Small Business Financing Solutions

The Request

A small business owner recently contacted me at my business credit coach for a hard money loan. He wanted to borrow $170,000 on a property valued at $360,000. His goal was to build a garage to house and work on his truck, as he owned a transportation business.  The borrower went to numerous sources to be dragged along for 3 months with no solutions. The borrower requested a hard money loan our small business financing solution includes a business revenue loan, equipment lease and business credit card bundle.

The follow up solution of developing business credit may get lost in the need for immediate action, but it is the most important solution provided.

The Facts

After carefully probing the customer to understand exactly what he wanted to do and the assets he had at hand. I ascertained these facts:

  • The property in questions was his primary residence (not usable for hard money loan).
  • The borrower had a recent bankruptcy less than one year old.
  • The borrower has been recently sued (hence the bankruptcy).
  • The borrower recently changed the business from a sole proprietor to an LLC (11 months ago).
  • The borrower only needs $80,000 to build the garage, would like $20,000 for cash reserves.
  • The borrower has monthly cash flow of $40,000 to $50,000
  • The borrower has free and clear equipment valued at $90,000 only 30 months old
  • The borrower has personal credit score of 660 plus
  • The borrower has been in business for 10 years

The Solution

Though we could not do the deal the way he requested (no one could) we were able to provide these small business financing solutions for the customer:

  1. Business Revenue Loan                       $40,000                          (4 days)
  2. Equipment Loan                                   $40,000                          (15 days)
  3. Business Credit Card Bundle             $20,000                          (10 days)
  4. TOTAL FINANCING                           $100,000                       (15 DAYS)
  5. Follow up solution build business credit to be separate from personal credit that will allow borrower to easily get line of credit for $50,000 to $250,000 based solely on the payment history of their business.

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Unsecured Business Finance Program

1. Did you know that there are Unsecured Business Finance programs that are NO DOC Unsecured Program and require NO financial statements or income verification of any kind? Strictly credit driven.
2. Did you know that there are Unsecured Business Finance programs that only take 2-3 weeks for a client to receive their first funding, and is usually complete within 4 to 6 weeks?
3. Did you know that to qualify for a Unsecured Business Finance program a client does not need a existing business?
4. Did you know that a business with weak financial statements and/or no taxes can still qualify for financing up to $150,000? (See #1)
5. Did you know there is a cash-out option available for the Business Finance program?
6. Did you know that many banks will offer a 0% APR for 6 months to 1 year?
7. Did you know that funding from these programs can be used for any business purpose, including payroll, inventory, equipment, and even operating capital?
8. Did you know that most funding the Business Finance programs does not report to your client’s personal credit file, but reports and builds the strength of your business credit file.
9. Did you know that the Unsecured  programs will build the strength of your client’s business credit score?
10. Did you know that No Doc financing is the perfect option for those who wish to purchase a franchise? And it’s even better for existing franchise owners who need additional operating capital!
11. Did you know that you can use funding the programs to pay off your client’s personal credit debt? This will greatly improve their credit score, enabling them to get additional funding in the future!
12. Did you know that a client  with a “C1” success rating has a great chance that within a month or two they will qualify for up to $100,000 in funding?
13. Did you know that most businesses don’t qualify for traditional loans due to poor financial statements or a bad couple years from the current economic climate, yet they can still get up to $150,000 the No Doc Business Capital program using their personal credit alone? And that they can double or triple that by adding additional guarantors?
14. Did you know that the Unsecured Business Finance program is available for all entity types including: sole proprietorships (not incorporated), C corps,  S corps, LLC\’s, DBA\’s and any person with qualifying credit?
15. Did you know that if a client wants funding but has poor personal credit they can still qualify? They just have to find a credit partner who will act as a guarantor for their business and they can potentially be setup over $100,000 in as little as 45 days! (FYI – as many as 50% of borrowers use guarantors, this is a very common practice).