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  1. #1

    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

  2. #2
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    Quote Originally Posted by Moethecloser$ View Post
    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
    How much equity in the real estate?
    Last edited by Yankeeman07; 05-27-2023 at 06:37 AM.
    Dave Lambert, Business Development
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  3. #3
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    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

    1012 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.

  4. #4
    Not sure but he owns over 30 properties free and clear.

  5. #5
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    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

    1012 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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