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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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