loans; 2, 5 and 10 years. We work with any Valid FICO as long as they have 25% ownership of the business, and an open and funded business bank account for 90 days. Let us know if we can help
    Elizabeth Peters
    LoanMe Small Business Loans
    (949) 535-7798

    Your home for payment loans
    1900 S State College Blvd. Suite 300 Anaheim, CA 92806
    www.loanme.com/smallbusiness

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