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  1. #1
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Home Care Provider Looking for Term Loan

    Credit is approx. 650
    Revenue is approx. $55K/mo
    Bank statements are very healthy
    I have 2019 & 2020 tax returns

    Merchant is looking for a term loan; monthly payments.

    Where is the best place to take this one?

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    How much do they want? Fico marginal. I'd try SBA Express. Then term loan companies. Pull credit and look at the % usage to limit on credit cards. A quick paydown will get their score up to 680 or better. Better chance on getting an approval. If you have never done one of these, give me a call.
    Last edited by Olderguy; 05-18-2022 at 10:09 PM.
    Steve Benjamin
    Professional Business Loans

    1012 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.

  3. #3
    We offer unsecured Term Loans with monthly payments, feel free to reach out mbranciforte@national.biz 631-387-4157

  4. #4
    SBA would require protiable tax returns over the last 3 years, if they are profitable we can do a Hybridge SBA, get them a term followed by an SBA which they can pay off the term loan once the SBA funds after a few months.

  5. #5
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Doesn't Hybridge require a 685 Fico? You can remove depreciation and officer's salaries to improve profitability for submission and underwriting. I've seen SBA loans down to 620 Fico with strong financials...but a 650 I really try and get the score up first.
    Steve Benjamin
    Professional Business Loans

    1012 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.

  6. #6
    Senior Member Reputation points: 20458 Fundyman's Avatar
    Join Date
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    Posts
    710

    Quote Originally Posted by Olderguy View Post
    Doesn't Hybridge require a 685 Fico? You can remove depreciation and officer's salaries to improve profitability for submission and underwriting. I've seen SBA loans down to 620 Fico with strong financials...but a 650 I really try and get the score up first.
    The scores are actually scheduled to go up past 680. I figured that's what I would wait on, but wanted to get a few ideas in the meantime, as to where to take the app to once it gets to that point. & yes, I've done a few of those before.

    Thanks

  7. #7
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Get the score up and get a SBA Express if you have the time.
    Steve Benjamin
    Professional Business Loans

    1012 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.

  8. #8
    Banned Reputation points: 6026
    Join Date
    Apr 2021
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    HYBRID ADVANCE is accepting new ISO's and putting out aggressive offers with a quick turnover time and minimal stips required to fund (VC,DL,EIN) whether its 10k or 1 Million.
    Any deals in the B-D Paper space we will get it done no problem. Send all inquiries to kevin@hybridadvancellc.com

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