Results 1 to 6 of 6
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05-03-2017, 07:07 PM #1
TERM LENDERS with 600 Credit Minimum
I have a client with a low 600s score and need a 2 year minimum term loan situation.
25 Years in Business
Medical Office
600 Credit (Experian)
700k/Year
Very Profitable (30% of gross for multiple years)
Heavy Debt including SBA (Seeking 120k consolidation for 2 MCAs)
Does Not Own Office (Rents)
Direct Lenders Only
Any Ideas?
eric@statzerconsulting.com
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05-03-2017, 07:30 PM #2
does 58.3K a month and seeking 120K? Needs 24 months MINIMUM?
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05-03-2017, 07:58 PM #3
I had a lender offer a hard pre-qualification of the file for 140k at 24 months after the global debt service analysis and three years' worth of financials were underwritten, including a 30 day old credit report showing Experian at 648. Everything passed for the funding, but credit unexpectedly fell below the 640 minimum and there was zero wiggle room on credit.
Never said it was a lay down, that's why I'm here. Asking for help "outside of the box" because according to the lender, this credit hurdle was all that held this back from going into final stage.
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05-04-2017, 10:30 AM #4
- Join Date
- Feb 2017
- Posts
- 34
yes he gas recievables , so I can do it .
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05-04-2017, 12:22 PM #5
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05-04-2017, 02:57 PM #6
- Join Date
- Nov 2014
- Posts
- 438
LoanMe's Minimum Fico is 500 and we have terms from 2-10 years.
LoanMe Business
949-535-7798
Email: Business.Loans@LoanMe.com
www.loanme.com/SBL-partner
1900 S State College Blvd. Suite 300
Anaheim, CA 92806
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