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  1. #1
    Senior Member Reputation points: 17056 Fundyman's Avatar
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    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?

  2. #2
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    Quote Originally Posted by Fundyman View Post
    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?
    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

  3. #3
    Senior Member Reputation points: 11677 Olderguy's Avatar
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    1 1/2 TIB? Could do SBA if qualify. 660 fico, making money, good cash flow.
    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.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  4. #4
    Senior Member Reputation points: 17056 Fundyman's Avatar
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    Quote Originally Posted by Olderguy View Post
    1 1/2 TIB? Could do SBA if qualify. 660 fico, making money, good cash flow.
    Can 650 FICO work? If not, that's okay. Also, how long to fund this type of loan, since you're talkin SBA...? Thanks

  5. #5
    Senior Member Reputation points: 11677 Olderguy's Avatar
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    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

    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.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  6. #6
    Member Reputation points: 33
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    Nov 2021
    Location
    Brickell Miami FL
    Posts
    52

    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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