Results 1 to 8 of 8
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01-19-2023, 10:15 AM #1
- Join Date
- May 2018
- Posts
- 49
Funding based on ERC
I have merchants that have been having issues with payments but have been approved for the ERC program, does anyone fund against the ERC and what’s the process and qualifications?
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01-19-2023, 10:31 AM #2
- Join Date
- Nov 2022
- Posts
- 54
ill let bret know you have no idea how to help him
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01-19-2023, 10:39 AM #3
TVT has a program for that.
ERC Bridge overview
Up to 60% LTV on submitted ERC claims
22-35% 12 month deals
interest only - sometimes for full term sometimes for half the term - depends on the credit
At Submission:
• 3 months business bank statements (main operating account)
• Merchant application
• Most recent tax returns & 2022 YTD P&L
• Form 941
• Form 941-X
• Employee ERC calculation breakdown per quarter associated with the corresponding filed 941-X form
• Proof of eligibility (eligibility criteria)
- government mandated shutdown
- Loss in revenue in accordance with ERC qualification (please have CPA sign and owner)
*If you can not provide the ERC calculation break down the client can only be approved for tiered amortized weekly payment structure*
(Require driver id of owners over 20% as well)
Fees:
4 % origination
commission 4% - 5%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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01-19-2023, 11:53 AM #4
- Join Date
- Oct 2022
- Posts
- 291
Call me - Elon at 1-516-236-4086 I can set you up with someone better than TVT
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01-19-2023, 03:59 PM #5
- Join Date
- Apr 2020
- Posts
- 54
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01-19-2023, 04:22 PM #6
- Join Date
- May 2014
- Location
- California
- Posts
- 348
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01-20-2023, 08:40 AM #7
- Join Date
- Nov 2015
- Posts
- 13
Erc
We are actively funding client that have been ERC approved. Below are the details on our bridge loan.
Current Bridge Financing guidelines:
60% LTV on an approved ERTC
20-30% 1-2 year deals
interest only
3% origination fee
Financials & banks of the company need to look healthy
Requirements:
- Copy of the completed and submitted ERTC claim.
- Copies of the 2020 and 2021 Form 941's.
- 2021 and YTD 2022 financial statements: P&Ls, balance sheets, cash flow statements.
- Bank statements.
- Signed Application
- Signed 8821's. (soft approvals can be given before issuing)
Feel free to email me at paul@pcccapitalllc.com and deal are submit at submissions@pccapitalllc.com. I look forward to hearing from you to close a few deals.
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01-23-2023, 09:13 AM #8
- Join Date
- Aug 2021
- Posts
- 69
I can potentially fund them. All I would need in order to get them prequalified is the last two years personal tax returns and a 3 bureau credit report. Income $50,000+ credit 680+
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