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05-20-2015, 05:38 PM #1
- Join Date
- Dec 2014
- Posts
- 5
Bar open 8 yrs /Avg. monthly sales 14K, only has personal checking. Can anyone do?
I was told by a lender once (wish I could remember who) that he could fund to a personal account as long as the business has 5 or more deposits in to the account a month. Not sure if this is accurate but thought I would post and see. Please PM me with any information that might help.
We Say "Yes" When Banks Say "NO"!!!
Best Regards,
Lauren Caputo
Vice President Sales
YesLender, LLC
Office: 888-YES-LEND (888-937-5363)
Cell: 614-545-8493
www.yeslender.com
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05-20-2015, 05:53 PM #2
- Join Date
- Jul 2014
- Location
- Online
- Posts
- 965
Not a bar...
Now, if he opens up a Business Account he can get funded in 3-4 weeks as long as the deposits and withdrawals are regular to his business.
I am guessing he doesn't process credit cards either- best bet is to have him open an account and keep in contact with him.Amanda Kingsley
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05-20-2015, 06:16 PM #3
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05-21-2015, 12:48 PM #4
- Join Date
- Dec 2014
- Posts
- 5
Thank you for the reply. I did tell him to open a business account right away. I did not know 3-4 weeks is all they have to show the new account mimicking the personal for business transactions. That is very helpful!
We Say "Yes" When Banks Say "NO"!!!
Best Regards,
Lauren Caputo
Vice President Sales
YesLender, LLC
Office: 888-YES-LEND (888-937-5363)
Cell: 614-545-8493
www.yeslender.com
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05-21-2015, 06:58 PM #5
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
Great answer. I just want to emphasize the part you said- "as long as the deposits and withdrawals are regular to his business" That is the key in this situation. We will fund businesses like this, if they change to a business account we only need 1 month statement for the business account as long as it matches up with the same deposit and withdrawal patterns that were formerly going into the personal account.
There are a couple funders out there that will fund into a personal account IF its a sole prop legal structure, however we are not one of the funders that will do that.
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06-03-2015, 07:02 AM #6
- Join Date
- Aug 2014
- Posts
- 65
I have personal Loan lenders.
Call me at 765-506-8048
Lorraine
moveahead162@gmail.com
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