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05-27-2023, 12:16 AM #1
- Join Date
- May 2023
- Posts
- 6
In need of a big LOC for client.
Client has 750 credit , did 10mil last year and has a few million in the bank . He wants a LOC of a couple million using his reserves for collateral . Any suggestions? He owns a trucking company and record label and a lot of real estate
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05-27-2023, 01:26 AM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,996
Last edited by Yankeeman07; 05-27-2023 at 06:37 AM.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial
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05-27-2023, 08:07 AM #3
Newtek:
Line of credit:
$50,000 -$3,000,000
Renewable 1 year term
Minimum 650 credit score (grater above the 650 min the better)
Collateral – Inventory, Operating Capital (cash), Accounts Receivable can be used for collateral
Receivables need to be 80-100% advance rate
Inventory valued 80-100%
I have a guy who can also do staked LOC's in $250,000 increments.Last edited by Olderguy; 05-27-2023 at 10:20 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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05-27-2023, 03:29 PM #4
- Join Date
- May 2023
- Posts
- 6
Not sure but he owns over 30 properties free and clear.
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05-27-2023, 10:11 PM #5
With those assets why isn't he talking to his bank?
Might I suggest you might want to reach out to someone with a bit more experience?Last edited by Olderguy; 05-27-2023 at 10:20 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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