Categories
Asset Based Loan

Loan Using Bank Statements

How to get a loan using business bank statements

  1. Get the most recent three (3) months complete business checking account statements
  2. Review your total dollar amount in deposits per month, your average daily balance, number of deposits per month, personal credit, type of business and time in business.
  3. Select a bank statement loan program that best fits your business.
  4. Complete application and provide the last three months business bank statements.
  5. If approved, submit required closing information and close transaction

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ūüáļūüᳬ†Call 919-771-4177 for more info.

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Small Business Loans Depot offers a loan using bank statements through the company’s Gross Sales. ¬† Every company has sales, so almost all companies can qualify.

Many callers call in and request a “loan using bank statements” or a “business loan using bank statements”.¬† Get started on this financing today.¬† Provide the¬† most recent 3 months business checking account statements and 1 page application.

  • Our Loan using Bank Statements can be used by a business to get up to $250,000 working capital, and as much as $500,000 in some cases.
    A customer can get a renewal of their original funding at 50% paid down.
  • The funding can be used for any purpose the business needs.
  • Applying is fast and easy and the entire process takes approximately 3 to 7 business days.
  • This product has no upfront application fees.

Other Features

Ask about our Flex payment or Flexible payment product because the payments are variable and not fixed.   United States and Canadian companies only.
Example:

A business is approved for $25,000 with a 6 month term and a $100 daily payment.  With other programs, the business has to repay $100 every business day even if sales are slow or if sales are higher than normal.

With the Flex payment program, if the customer’s deposits drop 25% one day, then the daily debit is $75. ¬† If the deposits increase 50%, then the daily debit is $125. ¬† ¬†This program has a great advantage for customers. ¬† If their sales are slow, they won’t have a higher burden to make the payment.¬† ¬†When their sales increase, they will still have the same percentage taken out and repay the funding sooner.

A business can get up to 125% of it’s monthly deposits with this program. ¬† The customer’s beginning bank statement balances, ending balances, amount of monthly deposits and also average daily balances are looked at to determine the approval amount and terms. ¬† ¬†The repayment term is between 2-18 months.

Customers with more than one active business checking account with significant balances should use the account with the highest amount of deposits.¬† ¬† The minimum time in business is 4 months for the start up program.¬† Your business should provide it’s first 3 months statements to try to qualify for the start up program.

Benefits:

– Just 4 Deposits per month required in many cases.
– No Site inspection for qualifying deals.

What is required to submit for an approval?
– Most recent 3 months complete business checking account statements
– Signed and dated application.

What is required for closing?

РCopy of voided check.  Specifically, this is a copy of a voided business check.
– Copy of driver’s license.
– Landlord contact information.
– Other requirements may apply.

Required to pre-qualify or qualify:

– Signed and dated application from at least 50% of company ownership.
– Last three months complete business bank statements from the main business
account.
РFor amounts over $150,000:  The most recent six months complete business bank statements and the 1st page of the most recent business tax return.

Required for Loan Contracts to be sent:

– Clear copy of driver’s license.
– Copy of a voided business check off of the approved account.
– Valid E-Mail address for the owners of the company.
– Federal Tax ID number, or TIN.
– Other requirements may apply.

Other business bank statement loan customer benefits:

– Renewals and renewal options often begin at 40% pay down of balance.
– No standard site inspection is performed or required for many customers.
– Bankruptcies older than 1 Year are usually acceptable.
– Only 50% ownership needed in some cases.

If a customer’s sales increase in the 6 months to year after the line is established, the line size may be increased very significantly due to both the increase in revenues and satisfactory repayment.

Other issues:

Other issues for the Loan using Bank Statements program include average balances, amount of deposits per month, number of deposits per month, beginning balances, ending balances, and overdrafts and NSF’s.

Question:  How much time does the process take and how long does it take to receive the funding?

