Business Revenue Lending
Description:
Low Doc, short term(3-18 month) loan designed to inject needed revenue into a company while leaving as much revenue in the business cycle as possible with daily ACH payments on business days. (No weekends or Holidays) Loan amounts generally are 10-14% of annual gross revenue that flows through the business bank account. Term and rate is determined by business credit profile, time in business, industry, and owners FICO.
Submission:
- Business Revenue Application 3 pages (COMPLETELY FILLED OUT)
- Last 6 months of ALL company bank accounts
- Last 6 months of Merchant Statements (if MCA loan)
- To expedite the process we request these documents are separated and in PDF format.
- Example: Dex Small Pony INC June Bank.pdf Dex Small Pony INC Application.pdf
Once legible and completed documents are received the file is reviewed by a Finance officer and you will be contacted within 24 hours to discuss findings and all options available to client.
Minimum Requirements for Submission:
- Time in business: 6+ months
- Deposits: 8+ (revenue deposits not transferred or discretionary credits)
- Non-sufficient funds: <3 per month (certain exceptions allowed)
- Negative balance days: <3 per month (certain exceptions allowed)
- Monthly gross deposits: 10K+ (consecutive last 6 months)
- Owners FICO: 500+
Sweet Spot:
- TIB: 3+ years
- Monthly Gross: 50K
- Owner FICO: 600-690
Additional Info:
- Collateral Required: Consistent revenue verifiable on bank statements
- Loan Amounts: $5,000-1,000,000
- Term: 3-18 months
- Rates: 10-45%
- Credit Requirements: 520 credit score or higher, no bankruptcies
- Details: Business must earn annual revenue of $150,000 or more per year, must be in business for a year or more, business must do over 10 small transactions each month, financial services industries are prohibited, damaged credit is acceptable
- Deal Submission requirements: Application, 6 months business bank statements