[Incbiz440]

Open ended question - for your mid-risk clients, what non-bank lenders offer terms or LOCs with monthly payment options? As someone relatively new to brokering but not business lending, this seems to be the gap I'm having the hardest time filling.

*And with an ISO program that is reasonably interested in working with independents or small shops.

[Yankeeman07]

Open ended question - for your mid-risk clients, what non-bank lenders offer terms or LOCs with monthly payment options? As someone relatively new to brokering but not business lending, this seems to be the gap I'm having the hardest time filling.

*And with an ISO program that is reasonably interested in working with independents or small shops.

What are you defining as mid-risk clients?

[Incbiz440]

What are you defining as mid-risk clients?

Thanks for asking and good question. I'm referring to next tier or two down after bank/SBA eligible, where credit may be moderate but not awful, TIB may be shorter, industry may be on the high risk list (meaning construction, not strip clubs, for example), equity injection may be lower, BK more recent than 7-10, DSCR may be falling a little short (maybe 1.10 or 1.15 instead of 1.25), those types of things. A functional business that's likely to repay but a little bit higher risk than say a bank SBA program would touch.

Too risky for a bank but not risky enough to need to be on weekly payments with On Deck.

[Steven_O]

640 Experian + 2 yrs of biz tax returns = SBA Microloan up to $50k (MCA's ok, Losses on Tax ok, existing loans inc. SBA ok)

Lower credit score requirement than before (690).
Only 8 documents needed to fund (2 yrs taxes, 3 months banks, ID, 2 apps.)
No personal taxes required.
Funds in 10 business days.
Funds received SAME DAY as funding docs signed.

Promo: SBA is waiving all origination fees until Sept. Approved for $50,000... get $50,000 in the bank account.

Monthly payment is approx $810 right now. A month. 120 months, and can be prepaid at any time with 0 penalties.

[AlSuede]

We have a product similar to the SBA Bolt but an internal loan program NON SBA called Scored loan that with 675+ credit in business 2yrs and dscr 1.05+ recent filed tax return No Car dealers but Trucking ok.

Tax Liens ok with payment plan in place.
25k-150k
rates: 15.99-17.99 with 3% org fee(How we get paid).
3yr(no prepay penalty) 5yr (Prepay penalty) I would consider a step below but not too bad for the customer. Unfortunately doesnt pay much(0.50-.75) I consider it a boutique option for those clients you've funded before or you know they just need a quick loan or dont have revenue for an MCA.

150k-500k Similar requirements difference is they will review the last 3yrs biz and personal tax returns versus the most recent filed.

Lendistrypartners.com


Al Williams III
VP Business Dev Officer
O: 213.582.8215
albert.williams@lendistry.com

[Incbiz440]

640 Experian + 2 yrs of biz tax returns = SBA Microloan up to $50k (MCA's ok, Losses on Tax ok, existing loans inc. SBA ok)

Lower credit score requirement than before (690).
Only 8 documents needed to fund (2 yrs taxes, 3 months banks, ID, 2 apps.)
No personal taxes required.
Funds in 10 business days.
Funds received SAME DAY as funding docs signed.

Promo: SBA is waiving all origination fees until Sept. Approved for $50,000... get $50,000 in the bank account.

Monthly payment is approx $810 right now. A month. 120 months, and can be prepaid at any time with 0 penalties.

Interesting, have not run across a microlender that works directly with brokers before. I've done a lot of those in my prior life, very familiar with the program.

[Incbiz440]

We have a product similar to the SBA Bolt but an internal loan program NON SBA called Scored loan that with 675+ credit in business 2yrs and dscr 1.05+ recent filed tax return No Car dealers but Trucking ok.

Tax Liens ok with payment plan in place.
25k-150k
rates: 15.99-17.99 with 3% org fee(How we get paid).
3yr(no prepay penalty) 5yr (Prepay penalty) I would consider a step below but not too bad for the customer. Unfortunately doesnt pay much(0.50-.75) I consider it a boutique option for those clients you've funded before or you know they just need a quick loan or dont have revenue for an MCA.

150k-500k Similar requirements difference is they will review the last 3yrs biz and personal tax returns versus the most recent filed.

Lendistrypartners.com


Al Williams III
VP Business Dev Officer
O: 213.582.8215
albert.williams@lendistry.com

Let's talk.

[diditevenfund]

Headway is a good option for stuff like that.

[Olderguy]

Uncollateralized LOC's -700 Fico - reach out
Personal loan with monthly payments 700 Fico
HELOC (2nd lien LOC) on primary residence 650 Fico
Business credit program - Interest free for a year...700 Fico

All with monthly payments...rates in the 9% - 14%