What to do When the Bank Says No

There are many way to finance investments. Your local bank happens to be one of them. However what do you do when they say no? Another alternative is borrowing from family and friends. It’s usually easier to get a loan this way but not always good for the relationship. Taking funds from your retirement accounts is another option however the penalties can be severe for early withdrawal.  Every approach comes with advantages and disadvantages.

Another approach is unsecured business lines of credit.

         In today’s market, “no money down” financing is almost unheard of. However, there are lenders who actively seek out those who have great credit and have a need. The uses are endless. Some examples: real estate investing, food trucks, franchises, equipment purchases, even providing a cash flow cushion for small businesses. There are no restrictions to use the funds. Our usual lending amounts are between 50K and 250K.   Startups can be financed as well.

We never ask for W-2s or tax returns. Only good to great credit is needed to apply. The lines are totally unsecured just like a credit card. Another benefit is very little paperwork to apply and really fast approvals. The funds start to become available in as little as two weeks from date of application. Another unique feature is no upfront fees: a comfort when dealing with a company for the first time.

Good to great credit is a must. However, unlike most loans a substitute guarantor (business partner, spouse or other family member) is welcomed if the client’s credit does not meet current lending standards. Also if the credit lines are paid back you can reuse the funds again and again. Zero balance, Zero interest.
Traditional banks still might make these types of loans. However, in addition to spotless credit, they usually ask for a mortgage on your personal residence and also make the client re-qualify every year. Whereas an unsecured business line of credit (UBL) is permanent and not tied to any asset. As long your payments are always on time the line is yours to keep.   Please contact Ray Antonelli for more information. 216 337 7520

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