Bank Statement Loan

A Bank Statement Loan is available now by Small Business Loans Depot.

New niche bank statement loans program for your business.
- Credit scores as low as 500 and lower
-
 Time in business as short as only 3 months- No Collateral is required

Get a bank statement loan today based on what it already has, it’s sales!   If your business has had revenues for any of the last 3 months, get business bank statement funding based on those sales.

Click on the “Contact Us” link above, complete the Mini “Contact Us” app or Call now Toll Free at:  855-787-1113  or Tel: 919-771-4177 and get your business bank statement loan today!

Many businesses often wonder if they have excellent cash flow and have demonstrated a lengthy past history of being able to pay debt on time, then why should they be declined because of limited collateral or unsatisfactory personal credit if they have good business cash flow?

We agree!   Small business loans depot can provide business bank statement financing quickly.  Based on your Bbsinesses revenue, we can assist you in getting capital within 3 to 5 business days or less.

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Business Bank Statement loans include the following features:
– The highest approval percentage of any business financing. 
– Every business has Cash flow, so almost all businesses can qualify. 
– Only 3 months bank statements requested
– Just a short 1 page application is needed. 
– Fast turnaround, one or two day approval common
Get your Bank Statement Loan today.   Call us today Toll Free at: 855-787-1113 or
Tel: 919-771-4177. 

Up to 125% of a customer’s total monthly deposits may be approved.  If your business has average monthly deposits of $50,000, then an approval up to $62,500 is possible.  If the businesses average daily balance, beginning balances and ending balances are strong, the approval amount can be this much or higher.

This bank statement loan can be used as a line of credit.   The customer uses the line and repays.    The customer can use the full line or part of the line again immediately.    The line can also be left idle for months and not be used until they need it again.  Unlike traditional bank lines of credit, this line does not require and annual pay down to $0 and does not require annual or quarterly financial statements.

If the business owner has more than one business checking account, they may be able to use two accounts to qualify for a higher line size.   The most recent 3 months business checking account statements are submitted for each account.    The higher the total deposits per month are, the more the bank statement loan may be.

08/12/2014 – Smallbusinessloansdepot.com announces funding for a previously restricted industry.   As of the date of this release, funding for home based businesses is now available up to $250,000.   Previously home based businesses were restricted and could not be funded.   All types with the exception of gaming will be considered.  Contact your representative for further details.

07232014 – Central Florida Medical Associates, P.C. announces $500,000 line of credit through Smallbusinessloansdepot.com.    President Tim Steele announced, “This line of credit will position Central Florida Associates, P.C. as a premier medical provider in the greater Orlando area.   We look forward to implementing expansion plans on the west and east coast of Florida.”

F.A.Q – Frequently asked Questions:

What is the maximum we can get? 
The bank statement loan line size depends upon the total dollar amount of deposit per month and the average daily balance.   The company’s time in business, business credit and personal credit are also reviewed.

How long does it take to get funding? 
Once the business bank statements are received, you can be approved in 24 to 48 hours in most cases.   Funds are wired into your business checking account within 24 hours of the verbal confirmation with the customer.

How long is the repay time? 
The term of these bank statement loans are between 3-18 months.  The term will depend on the consistency of the cash flow, the time in business and business credit.

Will this business bank statement funding show up on our business credit? 
It will not show up on the personal or business credit bureau.  The signer’s debt to income ratio will not increase.  The owner will not appear to have more debt.  Credit scores will not go down due to new credit lines showing up on personal or business credit.

Do we have to reapply to borrow again?
When the line has been repaid, the business can leave the line idle, or re-borrow.  The customer can obtain a bank statement loan again without a formal application.   The most recent 3 months business checking account statements are sent in and after approval, funds are wired into the customer’s account.   This can be repeated over and over.