Answer:  The decision process takes approximately 24 to 72 hours. The customer receives the loan documents the same day or the next day.   Once the customer returns the completed documents via Fax or overnight, the loan documents are reviewed.  Once the accuracy of the documents are confirmed, a verbal verification is done with the customer and funds are wired to the customer with in 24 to 48 hours.  The entire process takes about 5 to 8 business days.

Thank your for visiting our Loan using Bank Statements resource page!

Categories
Asset Based Loan

Loan Against Equipment Video: Monthly Payments!

Get a Loan on Equipment

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 How to get a Loan against Equipment

How to get a loan against equipment
How to get a loan on your business equipment assets.

Supply: List of your Free and Clear Equipment

Tool: Desktop, laptop, tablet or phone

1: Create a List

Make a list of your free and clear paid equipment

Get pictures and info on: vehicles, rigs and semi’s, pick up trucks, construction equipment, trailers and other
Equipment.

TIP: The lender may payoff valuable pieces with a low balance

make a list
How to get a loan against equipment: make a list

VIDEO CLIP below: Make a List of Your Free and Clear Equipment:¬† 2 Seconds ‚Äď
13 Seconds in Clip below.

2: Provide Cash Flow Information

Provide your last few months bank statements to show cash flow.

provide cash flow information
Get your last few months bank statements and any other financial a lender may request.

VIDEO CLIP below: Provide Cash Flow Information:  14 Seconds Р16 Seconds in Clip below.

3: Match with a Lender

Match with a lender that offers loans against equipment.

Call and ask about amounts and Terms

Match with a lender
Match with a lender that makes loans against equipment

VIDEO CLIP below: Match with a Lender:¬† 17 Seconds ‚Äď
21 Seconds in Clip below.

4: Apply

Apply and get your best chance for approval by working closely with a rep.

apply for a loan against equipment
Apply

VIDEO CLIP below: Apply:¬† 22 Seconds ‚Äď
25 Seconds in Clip below.

5: Complete

Close the transaction and gather all closing items: Proof of ownership, titles, pictures or more.

TIP: Low credit scores O.K.

Finish by signing the contracts and getting funded.

close the transaction
close the transaction

VIDEO CLIP below: Complete:¬† 26 Seconds ‚Äď
33 Seconds in Clip below.

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Video Transcript: In minutes and seconds followed by video transcript.
0:00 Introduction
0:02 Make a List of Your Free and Clear Equipment
0:14 Provide Cash Flow Information
0:17 Match with a Lender that Offers Loans on Equipment
0:22 Apply
0:26 Gather required Documents and Close Transaction
[ desert wind whistling ] How to Get a Loan Against Equipment.

[ engine running ] Make a List of your Free and Clear Paid Equipment.

Get Pictures and Info on [ engine idling ] Vehicles,

[ engine revving ] Rigs and Semi’s,

[ revving continues ] Pick Up Trucks,

[ pressure releasing ] Construction Equipment,

[ duck quacks ] Trailers and Other Equipment.

[ counting money ] The Lender may pay off valuable pieces with a low balance.

Provide your Last Few Months Bank Statements to show Cash Flow.

Match with a Lender that Offers Loans Against Equipment.

[ desert wind blowing ] Call and ask about Amounts and Terms.

Apply and Get Your Best chance for Approval by working closely with a Rep.

[ race car engines ] Close the transaction and Gather all Closing Items.

Proof of Ownership, Titles, Pictures or More.

[ water bubbling ] Low Credit Scores OK.

Finish by signing the Contracts and getting Funded.


Need more money than your Assets can get ? Get extra funds without putting up your equipment here using a bank statement loans option.   Or just visit the bank statement loan video page here.

Check out other options on our homepage smallbusinessloansdepot.com.

For businesses that do not have enough assets but need a larger business loan, read how to get a large business loan, or just visit the how to get a large business loan Video page and watch.

In a loan on equipment or vehicles, the owner keeps the equipment or vehicles and retains ownership when it is paid off.

