[MissouriBroker1]

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