Results 1 to 8 of 8
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01-17-2023, 11:59 AM #1
Term Loan Lenders
Hello,
Besides Fundingcircle and SmartBiz, who else is currently out there that's decent to work with?
We have a plethora of overqualified borrowers that we need traditional products for.
I'd strongly prefer not to "superbroker"Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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01-17-2023, 12:07 PM #2
SmartBiz only does SBA uncollateralized up to $350,000
and they send to Funding Circle if file doesn't pass SBA.
Have you reached out to a real SBA non bank lender like Newtek?
https://www.funderintel.com/businessloanlendersLast edited by Olderguy; 01-17-2023 at 12:12 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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01-17-2023, 12:55 PM #3
- Join Date
- Dec 2021
- Posts
- 214
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01-17-2023, 01:11 PM #4
- Join Date
- Feb 2019
- Posts
- 209
Don't avoid a strong superbroker with an actual team behind them. I do not cobroker SBAs but I do have some pretty strong volume.
I could give you a list of banks & I could pay you 100% of the full commission that the bank is willing to pay you. Why? Volume.
To be frank, my lender list is kept pretty close to my chest. Why? It has taken a lot of time & money to build these relationships.
If you want to avoid the superbroker route, then go to conferences (best route) or pull the list of top PLP by volume. All these lenders vary a bunch just like MCA.
For example, low asset, mainly working capital is going to be different than a building purchase. A growing company that needs projected income to qualify is going to a different lender than someone that just got done with a divorce (probably lower credit score).
Don't bother with Expresses. They suck. Stricter underwriting, more work, less money. Even when the loan is 250k, I still avoid going the Express route.
The goal with SBA is to get denied as quickly as possible.
Good luck.
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01-17-2023, 01:22 PM #5
- Join Date
- Feb 2018
- Posts
- 1,349
overqualified borrowers need to go to their banks and see how that works out. no money being made chasing those merchants
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01-17-2023, 01:24 PM #6Steve 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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01-17-2023, 01:25 PM #7
Following up from the Newtek post.
I know the managing director - Scott Shulman
Austin Briggs - Asst VP
Scott Shulman | Managing Director
Newtek Business Finance Solutions
Direct: (212) 273-8146
sshulman@newtekone.com
www.newtekone.com
Austin Briggs| Assistant Vice President
Newtek Small Business Lending
Office: 212-356-9500 ext. 10579| Direct: (914)-334-6131
Email: abriggs@newtekone.com| Web: www.newtekone.com
They are the largest non bank SBA lender in the US. Understand you have flexibliity with deals in the loan committee. I have had them go back and grant me exceptions on files. Secondly a non bank SBA lender will allow you to collateralize personal assets as well as business assets. I did a SBA 7A in Hawaii for $350,000 and we just put a third UCC on his house. $2M SBA 7A on a company that had $10M equipment in Brazil.
And I posted some specific SBA stuff here:
https://dailyfunder.com/showthread.php/23880-Sba-7aSteve 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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01-17-2023, 01:31 PM #8
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
If you have a plethora of overqualified borrowers just call local banks. Get a relationship with them.
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