This asset based option is often used as one way to get a large business loan‚ÄÉOr Call us at 919-771-4177.

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Or Call 919-771-4177 for more info.

Qualifying equipment includes many types of construction and industrial equipment, business and commercial business vehicles. This includes tractor trailers, big rigs, commercial vehicles and semi -trucks.    Is your truck down?  Find out more about a truck repair loan here, or just watch the Truck Repair loan Video here. You can even get a loan on a trailer!   Low credit scores down to 500 and below may qualify.

Data Secure 15 Second Request Form Here.

Call 919-771-4177 for more info.


FAQ Frequently asked questions on a loan against equipment or vehicles.

What is a loan against equipment?
A loan on equipment lets businesses use the equipment or vehicles they own outright to qualify for a business loan. Borrowers can get a loan against construction equipment as well as tractor trailers and semi-trucks. Other qualifying assets include business vehicles and some types of machinery. The approval process is usually one or two days and the collateral stays on your property.

How much can I get?
You can get up to 60% against the current retail value of qualifying pieces. If your equipment has higher than market value, then provide documentation to prove the value from upgrades or customization.

How do put a value on the pieces?
Asset value data is used for each equipment type. The prices of comparable pieces on sale through industry leading vendors and suppliers may be used.

How old can my assets be?
Most trucks can be up to 8 years old. More than 8 years can still be funded with reduced approvals. Construction pieces and machinery can be older depending on the type, manufacturer, model and age.

Do I need to have proof of ownership?
Proof of ownership will be needed. Title, registration or bill of sale can be used for proof of ownership. Proof of purchase may also be needed and can be a paid invoice, loan or lease payoff letter, or bank proof of payment.

Can you take trucks or cars as collateral?
Free and clear trucks or cars including big rigs, semi trucks, OTR over the road tractor trailers, dump trucks, and vans may be used as security. Standard trailers such as big tex and gooseneck can be pledged. Cars, trucks and passenger vehicles may qualify if they are used partially for business.

Cnc milling machines, 18-wheelers, rigs, tractor  trailers qualify.   Machine tools may also bring significant working capital.

Construction equipment such as front end loaders, bobcats, skid steers, bulldozers, ditch witches, woodworking equipment, semi trucks, 18 wheelers, tractor trailers may also qualify.

Your business makes money by using equipment rather than owning it.   Get the unused cash in your equipment and use it for cash flow in your business.

loan against equipment
Business loan programs are open, approving and funding small business loans on construction equipment, some large machinery, commercial vehicles, big rigs, semi trucks, Over the road tractor trailers OTR, vans, dump trucks, and even trailers such as gooseneck trailers during Coronavirus covid-19.

Submit the one page loan against equipment application and also the equipment list . Decisions are usually made in 1 day.   Funding happens within five business days.   $150,000 total funding is available.

Tell us the type of loan you are looking for.   Callers ask for different types of loans, including a loan against construction equipment.   Others ask for a loan on equipment using their construction assets.  Some callers request a loan on machinery.

Underwriting reviews the age and condition of the equipment.  Complete the equipment list.  Use the most valuable and newest equipment on hand.   Older equipment may qualify.  This includes trucks and tractors.   Through this loan against equipment, loans against a tractor-trailer is approved.  It is also called a loan against an 18 wheeler as well as a loan against semi-trailer truck.   Other products are a loan against a big rig, and loan against a semi truck.

Top 7 vehicles to get a business loan against: 
1  Commercial Vehicles
2  OTR Over the road trailers
3  Big Rigs
4  Semi Trucks
5  Dump Trucks
6  Trailers
7  Vans

The following are examples of equipment and vehicles that can qualify under the program!

1. Cat 314ELCR
2. Cat TL943
3. Doosan DX 300LL-5
4. Ford F250XL and Ford F350XL
5. Ford F450
6. John Deere 225DLC
7. Kenworth T370

Thank you for visiting our loan against equipment resource page.