[MissouriBroker1]

I need a lender for unsecured business loans, both clients with 700+ FICO scores, both have been in business for several years, one averaging 100k+ per month (landscaping), the other exceeding $1.2MM the last three months (gutter installations). A LOC will work as well for the second one but business loan only for the first.

Tom Harrier
Integrity Commercial Loans, LLC
407-928-8542
[email protected]

[Olderguy]

several SBA - up to $500,000 uncollateralized.
10 year 10.5%, Bolt bit higher in rate
Brickell has an LOC.
If it's A paper, they have a $750,000 program.

[Yankeeman07]

I need a lender for unsecured business loans, both clients with 700+ FICO scores, both have been in business for several years, one averaging 100k+ per month (landscaping), the other exceeding $1.2MM the last three months (gutter installations). A LOC will work as well for the second one but business loan only for the first.

Tom Harrier
Integrity Commercial Loans, LLC
407-928-8542
[email protected]

Are they showing a profit on Tax Returns?

[Olderguy]

Are they showing a profit on Tax Returns?

That may not be necessary...they could be showing a loss, but it turns around with adding depreciation, officer's salaries, interest expense. It need to cash flow.

[Kevin Henry-Seacoast]

Hey Tom,

If they are based in Florida you may want to ping Seacoast Bank. They have been an active SBA lender and or might entertain LOCs. An alternative would be Live Oak Bank. They are one of the largest SBA lenders in the US.

[Olderguy]

Hey Tom,

If they are based in Florida you may want to ping Seacoast Bank. They have been an active SBA lender and or might entertain LOCs. An alternative would be Live Oak Bank. They are one of the largest SBA lenders in the US.

Just FYI...banks don't have the flexibility as non bank lenders who can collateralize personal assets.

[Kevin Henry-Seacoast]

Just FYI...banks don't have the flexibility as non bank lenders who can collateralize personal assets.

Um.... I know both banks extremely well and their capabilities. One will definitely consider personal assets. Both are very aggressive these days.

[Kevin Henry-Seacoast]

Um.... I know both banks extremely well and their capabilities. One will definitely consider personal assets. Both are very aggressive these days.

To add..... I have 4 deals somewhere in my pipeline where the companies are factoring with non-bank factors. All of the non-bank factors are suppressing availability on AR and inventory. Why would they do that if the assets are good and they are more "flexible".... stop with the narrative that non-bank finance companies are more flexible in this environment. in 2014 there were about a dozen bank owned finance companies in the US. Today there is over 50. Hell.....I discovered a new one this morning.

[Olderguy]

Maybe so with the bank you deal with, and I'll look into that source for sure, but be realistic...every broker that calls me with a denied SBA file, it's because their SBA bank denied the file. Typically requiring 51% O/O commerical property and no personal assets allowed. And yeah it varies but that the general situation. On the other hand, you're right too. And the damn guidelines are changing all the time....now many are requiring 1.1 assets for truckers due to defaults.

[Kevin Henry-Seacoast]

Maybe so with the bank you deal with, and I'll look into that source for sure, but be realistic...every broker that calls me with a denied SBA file, it's because their SBA bank denied the file. Typically requiring 51% O/O commerical property and no personal assets allowed. And yeah it varies but that the general situation. On the other hand, you're right too. And the damn guidelines are changing all the time....now many are requiring 1.1 assets for truckers due to defaults.

Steve-It boggles my mind that you promote SBA tirelessly on this forum and you are not familiar with either bank.

[Olderguy]

Steve-It boggles my mind that you promote SBA tirelessly on this forum and you are not familiar with either bank.

May your mind be unboggled for the new year. You are being judgemental and not constructive. I have several lenders I deal with that work with me and the merchant to get files across the finish line..and we all work together on that.....I meet new ones all the time..some banks for 504..some non banks for 7A....instead of being critical in your post, why not post up contact information. I no longer work with some lenders, like NewTek as their service level has deterioriated significantly. Two of my lenders are out of the box now for truckers (I funded a trucker for $900K last month that this lender won't do now) but I have new ones (not SBA) who can use assets, A/R, inventory...and we are reviewing master credit lines to get trucks off balance sheet to be sale leaseback instead of purhase to reduce the debt. Guidelines are moving, alternatives are being pursued....it is what is it.

And we have a client now that has a SBA 7A through Byline bank....they will subordinate their A/R and inventory collateral for a larger term loan instrument we are working on to get this client in the $12MM term loan range. (Mainly due to the relationship of the bank with the merchant)

Lastly if the merchant has enough assets, yes you don't need to collateralize A/R or inventory.

[Markt]

Unsecured business loans can be a pain to get from banks, even with decent FICO scores, just because they tend to want extra backups or make the process really slow. I’ve seen cases where the actual cash flow and time in business mattered more than the owner’s credit, especially with non-bank lenders. Some of my clients in California ended up switching from banks to financing options that didn’t need collateral or even a hard credit pull, which made things a lot smoother, and they ended up with funding fast when they had the revenue to show for it.

If your clients are open to alternatives outside of banks, I’d look into models like revenue based funding california businesses use, since those options usually care more about monthly sales and less about strict credit or asset requirements. This tends to make life easier for established businesses with good cashflow.

[ASAPFUNDINGGROUP]

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we can go out for 15 months and we fund up to 1million we pay up to 12pts