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  1. #1

    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!

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    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

    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
    Senior Member Reputation points: 4567 NickHubbard's Avatar
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    Quote Originally Posted by Olderguy View Post
    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, they are actually a bank based out of FL!
    Nick Hubbard
    Senior Loan Advisor
    314-252-0299 - Office
    314-885-2262 - Direct
    nick@elitefactoring.com
    www.elitefactoring.com

  4. #4
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    First Home Bank is NOW BayFirst

    A good product for those merchants that qualify
    Dave 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

  5. #5
    Senior Member Reputation points: 23563
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    Quote Originally Posted by Olderguy View Post
    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.
    They pay 2 points. Alan is no longer with the Bank.

  6. #6
    Senior Member Reputation points: 216519
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    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.

  7. #7
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    Quote Originally Posted by abfunders View Post
    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.
    As per my rep, this is incorrect. commission is still 2 points.

  8. #8
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Sorry I can't recommend this guy...sent two emails and never got a response.
    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.

  9. #9
    Senior Member Reputation points: 4567 NickHubbard's Avatar
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    Quote Originally Posted by Olderguy View Post
    Sorry I can't recommend this guy...sent two emails and never got a response.
    As stated above, Alan is no longer with the bank/company!
    Nick Hubbard
    Senior Loan Advisor
    314-252-0299 - Office
    314-885-2262 - Direct
    nick@elitefactoring.com
    www.elitefactoring.com

  10. #10
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by NickHubbard View Post
    As stated above, Alan is no longer with the bank/company!
    Ok.....guess I missed that....someone else you can refer me to on this? Just curious.
    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.

  11. #11
    Senior Member Reputation points: 24994
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    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.

  12. #12
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by mistamca View Post
    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.
    Neither NewTek or SmartBiz does SBA express. I talked to my NewTek guy last year and he said they did one first the first time but don't offer it.
    Last edited by Olderguy; 02-17-2023 at 02:46 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.

  13. #13
    Senior Member Reputation points: 14313
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    Fundshop processes these as well.

  14. #14
    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?

  15. #15
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    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% commission
    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.

  16. #16
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    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.com
    Last edited by Olderguy; 03-22-2023 at 11:15 AM.
    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.

  17. #17
    Senior Member Reputation points: 4457
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    Thanks for the update on this! Been looking for a good Express loan source.

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