What can we do if we want a larger line amount? 
You do not have to submit another application.  In most cases, the line size is automatically increased.    Smallbusinessloansdepot appreciates repeat customers and does not punish existing repeat customers by giving new clients a better deal.   We strive to reward existing repeat customers with higher line sizes upon renewal.

What do you look at to decide if we qualify?

Average Daily balance – The average daily balance, or the average daily collected balance the customer has in their business bank statement is reviewed and a factor in any approval amount.   The higher the average daily balance of the business bank statement, the more higher the approved amount tends to be.

Amount and number of Monthly deposits –  The number of deposits and the dollar amount of the deposits the customer makes on a daily basis is reviewed.    A minimum of at least 5 deposits per month and $15,000 per month total deposits are preferred.

Beginning and Ending Balances – The customer’s beginning and ending balances are reviewed.   Due to month end expenses, many business customers have lower business bank statement balances at the end and beginning of every month.    Balances should not be too low in order to service the transaction.

Overdrafts and Insufficient Funds occurrences.    The customer can have overdraft and insufficient funds occurrences.    No more than three per month are preferred.

Sample Bank Statement Loan:

Verdi Management Company, a Freight management company in business for 1.5 years is requesting $40,000 to $60,000.   They apply for a bank statement loan by providing their most recent 6 months business checking account statements.   Upon credit review, Verdi Management is approved for $50,000.    Upon Verdi’s request for funding, funding documents are E-Mailed to Verdi Management.     The customer Faxes back the completed bank statement loan documents.

Upon receipt, the completed documents are reviewed.  Ensuing, closing paperwork goes into funding.   The customer is contacted by phone for a final verbal confirmation.   The customer confirms the transaction and the deal is funded.    After the verbal verification funds are wired into the customer’s account within 1 to 2 business days.

Thank you for visiting our business Bank Statement Loan resource page!

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Market Updates

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Lenders frequently have customers that request favorable terms.   Banks and other lenders are not surprised when they encounter borrowers who request better terms or the best terms possible.

Sometimes borrowers overstep their bounds and hurt their request by approaching lenders with a list of requirements or demands they feel they have to receive with their loan.   This is not a good approach to take with lenders.   Borrowers sometimes make the mistake of believing they are entitled to a loan and entitled to whatever terms they feel they should receive.

Borrowers often do this with the rate, closing costs and the number of months the loan can be approved for.    This happens more often with personal loans, but it also happens with business loan requests.

Applicants will often tell the lender in advance that they will not pay above a certain rate, or will even tell the lender the rate that they want to pay.   They will also tell the lender that they do not want to pay any closing costs, even though 1 or 2 payments at closing may be a normal requirement.   Applicants may also tell the lender the term they want, 48 or 60 months.  In some cases the maximum term the lender will consider is 36 months.

Negotiate
Applicant

When borrowers do this, they may be hurting their chances of even getting the loan approved.   If a borrower tells the lender they will only pay a 7% maximum interest rate on a business loan, and the typical rate is 9%, the lender may not be motivated to offer the loan.  The lender may do nothing at that point and the borrower will have to decide if they want to go back on their demand.

The same thing applies to closing costs and terms.  If  1 or 2 payments at closing are normal and the lender does not concede on this, the borrower may be stuck.  Borrowers need to be cautious about how they present their requests.  If a borrower says they do not want to pay 1 or 2 payments at closing, the lender may take a closer look at the borrower to make sure this request is just a preference by the borrower, rather than a cash flow problem.

Borrowers with good credit sometimes incorrectly believe their profile is the best the lender sees.   Often, a borrower that believes their credit is among the best is really an average to good credit compared to the lenders overall customers.    If an applicant makes several demands and is difficult to deal with during the application process, this may be considered a red flag to the Lender.   The lender will quickly realize if the borrower is difficult to deal with during the application phase, they may be difficult to deal with as a customer and will almost certainly be hard to deal with if there are problems later.

Due to the reasons cited above, borrowers will get the best results by negotiating with lenders rather than make demands of them.

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