Guide to Business Loans for your Business
Business Loan Requirements and Guidelines
Bank Term Loan
a. Pricing: as low as WJS Prime + 3-8.99%
b. Monthly Payment
c. First Lien – NO Subordinate
d. New 3-5 year term loan to refinance principal
e. Early pay off discount
f. Fees to borrower – 3-6.0% origination fee (based on approved line amount)
g. Non-Renewable
Underwriting:
a. Min $50K bank deposit, no NSF, no prior default,
b. Min 2-3 years time in business
c. Min 680 FICO
d. Financials package required
Revolving structure for flexibility:
a. Fixed Payment
b. Low Pay back
c. Close-ended
d. Reduce Balance amortization
e. Full Online Access for Control
Fully funded at origination (based on approved line amount)
Non-Bank Business Loans Qualification Criteria:
Renewable Every upon 50% Paid Down Threshold
Non-Bank Term Loan
a. Pricing: rate based revenue, time in business and credit
b. Weekly, Monthly Payment
c. 12 to 24 month term
d. Early pay off discount
e. Fees to borrower – from 3.0% origination fee (based on approved line amount)
f. Renewable at 50% paid down threshold
Underwriting:
a. Min $20K bank deposit, no NSF, no prior default,
b. Min 12 month time in business
c. Min 600 FICO
d. Bank statements
Revolving structure for flexibility:
a. Fixed Payment
b. Low Pay back
c. Close-ended
d. Reduce Balance amortization
e. Full Online Access for Control
Fully funded at origination (based on approved line amount)
What do I need to apply?
No matter what loan you apply for, the process remain the same. We do soft-inquiry to see if you even qualify, then we guide you through the right loan to get the right papers or approval with the least amount of papers and time.
Our initial analysis will determine what is the maximum you can qualify with just application only. Then if you want to get lower rates, full financial is the best way to provide to get the lowest rates. Give the lender warm and fuzzy feelings.
Start here…additional info will be needed no matter where you go but why get papers when we can avoid it.
1. ONLINE APPLICATION: You can fill out our application, upload and authorized us to process your application. We do soft-inquiry, and our lender will do hard inquiries once you are approved for Equipment Financing only.
2. Banks statements (3-4 months) – Proof income, proof of banking, and proof funds availability in case down payment is needed and to match for ACH Payment Drafting – as an auto pay.
For questions, please don’t hesitate to call 888-511-6223.
