Results 1 to 22 of 22
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08-23-2023, 01:39 PM #1
- Join Date
- Aug 2022
- Posts
- 38
What Lenders compete with Kapitus
Who are the lenders that would compete with a 1.30 sell rate from Kapitus. Currently competing with a $150,000 15 month offer that is a 1.30. Are there lenders out there that would compete with these type of offers?
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08-23-2023, 01:48 PM #2
- Join Date
- Feb 2017
- Posts
- 3,427
IOU comes to mind
Not sure what OnDeck is putting out these days
Try to sell him on a Bluevine LOC, tell him the advantages of a LOC over a term product etc etc
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08-23-2023, 01:50 PM #3
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- Aug 2022
- Posts
- 38
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08-23-2023, 04:30 PM #4
- Join Date
- Nov 2019
- Posts
- 675
I would talk to the merchant and ask him why he wants a 15 month term or longer. Business always need money and if he is inn the same boat by taking a 15 month term and needs money in a few months he will have to take a stack. Or if we waits 8 months then they will refinance his balance then the 15 month term will turn into 8 months and the new cost is 1.60 because they will charge him double on the new balance by paying them self off. Depending on the industry daily balances and credit i can get you a 6-9 month term at around a 1.30 sell rate range and every few months we will just extend the term out and add the new money to the the back of the old balance so over 15 months the merchant gets more money at a 1.30 like credit line in a way.
Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872
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08-23-2023, 04:35 PM #5
Have you looked into SBA Bolt $150K fund in a few weeks?
Financial Lynx better LOC than BlueVine....but takes time
Revolving with no term, no monthly fees.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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08-23-2023, 05:17 PM #6
- Join Date
- Mar 2021
- Posts
- 186
Last edited by goatFunding; 08-23-2023 at 05:21 PM.
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08-24-2023, 10:25 AM #7
- Join Date
- Aug 2018
- Posts
- 792
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08-24-2023, 10:27 AM #8
- Join Date
- Aug 2018
- Posts
- 792
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08-24-2023, 10:47 AM #9
- Join Date
- Nov 2019
- Posts
- 675
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08-24-2023, 11:16 AM #10
- Join Date
- Nov 2022
- Posts
- 54
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08-24-2023, 04:36 PM #11
- Join Date
- Aug 2022
- Posts
- 38
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08-25-2023, 10:42 AM #12
- Join Date
- Apr 2017
- Location
- 1301 NJ-36, Bldg#2, Ste#5, Hazlet, Nj, 07730
- Posts
- 143
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08-25-2023, 10:47 AM #13
Here's Financial Lynx LOC program:
DOES YOUR CLIENT QUALIFY?
Business older than 2 years
Owner(s) has credit score of 700 or higher
Tax return shows at least $350,000 or more for gross revenue
Tax return does not show loss greater than $100,000
Tax return does not show revenues exceed $10 million (may qualify for our other
products)
Business Owner(s) does not have a criminal record
Business does not have any federal or state tax liens
Business owner(s) is a US citizen or Green Card holder
Business is NOT a restricted Industry
PRE-APPROVAL REQUIRED DOCUMENTS
Fully completed Application (no blanks)
Most recent filed business tax return
ID (from each owner over 20% equity)
3 months of most recent bank statements
Recent Experian FICO V2 credit report, if available
LOAN AMOUNTS
up to $250,000 per bank
**We are often able to open lines at multiple banks for one business. **
RATE & MINIMUM PAYMENT
Interest Only Payment
Rates are Variable based on the WSJ Prime index,
Current annual rate is starting at WSJ Prime+2% or +3%
*Calculation on interest only payments.
If Rate is 7% And client draw $100,000 @ 7% = $7000 annually / 12 months = $583.33 in
minimum monthly interest payments.
Revolving - no term.
MOST IMPORTANT - CLIENT NEEDS TO GO TO THEIR SECRETARY OF STATE AND GET US THE UCC FILINGS THAT ARE SHOWN.
SBA Bolt:
Who gets approved?
2 years in business
720 FICO
175 Small Business Liquidity Score ETRAN
WORKING CAPITAL ONLY
What Loan Amount?
30% of Gross Revenue (top line from last tax return) UP TO $150k
No cash flow analysis performed
Can take it again after 3 months without paying off the first!
10 Year Term Loan – Wall Street Journal Prime +2.75% - No Prepay Penalty – No Collateral! 10.5% right now
How Long does it take?
Currently trending 2 - 3 weeks from Application to Funding
Prequalification Documents:
Loan app and:
1. 2022 year end P & L and balance sheet, 2023 Ytd
2. 2 years business tax returns
3 2 years personal tax returns
4 Schedule of liabilities form 2202
5 Use of funds summary -
6. Fico scores
7. 6 months business bank statements
How many W-2 employees do you have?
Do you own or rent your primary residence
What is your monthly payment?Last edited by Olderguy; 08-25-2023 at 10:51 AM.
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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08-25-2023, 11:10 AM #14
- Join Date
- Aug 2018
- Posts
- 792
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10-17-2023, 01:02 PM #15
- Join Date
- Dec 2018
- Posts
- 3
Which bank is paying the best commission with the Bolt program right now?
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10-17-2023, 02:47 PM #16
- Join Date
- Aug 2018
- Posts
- 792
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10-17-2023, 03:58 PM #17
Last edited by Olderguy; 10-18-2023 at 12:27 AM.
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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10-18-2023, 09:27 AM #18
- Join Date
- Feb 2023
- Location
- New York
- Posts
- 57
Channel Channel Channel
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10-18-2023, 11:18 AM #19
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,950
Bay First is at 2% Referral Fees according to their latest email.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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10-18-2023, 11:25 AM #20Steve 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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10-18-2023, 11:39 AM #21
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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10-19-2023, 10:08 AM #22
- Join Date
- Sep 2015
- Posts
- 40
Kapitus will add on new money to the back of the old keep the payment the same and wait to get paid on the new balance while the old one finishes getting paid off?
They're trustworthy and are a place that you can rely on them to keep you apprised and paid your commission even when a merchant calls them direct on their refinances.Last edited by downtownfunding; 10-19-2023 at 10:10 AM.
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