Results 1 to 6 of 6
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05-11-2022, 12:36 PM #1
Term Loans For Merchants w/ Only 1 Yr Tax Returns?
Are there term loan programs out there for merchants that are under 2 yrs in business? If so, who would those lenders be? & what are their basic guidelines, please?
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05-11-2022, 12:46 PM #2
- Join Date
- Feb 2020
- Location
- Anaheim, CA
- Posts
- 85
LoanMe offers a small business term loan in 29 states + Washington DC.
1. Standard Small Business Loan
• Six Loan Tiers
• Loan Amounts: $3,500 - $100,000
• Max 10yr Terms
• No prepayment penalty
• No Fico Minimum Requirements
• Qualification Based on Affordability – Overall Credit Health of PG(Personal Guarantor)
• Partner Commission: 5 points
• Merchant: Minimum Monthly Income $3,500
• Merchant: Minimum Annual Income $42,000
• Negative Days – No cap on SBL
• 90 Days in Business
• 90 Days Business Bank Acct – Bank must be in business name
*State limitations and usury laws may affect eligibility*
2. Jumbo True Consolidation
• Top Tier Clients
• Consolidate existing positions (within and past 90 days)
• $200K max
E-mail us at business.loans@loanme.com for additional info or to sign up.
Cheers.Joel S Galasso
Senior National Accounts Manager
Small Business Loans
Main: 949-535-7798 | business.loans@loanme.com
1900 S. State College Blvd. Suite 300 Anaheim, CA 92806
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05-11-2022, 03:03 PM #3
1 1/2 TIB? Could do SBA if qualify. 660 fico, making money, good cash flow.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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05-12-2022, 02:44 PM #4
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05-12-2022, 04:20 PM #5
Maybe - 650 is marginal...do a tri merge and get three scores...what's the loan amount?...maybe do SBA express if good cash flow. I have another lender who can do term loans with out tax returns depending on the industry. Could be less than 30 days on term to 30 - 45 days on express. Go to creditchecktotal.com and pay $1 for scores. Is the P & L and balance sheet strong?
Last edited by Olderguy; 05-12-2022 at 04:58 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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05-13-2022, 08:48 AM #6
- Join Date
- Nov 2021
- Location
- Brickell Miami FL
- Posts
- 156
Terms loans are possible for businesses under 2 years if the revenue is 50-100K monthly or has a minimum credit score of 680 or a business credit score of 80.
With those credit scores you'll qualify for revolving lines of credit. It also depends on the merchant industry as well, when discussing private term loans
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