Who would fund 1 truck, 700 Credit, <1 yr in biz in NC, 8k avg rev?
File from broker.
Trucker new in business...
Feb sales $12k
March sales $12K
April sales $4K
Mostly additional revenue in business bank account are online transfers from savings account.
Got him a couple of business credit cards at $69,000
0% interest for a year
The rates people get depend on what the lender gives them specifically, but they start with 0% rates for 6-12 months and then adjust to 9-19% APR or so after that.
Need a 700+ Fico
Our two main products are the Unsecured Business Credit products, Business Credit Cards (BCCs), and the Business 'checkbook' Line of Credit (BLOCs).
Attached is the Unsecured Business Credit Products Overview file.
This should give you all the details you need to know about the BCC and BLOC products.
Please review it and let me know if you have any questions.
A big benefit to all the products we deal with is that none of them will report to personal credit, as long as they stay in good standing. This is very important, because it will help protect their personal credit from business debt.
In order to review any prospect for the BCC and BLOC products, we need 2 things, at minimum:
1. Completed pre-qualification application (attached, or your form, as long as it has the information we request on our form)
2. Recently updated 3 bureau personal credit report, preferably the HTML file downloaded from IdentityIQ.com
*For the BLOC, we also need credit reports from anybody that owns more than 20% of the company, and the last filed business tax return. If they have financials, like the last filed business tax return, and/or last years or a YTD Profit and Loss statement, they are very helpful for the BLOC program. But if you don't have them, send me what you do have and we'll go from there.
Our preferred credit report provider is IdentityIQ.com. Their 3-bureau reports are the easiest to read and review I've ever seen. We created software that integrates with HTML reports from this site, which means it saves me about 2 hours per file, and means that we can get a Funding Estimate done faster and also process the applications faster.
People can download the HTML file by clicking the blue Download This Report button, located just to the top and right of their credit report, inside the IdentityIQ.com website itself. See attached for an image example.
They don't normally do any starter trials, but we worked out a special deal with them where people can get a 7-day trial for $1 if they use this link: https://www.identityiq.com/securemax.aspx?offercode=431136EV
Let me know if you have any questions on anything.
Steve BenjaminProfessional Business LoansIrvine, CA 92620