Alternative SBA Loans

Description:

Full doc 2, 3, and 4 year amortized loan. Two programs, Working Capital loans from 50K-150K, 1-2 years and Expansion loans from 50K to 500K, 2-4 years. True simple interest loans from 7.99%-24.99% (Risk-based pricing). Fixed payments ACH bimonthly.

Submission:

• Completed and signed 2 page application
• Last 2 years Financials (balance sheet and P&L)
• Last 2 year Corp Tax Filing
• Last 3 months bank statements (business account)
• Debt Schedule (current loans: amount, balance, and term)
• To expedite the process we request these documents are separated and in PDF format.

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: 3+ years
• Owners FICO: 660+
• More than 2 employees
• 500K+ annual gross revenue

Additional Notes:

• Profit margins are key to this product
• Should show growth in positive revenue past 36 months
• No BKs
• Liens, Judgments, and excessive derogs on owner’s credit will affect approval
• Collateral Required: Collateral must be 50% of loan amount
• Loan Amounts: $200,000-$12 million
• Term: 10-25 years
• Rates: 2-2.75% + prime rate, 3-5 lender points
• Credit Requirements: 620 FICO scores or higher, no BK in the last 4 years
• Details: For profit companies only, positive trends in sales growth, financials required for qualification, SBA 504 and 7a programs available, can be used for working capital or real estate purchase
• Deal Submission requirements: Application, 2 years business tax returns, resume, business plan, current