Unsecured, Revolving Lines of Credit
Statistically, more than 90% of small businesses who apply for an unsecured,
revolving line of credit are declined because of lack of preparation or lack of
knowledge as to what the bank is looking for. And, especially in today's
economy, guidelines are getting tougher and tougher. In order to qualify for one
of these types of lines, the business guarantor must be strong. The following
standards are a minimum:
* All three credit scores above 700
* Revolving balances well under 50% (ideal is 35% or less)
* No excessive number of inquiries (these are cumulative and are a huge deal
breaker)
* Two years in business (any type - sole proprietor, LLC, C or S Corporation)
* No bankruptcies, judgements, charge-offs or collections in the last 10 years
* No late payments - ever!
Documentation needed will be a copy of the guarantor's driver's license, copy of
the dba, LLC articles and operating agreement or articles of incorporation
(which ever applies) and a personal utility bill for the guarantor's residence.
With today's economy, additional documentation may be necessary. We will
advise you and guide you through this tedious part of the transaction.
The process should only take about three weeks total.
Unfortunately, there are no such things as compensating factors with these type
of loans. You either make it or you don't. One good thing we can offer you if you
are close but not quite able to qualify yet, and that is guidance. We will gladly
give you a quick analysis of what you can do in order to be able to qualify in the
quickest time possible - OR - we may be able to offer other creative options.
Please click on the tab at the left labeled "LOC Questionaire" and complete this
short form. Your information will be forwarded to our office and you will be
contacted within two business days.
You may be requested to obtain a business credit report. The our pass-through
cost for this service is $44.50.
We encourage you to provide us a copy of the guarantor's three-bureau credit
report. Due to the type of summary provided and format used, we encourage
you to order this three-bureau report through www.freecreditreport.com
Statistically, more than 90% of small businesses who apply for an unsecured,
revolving line of credit are declined because of lack of preparation or lack of
knowledge as to what the bank is looking for. And, especially in today's
economy, guidelines are getting tougher and tougher. In order to qualify for one
of these types of lines, the business guarantor must be strong. The following
standards are a minimum:
* All three credit scores above 700
* Revolving balances well under 50% (ideal is 35% or less)
* No excessive number of inquiries (these are cumulative and are a huge deal
breaker)
* Two years in business (any type - sole proprietor, LLC, C or S Corporation)
* No bankruptcies, judgements, charge-offs or collections in the last 10 years
* No late payments - ever!
Documentation needed will be a copy of the guarantor's driver's license, copy of
the dba, LLC articles and operating agreement or articles of incorporation
(which ever applies) and a personal utility bill for the guarantor's residence.
With today's economy, additional documentation may be necessary. We will
advise you and guide you through this tedious part of the transaction.
The process should only take about three weeks total.
Unfortunately, there are no such things as compensating factors with these type
of loans. You either make it or you don't. One good thing we can offer you if you
are close but not quite able to qualify yet, and that is guidance. We will gladly
give you a quick analysis of what you can do in order to be able to qualify in the
quickest time possible - OR - we may be able to offer other creative options.
Please click on the tab at the left labeled "LOC Questionaire" and complete this
short form. Your information will be forwarded to our office and you will be
contacted within two business days.
You may be requested to obtain a business credit report. The our pass-through
cost for this service is $44.50.
We encourage you to provide us a copy of the guarantor's three-bureau credit
report. Due to the type of summary provided and format used, we encourage
you to order this three-bureau report through www.freecreditreport.com
Signature
Capital Resources
Capital Resources
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