[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]

[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?

[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.

[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.

[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.

[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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