Business Line of Credit  

This is like a revolving account, usually with low initial interest, floating index (Wall Street Prime) plus margin from 1% to 4%, according to the loan risk, based on the business and directors (with ownership of 20% or more) financial history, credit records, income and assets. Closing can be done within 72 hours of approval and after all conditions have been met for up to $100,000 and up to 5 business days for anything over that amount. This line of credit may be secured with or without collateral, provided by the S.B.A, or from the borrower.

Up to $ 50,000 S.I.V.A. (Stated Income, Verified Assets) No docs. Stated Income means that you do not have to show proof, you merely have to say that you earn a certain amount.

Requirements: Application business and personal, assets supporting documents from officers owning more than 20% of the company Copy of the SS, DL, Citizenship, resident card, passport, visa. Credit report authorization.

Minimum middle FICO score 650

At least 24 months of credit history

Five-credit lines and at least two credit lines of over $5,000. Established business for two years or more, articles and bylaw.

Statement about the purpose, benefit and repayment of the loan.

Up to $100,000 V.I.V.A. (Verified Income, Verified Assets) Low doc.

Requirements: Same above requirements

Income details for one year.

Income tax

Profit and loss

Business & personal bank statements.

Up to $ 500,000 V.I.V.A. Full doc.

Requirements: Same above requirements, plus:

Income details for three years.

Income Tax

Profit and Loss,

Business & personal bank statements.

Additional collateral

Real estate property, developed land that is ready for use (no raw or unimproved land), inventory, equipment, machinery, stocks, bonds, bank credit or guaranty letter, or others, can be accepted to secure the business line of credit, and of course this is going to improve the potential acceptance of the loan, and receive better conditions.

Criteria

1. Total asset must be over 1.5 times that of the loan amount.

Example: For a $100,000 loan, assets should be at least $150,000.

2. The loan cannot exceed 25% of the gross income of the business.

Example: For a $100,000 loan, gross income must be at least $400,000.

3. Deb to income should not exceed 50% of current debt and the new loan payment. In other words. If you have $10,000 in monthly income your total debt and payments on the new loan should not exceed $5,000. Don't worry if you can't figure it out, we will tell you the maximum loan amount.

4. For general corporations we only need to use the business assets and income.

5. For S-Corps or sole proprietors; personal and business income are combined.

Costs and Fees

Initial Loan Packaging Fees

There is no application fee. We will review your application free of charge.

The packaging fee for a $50,000 line of credit is $500.

The packaging fee for a line of credit over $50,000 to $100,000 is $1,000.

The packaging fee for a line of credit over $100,000 to $500,000 is $1,500.

Success Fee

The Success Fee is from 5% to 10% of loan amount. To be paid upon closing.