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  1. #1

    Cash advance or line of credit needed for client

    Here is the scenario. My client has a home-based life insurance business he started in 2021. His 2021 tax returns show his income at $480,000. Year to date, he is at $371,966 and is on track to hit around $650,000 this year. His FICO scores are at 700. He is looking for a loan in the $100,000 - $150,000 range for the purpose of bringing on five more agents and increase his marketing. Here are the three obstacles that are creating problems in finding a lender for him. 1) Until last month, he was a sole proprietor and all of his income was run through his personal account. 2) He has no A/R's; just monthly income generated from new clients and, year-end residuals. 3) He is helping to support five other families of his own family members (clearly evidenced by his bank statements), so while he has significant income each month ($80,000 monthly average the last three months), he has significant money going out, leaving him with a low end of month balance. However, he is adamant that whatever the monthly loan payment is, he will make the necessary adjustments to compensate for it and, with the additional agents, his income will significantly increase. Anyone have any thoughts for lenders on this? Ironwood and Capitalize Funding passed because of the above reasons. Any help would be greatly appreciated. I should also mention he is a national motivational speaker with over 350 engagements. He does not charge a fee for this but it is where he picks up many of his leads.

    Tom Harrier
    Integrity Commercial Loans, LLC
    407-928-8542
    broker@tomharrier.net
    Last edited by MissouriBroker1; 08-11-2022 at 10:53 AM.

  2. #2
    Senior Member Reputation points: 27024 Olderguy's Avatar
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    Off the top of my head....You can get a personal loan in the amount up to $250,000 based on personal tax return. Micah can help you with that program. 3 - 5 years 8% +
    You can apply for a business line of credit/credit card as a start up business. 3 - 5 years 8%+
    If he is a homeowner, I can get him up to $250,000 home improvement loan that is NOT collateralized on his property. It's based on 90% of personal income. Again NO UCC for that one. 15 years 10%.
    SBA micro loan up to $50,000 for start ups.
    If he has any property that is not primary residence that is free and clear or with equity, there also a hard money No Doc hard money loan possible too.

    There are MCA lenders who will fund on personal bank statements but you would be looking at MCA rates and terms.
    Last edited by Olderguy; 08-10-2022 at 09:25 PM.
    Steve Benjamin
    Professional Business Loans

    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050

    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 6% and up
    @ Equipment financing up to 6 years
    @ Property loans - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  3. #3
    Quote Originally Posted by MissouriBroker1 View Post
    Here is the scenario. My client has a home-based life insurance business he started in 2021. His 2021 tax returns show his income at $480,000. Year to date, he is at $371,966 and is on track to hit around $650,000 this year. His FICO scores are at 700. He is looking for a loan in the $100,000 - $150,000 range for the purpose of bringing on five more agents and increase his marketing. Here are the three obstacles that are creating problems in finding a lender for him. 1) Until last month, he was a sole proprietor and all of his income was run through his personal account. 2) He has no A/R's; just monthly income generated from new clients and, year-end residuals. 3) He is helping to support five other families of his own family members (clearly evidenced by his bank statements), so while he has significant income each month ($80,000 monthly average the last three months), he has significant money going out, leaving him with a low end of month balance. However, he is adamant that whatever the monthly loan payment is, he will make the necessary adjustments to compensate for it and, with the additional agents, his income will significantly increase. Anyone have any thoughts for lenders on this? Ironwood and Capitalize Funding passed because of the above reasons. Any help would be greatly appreciated. I should also mention he is a national motivational speaker with over 350 engagements. He does not charge a fee for this but it is where he picks up many of his leads.

    Tom Harrier
    Integrity Commercial Loans, LLC
    407-928-8542
    broker@tomharrier.net


    All things considered, there may be a couple of options here. Please get in touch.



    We have revamped our lending criteria for aggressive offers and maximum deal flow. We pride ourselves on being extremely creative and flexible.

    Our funding Criteria:

    - 5k minimum funding
    - B, C, D paper
    - Offers not based on credit score - low credit ok
    - Response time (realistically) as low as 60 minutes
    - 1st - 5th position - Up to 38% withhold of net deposits
    - As low as 1.32 buy rates
    - Terms up to 140 days (weekly's upon approval)
    - Max Upsell to 15 points
    - Early Payoff Discounts
    - 15k a month average revenue
    - Minimum of 5 deposits per month
    - Minimal stips (VC & ID)
    - Docusign Contracts

    -Term Loans and LOC available for A & B paper



    Michael Ross
    Lendbug
    New York, NY
    Mross@lendbug.com
    646-360-0411

  4. #4
    Realistically I see a max $58k deal here given the circumstances.

  5. #5
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    feel free to reach out
    Leon Davis
    Funder / Iso Relations

    Brickstone Fund
    Phone: 347-433-7727

    EMAIL: Leon@brickstonefund.com

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