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  1. #1

    Term loan

    Who can do term loans other than Loanme? direct lenders / funder...no brokers!

    call / text 813-703-5443 David
    Last edited by Mr. Money Man; 09-07-2021 at 10:00 PM.

  2. #2
    Senior Member Reputation points: 73780
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    For qualified merchants , SBA 7(a) are term loans
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  3. #3
    Senior Member Reputation points: 68180
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    Morning David..

    Banks do real term loans. Most recent approval: Midwest Health Cycle Studio 100k 60 months- Prime + 1.75% (5%).

    Bear in mind that since the interest rates are low- in many instances the banks themselves will not pay intermediaries (or pay very little). When this is the case clients agree to a success fee upon acceptance and the transaction funding.

    On this thread it is mentioned that SBA 7A loans are available to qualified merchants. Which is true. The key is understanding which lender can expedite the file, and which lender has an appetite to deploy capital given the circumstances(credit, collateral- or lack of it, use of funds, industry type etc.). PLEASE NOTE: SBA IS SUBPRIME -and knowing whether or not the bank you are working with is a preferred lender provider can add substantial time for deals to close.

    Banks are constantly soliciting our firm to send them deals- this gives us leverage to get them approved so that we can send them more. Business Development Officers at banks get a substantial amount of their earnings from closed deals. What they don't want however is for Brokers to send them deals without merit and without Tax returns and Financials that speak to their ask. That is just a waste of their time and subsequently the file gets shoved to the bottom of the pile.

    As a Broker if this is external of your focus and time I suggest aligning with people that specialize in this. Making sure the submission is packaged right is a huge part of the process. These take time but are seeds to go along with your immediate Working Capital Pipeline.

    Feel free to reach out:

    richard@bccusa.com

  4. #4
    Senior Member Reputation points: 73780
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    Richard - You found a bank that would extend a $100K Term Loan - that is a rare find.
    Good for you.

    I receive referrals from bankers @ WF, Chase since their banks will not even look at the paperwork for any loan
    amount under $500K .

    SBA 7(a) is NOT sub-prime (Not sure how you decided SBA was (SUB PRIME) - but I work with 2 Banks that are listed in the Top 100 of SBA Active Lenders and they are not looking or even accepting sub-prime deals.

    https://www.sba.gov/partners/lenders...sba-7a-lenders

    SBA Loan Eligibility:

    https://www.sba.gov/funding-programs/loans/7a-loans


    SBA and (expedite) is a misnomer in the SBA Loan World - typical closing are 45 days with Short Form Loans - 60+ plus with 7(a) over $500K.
    Biggest delay is waiting on Appraisers

    Generally MCA Brokers do not have the patience for SBA Loans.
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  5. #5
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    SBA is Sub Prime Dave- don't wish to argue- just clarify.

    Banks use the SBA Guaranty on deals they would typically pass on themselves. Why not have the Government act as a safety net? We do a significant amount of bank direct deals without SBA involvement, and many are underwritten more swiftly based on the lenders specific credit model and UW department.

    Many SBA Lenders prefer the 350k + space but we work with several that utilize expedited or short form. Many of these aggregators and lenders have been slower since PPP. Some of those will use the 'Express' for revolvers only.

    We will get Chase referrals in NY Metro area from relationship banker contacts. We do not work with WF, but have several large footprint banks like Citibank, Citizens, Santander, PNC, People and Other Credit Union/smaller footprint referral partners.

    I agree many MCA Brokers are not set up to work on Bank or SBA loan- we are happy to.

    richard@bccusa.com

  6. #6
    Banks and other private firms such as funding circle. Give us a call today or email funding@upwisecapital.com

    https://upwisecapital.com/partners/

  7. #7
    Senior Member Reputation points: 8853 Olderguy's Avatar
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    Quote Originally Posted by UpwiseCapital View Post
    Banks and other private firms such as funding circle. Give us a call today or email funding@upwisecapital.com

    https://upwisecapital.com/partners/
    Funding Circle tries to steal clients, going direct on renewals.....That is not a good example for term loan lenders.
    Steve Benjamin
    Professional Business Loans

    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050

    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 6% and up
    @ Equipment financing up to 6 years
    @ Property loans - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ SBA EIDL 2nd draw still valid...
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

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