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01-21-2023, 06:03 AM #1
Reputation points: 1755
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- Oct 2022
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Seeking, International Factoring, Secured LOCs, &Term loans
I really need the help of the forum here for the following:
1) Seeking to onboard a lender that specializes in international factoring
2) Looking to onboard more SECURED LOC Lenders
3) I have been met with terrible resistance or lack of someone even replying back to me for term loan lenders. I do NOT want to utilize Smartbiz. Can anyone offer some feedback I would really appreciate any help or guidance?
4) Lastly, I am looking to continue my onboarding process of Equipment lenders and grow our department to keep up with demand.
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01-21-2023, 08:10 AM #2
I can help you with most of those....why don't you just reach out.
International Factoring Association:
https://www.factoring.org/
Newtek - Line of credit:
collateralized.
$50,000 -$3,000,000
Renewable 1 year term
Minimum 650 credit score (greater above the 650 min the better)
Collateral – Inventory, Operating Capital (cash), Accounts Receivable can be used for collateral
Receivables need to be 80-100% advance rate
Inventory valued 80-100%
Term loans:
Most aren't taking on new ISO's. You need to go through a super broker. Splash Advance is one..they take 2%. FundShop is another but they take a bigger chunk.
They access OnDeck, Kapitus, Headway, etc.
Smartbiz only accesses banks for SBA uncollateralized and Funding Circle for term loans.
Max $350,000 uncollateralized. I've had no problem with them on that program. If they fail SBA, they try term loan with Funding Circle. But beware of Funding Circle - they steal your renewals.
Here's a list of term loan lenders:
https://www.funderintel.com/businessloanlenders
Equipment people:
Some of these I haven't spoken to in a while so personnel may have changed.
Tony Borchello
General Manager
Finance It Forward
phone: (888) 211-2192
mobile: (949) 800-5767
tony@financeitforward.com
www.financeitforward.com
Slim
Joshua Parrishe:
josh@slimcapital.comw:
www.slimcapital.comm:
(310) 499-2562 x203d:
(415) 938-4977
Everlasting
Brian Perry
Finance Manager | Everlasting Capital
603-379-1761
bperry@everlastingcapital.com
Steve Overlock
Vice President,
LendSpark
D 760-683-8099
P (888) 444-7069 Ext. 201
M 760-707-3731
E steve@lendspark.com
W www.lendspark.com
And here's a list of other equpment finance companies:
https://www.funderintel.com/equipment-finance-companiesLast edited by Olderguy; 01-21-2023 at 06:45 PM.
Steve Benjamin
Professional Business Loans
1012 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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01-23-2023, 10:24 AM #3
Reputation points: 23563
- Join Date
- Mar 2021
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- 182
Joshua Parrish isn’t with Slim anymore
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01-23-2023, 10:45 AM #4Steve Benjamin
Professional Business Loans
1012 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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01-23-2023, 11:33 AM #5
Reputation points: 218103
- Join Date
- Feb 2017
- Posts
- 3,347
Jeff Brannon
jeff@slimcapital.com
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01-25-2023, 06:09 AM #6
Reputation points: 1755
- Join Date
- Oct 2022
- Posts
- 266
Thank you Steve but I have most of these. I will look into the Equipment side though.
Regarding the Term loans I am looking for something more Traditional similar to Funding Circle However, I reached out to them numerous times and they seem to be very difficult with onboarding. That link you provided is very interesting I will look further into it. I am also familiar with Credibility Capital, which offers EXCELLENT Rates but is very strict about the FICO, DSCR, and Use of Funds.
Anyways, Really do appreciate this I am going to reach out to some of these lenders and vet them out. Thank You again!
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