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06-03-2022, 11:06 AM #1
Business Credit Card options to MCA and for start ups - Need Fico 700+
File from broker.
Feb sales $12k
March sales $12K
April sales $4K
Mostly additional revenue in business bank account are online transfers from saving account.
Good Fico
No debt
Got him a couple of business credit card at $69,000
0% interest for a year
The rates people get depend on what the lender gives them specifically, but they start with 0% rates for 6-12 months and then adjust to 9-19% APR or so after that.
Need a 700+ Fico
This product is available from Midwest Corporate Credit.
Broker commission is 2.5% and continues on renewals.
This one paid $1,500 and it was a hand off to lender.
Business Credit Cards (BCCs)
Most popular product. Up to $150,000 in 30-60 days for brand new startup companies.
Larger amounts are available for more established companies with strong revenues.
- These Lines of Credit Do Not Report To Personal Credit as long as accounts are in good
standing. We’ve compiled a list of lenders that will not report the client’s accounts to the
client’s personal credit report. Clients keep their business and personal credit separate.
- Visa/MC Corporate Credit Cards - Funds come in the form of business Visa/MC credit
cards in the company name. These cards are non-vendor specific; i.e. The cards will NOT be
cards that can only used with certain stores, like a Macy’s, Staples, or Home Depot card.
- 0% Intro Rates on Purchases and/or Balance Transfers for the first 6-12 months on
most, if not all the cards. We can avoid lenders that do not offer 0% intro rates, if desired.
- Rates typically 9.99%-19.99% or so on Purchases after the Introductory 0% Period.
Rates vary based on strength of the guarantor’s personal credit profile.
- Possible additional promotional rates in the future. We can teach people how to use accounts
strategically, so that after the initial 0% rates expire, they can increase their chances of
getting additional promotional rates in the future. Some past clients consistently get 0% on
Balance Transfers for 12- 18 months, with just a one time 2-4% balance transfer fee.
- Pre-revenue and startup companies can apply and receive these cards also, as well as
established companies, of course. Biggest factor for approval is strength of personal credit.
- No collateral required - Clients don’t have to tie up personal assets to obtain financing.
- Revolving Accounts - Lines of Credit can stay open for the life of the business.
- Up to $100,000 in Business Credit Cards for business entities less than 2 years old.
- Up to $150,000 in Business Credit Cards if the business is 2+ years old w/ good revenues.
- Accounts typically report to client’s business credit profile every month, which will help
the company be more likely to get higher approval amounts and better terms on other Cards,
Loans, and Lines of Credit in the future. Usually Corporate Experian or Commercial Equifax.
- Lender provides the client a Fast, no-cost Funding Estimate usually available within one
business day. Clients need to submit a one page pre-qualification form and a three bureau
personal credit report. This way they have a reasonable expectation of approval amounts.
Business Credit Card Features and Benefits, continued
- Most clients receive one or more ‘Instant Approvals’, where a lender approves their application
in 48 hours and sends out the cards right away. In this case, the client can receive
30-50% of the total funding they are going to receive within about two weeks.
- Clients typically receive all cards in as few as 15 days, nearly always within 30 days.
- Balance Transfer Checks - Clients who use their accounts properly for the first 6 months or
so may be offered Balance Transfer Checks by the lenders. They can use these checks to
make a deposit right into a business checking account, allowing them to be completely liquid.
- Credit Limit Increases available after properly servicing the accounts for a few months.
Past clients have doubled and tripled their limits on some cards within 15-18 months, with
some people building up to $50,000 to $100,000 per card. Clients must request increases.
- This provider has over one hundred relationships with national, regional and local commercial
bankers, underwriters, and investors. Our relationships with these lenders help to ensure that
our get clients the highest approvals and best rates available, specific to their situation.
Some Potential Uses:
- Cash Flow Management Tool - Helps a new business owner keep his cash on hand for things
like payroll, while they can use the cards for other things that they can pay with CC for, like:
- Save money over other lending product by using 0% promotional offers on Balance Transfers
- Buying product/stocking the shelves
- Launch Marketing Campaign/Advertising/Branding
- Upgrade business systems/infrastructure
- Upgrade storefront
- Operating Capital
- Real Estate Investors can use the funds to purchase materials for a rehab project
- Balance Transfer Checks can be used to turn the Credit into Cash, which can then be used
for down payment or purchase of equipment or property, or for any other cash transaction.
Requirements for Business Credit Card ApplicantsSteve 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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06-06-2022, 03:22 PM #2
Here's my contact guy - if you mention me he'll know the source.
BAILEY BLASDEL
Bailey@midwestcorporatecredit.com
(630) 974-5507Steve 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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06-06-2022, 03:26 PM #3
- Join Date
- Nov 2013
- Posts
- 598
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06-06-2022, 03:49 PM #4
It's not about commission splits, it's about servicing the customer. And explaining all the options and how the whole package affects their business. Most of the people in the industry are not what I'd call loan officers....I don't work on highest commissions as I don't need to worry about money...it's about what is in the best interest for the client. So if I refer a client or broker to someone, it's about client service and not money.
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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06-06-2022, 04:55 PM #5
- Join Date
- Nov 2013
- Posts
- 598
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05-01-2023, 02:43 AM #6
- Join Date
- Apr 2023
- Posts
- 10
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05-01-2023, 09:10 AM #7
Here's another:
Pays more.
Dan Raymond
CEO
Biz Loans Inc
Office: (610) BIZ LOAN
(610) 249-5626
Direct: (302) 397-3777
dan@bizloansinc.com
Website: https://bizloansinc.comLast edited by Olderguy; 05-01-2023 at 09:27 AM.
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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05-10-2023, 02:22 PM #8
- Join Date
- Apr 2017
- Location
- 1301 NJ-36, Bldg#2, Ste#5, Hazlet, Nj, 07730
- Posts
- 143
Stephen I have worked with Midwest & they are the real deal and you don't do any heavy lifting. It is a viable way to get pre-rev startup and get commissions for the hand off.
I also Like Micah @ Abf funders mmarkowitz@abfunders.com
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07-21-2023, 11:38 AM #9
- Join Date
- Mar 2023
- Posts
- 18
Biz Loans Inc definitely pays more on credit card stacking when a 15% fee agreement (industry top pricing) is charged.
Our new buy rate is 6%. ISOs keep anything over that. The highest commission in the industry is a 50/50 split and we beat that by 1.5% (60/40 the ISOs way) on a 15% fee.
Also: we do not just do credit card stacking. There will be some clients that qualify for up to 6 different bank rate products (though most only qualify for the 0% intro rate business credit cards and personal term loans).
Check out our partner page: https://bizloansinc.com/partners/
Dan Raymond
Biz Loans Inc
300 Delaware Ave
Suite 210
Wilmington, DE 19801
Phone: (610) BIZ LOAN
Direct: (302) 397-3777
E-mail: dan@bizloansinc.com
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