Results 1 to 8 of 8
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02-18-2020, 12:04 PM #1
3 Best Lenders For Term Loans Today?
I'm sure there are posts on the site that list lenders but I just want to know in your opinion (obviously seasoned brokers preferred) what are your 3 top term loan lenders?
I see a pattern over the years, where these so-called term loan lenders get out there, gather an IMMENSE book of business from ISOs, and then announce out of the gatdamn blue that they are no longer accepting broker applications, thus, basically forcing you to do all that's in your power to retain, redirect, or re-engage your clients at all costs...
That being said, who would you recommend as most likely to be solid, long-term, competitive term loan lenders out there right now in the game?
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02-18-2020, 12:37 PM #2
Any Bank that does SBA
FUndation
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02-18-2020, 12:56 PM #3
I should have specified non-SBA, as I usually use Smartbiz for that. What I'm looking for is an alternative for SBA loans, typically when they wouldn't pass Smartbiz' initial underwriting... I'm thinking if they're not qualified there, most likely they won't qualify anywhere, especially if the reason for decline is lack of business credit.
Anyway, Fundation, yes. Definitely a name that comes up regularly. Appreciate it.
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02-20-2020, 02:49 PM #4
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
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02-20-2020, 04:38 PM #5
anyone use Newtek? https://www.newtekone.com/loans/term-loans/
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02-20-2020, 07:50 PM #6
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02-20-2020, 07:53 PM #7
I'm sure it is worth sending elsewhere. There are certainly almost-SBA lenders out there. I just know they're not offering 10-yr loans.
Also, there's no way Smartbiz is using all the SBA banks out there, so it's just a matter of a declined deal not fitting their algorithm.
Other banks will be slightly more lenient but the question in my mind is "if the reason for decline is 'insufficient business credit' does that disqualify the merchant across the board with all banks...?"
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02-24-2020, 05:16 PM #8
- Join Date
- Apr 2018
- Posts
- 20
LoanMe offers monthly term loans; 2, 5 and 10 years. We work with any Valid FICO as long as they have 25% ownership of the business, and an open and funded business bank account for 90 days. Let us know if we can help
Elizabeth Peters
LoanMe Small Business Loans
(949) 535-7798
Your home for payment loans
1900 S State College Blvd. Suite 300 Anaheim, CA 92806
www.loanme.com/smallbusiness
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