Results 1 to 17 of 17
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06-17-2022, 07:34 PM #1
- Join Date
- May 2022
- Location
- Tampa, FL
- Posts
- 2
BOLT Program - Brand new program, expedited Low Doc up to 150k no cashflow analysis
Hello -
Reaching out as we launched our BOLT program which initially had some delays but we are getting into a rhythm and currently pacing from application to funding in 10 days with the hopes to be at 5 days by July 1st.
Essentially this is the rundown for those of you who see these kinds of opportunities:
Who gets approved?
- 2 years in business
- 680 FICO
- 155 Small Business Liquidity Score
- WORKING CAPITAL ONLY
What Loan Amount?
- 30% of Gross Revenue (top line from last tax return) UP TO $150k
- No cash flow analysis performed
- Can take it again every 3 months without paying off the first!
- 10 Year Term Loan – Wall Street Journal Prime +2.75% - No Prepay Penalty – No Collateral!
How Long does it take?
- Currently trending at 7 Days from Application to Funding
Prequalification Documents: (what we gather up-front, what referral partners send us)
- Authorizations and Form 1919 (attached)
- Remember – only use of proceeds is Working Capital and 1919 should reflect the request as Working Capital ONLY (not inventory, not hiring, not improvements etc.)
- 2 Years business Tax Returns (if 2021 is on extension proof of extension)
- Driver’s License
How to apply? Call or Email to me directly - Alan.Peterson@CreditBench.com / 917-732-3044
Who am I? New to to this user name but not to the board nor the space. Previously a broker myself for some time have been with Bay First National (formerly first home bank) for two years - being a former broker I don't replicate any of the things that used to drive me absolutely insane with when dealing with "SBA BANKERS" - and there were a quite a few. https://www.youtube.com/watch?v=1aYNYfnufjU
Hope to hear from you!
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06-17-2022, 08:28 PM #2
Working capital - difference between assets and liabilities, etc...funds operations.
Guys are going to ask does that mean paying off multiple MCA loans?
You fail to mention commissions.
A signature and website link would be helpful.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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06-19-2022, 04:55 PM #3Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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06-20-2022, 09:15 AM #4
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,959
First Home Bank is NOW BayFirst
A good product for those merchants that qualifyDave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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02-16-2023, 11:55 AM #5
- Join Date
- Mar 2021
- Posts
- 186
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02-16-2023, 01:53 PM #6
- Join Date
- Feb 2017
- Posts
- 3,433
As of January 1, they don't pay 2 points anymore, they incorporated independently from the bank. You have to charge them separately, which is tricky on SBA deals, it legally cannot be a fee based on success. And minimum FICO for all owners is 700+ now, not 680.
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02-16-2023, 02:16 PM #7
- Join Date
- Mar 2021
- Posts
- 186
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02-16-2023, 07:22 PM #8
Sorry I can't recommend this guy...sent two emails and never got a response.
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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02-17-2023, 09:57 AM #9Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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02-17-2023, 10:26 AM #10Steve 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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02-17-2023, 11:09 AM #11
- Join Date
- Feb 2019
- Posts
- 209
I could never understand CreditBench's box. They really do have the SBA express program down. Personally, I find the express program a complete waste of time to broker. Stricter underwriting, small-dollar commission, and a very small group relative to all other programs.
This rebrand might have different UW guidelines but I highly doubt it. "Upselling" 7a SBAs to MCA crowd is very doable with a relatively high conversion once you understand how they are underwritten. Express SBA is a nightmare unless you have a unique lead source. It is extremely rare that I come across extremely clean/vanilla financials that make it as easy as it is marketed. If it is that clean, then I can take it to any bank and get it done.
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02-17-2023, 11:34 AM #12
Last edited by Olderguy; 02-17-2023 at 02:46 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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02-17-2023, 02:29 PM #13
- Join Date
- Apr 2020
- Posts
- 127
Fundshop processes these as well.
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02-24-2023, 01:31 PM #14
- Join Date
- Sep 2022
- Posts
- 12
I just heard from few my previous clients that went this route with Loanbud and actually got funded.
The $150,000 w/ another $150K in 90 days is impossible beat with 10 year terms from Loanbud. The nice kicker is any existing debt, outstanding MCA, etc isn't considered. This made great for one client with multiple loans and MCA already taken out.
Does NewTek or SmartBiz also have similiar requirement and where they only look at revenue plus existing highly leveraged with debts/MCA is not an issue at all?
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02-24-2023, 02:08 PM #15
Working with a lender who will advise me when this is live. Couple of weeks at most.
It will be part of their SBA portal and will underwrite on the back end for loan amounts $150,000 or less.
Stay tuned.
In the meantime:
SBA Bolt guidelines:
Max $150,000
Expedited timeline
Mainly based on bank statements
and SBA E-tran scoring system
Same terms as SBA 7A 10 years 10.5% adjusted quarterly.
2% commissionSteve 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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03-21-2023, 02:46 PM #16
Update on the fast SBA program:
This program is now LIVE through SmartBiz.
It is built into the back end of their portal.
You just put in $150,000 loan amount.
Advise the rep - fast SBA
Funds in two weeks.
(I just funded a SBA 7A in 25 days with them)
700 Fico
Bank statements
ETRAN 175
2 years TIB
similar SBA guidelines
10 year loan 10.5% adjusted quarterly
They pay 2% commission
Matt Grotzinger
Senior Partner Success Manager
P: (512) 792-3567
E: matt.grotzinger@smartbizloans.comLast edited by Olderguy; 03-22-2023 at 11:15 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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04-14-2023, 03:46 PM #17
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 266
Thanks for the update on this! Been looking for a good Express loan source.
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