bank statement loans. Definition of a Bank Statement Loan
Apply below or call Tel: 919-771-4177.
Get a bank statement loan by clicking on the link above with this alternative funding program allowing a business to find a product to solve their cash flow needs. Your business will get a line of credit based only on their Gross Monthly receipts. Up to 125% of Gross monthly sales.
Call us at Tel: 919-771-4177, or click on the link above and click on “Contact Us” or “Application”
More Bank Statement Loan features:
– Get up to 125% of Monthly Gross Sales on a Credit Line.
– Just a 1 page application.
– Flexible Bank Statement Loan Requirements.
– No application fees.
– No limitations on how the funding is used.
– The more revenue your business generates, the higher the approval will be for.
– Fast turn around, 1 to 2 day approval, 1 to 2 funding by wire upon receiving completed
Use your Gross Sales to get this line of credit. For the bank statement loan, businesses furnish their most recent three months complete business checking account statements with the one page application. The repayment terms are between 2 months and 18 months. Most approvals are for 6 to 9 months. If a business is seasonal, they can provide their most recent 12 months statements. Most requests receive answers within 24 to 72 hours. Financials are not required, however if a business has strong financials, the business can choose to provide them because they will strengthen the request.
Approvals on this bank statement loan of up to $300,000 are available. Up to 125% of the total dollar amount of monthly deposits are offered.
Other main factors considered in this bank statement loan are the average daily balance, the monthly beginning balance and the monthly ending balance. Business will need at least $10,000 per month in total deposits and at least 5 deposits or more per month. A minimum of 9 months in business in required. The financing does not appear on the owner’s credit report but does appear on the business credit report, allowing businesses to build their business credit.
Another benefit of this bank statement loan are the renewals. In most cases, the line size limits are increases dramatically upon renewal. The product can be used in effect, like a line of credit. If the customer is approved for $50,000, they do not have to use the entire $50,000. They can borrow $25,000. Once the funding is repaid, they can immediately turn around and use the line again. This process can be repeated indefinitely. As the customer uses the line multiple times, the line size will be increased. This is the almost identical usage pattern to a business line of credit.
Once the line is paid down to 40% of the original balance, the line can be drawn against again by the business. The line does not have to be fully paid down in order for the draw to take place.