This just came in from a new Business Line of Credit provider. The comments are from the Sales Manager whom I have known for a couple of years.
Unsecured business lines of credit as of 9-01-09 were funding with the average amount of about $125K.
There is a one time fee of $1995 and 8 or 10% of the approved credit line at the time of funding. If there are Credit Issues that have to be cleared up prior to funding, the $1,995 fee is due with the application.
Typical funding is appox. 90 days, but clients may get access to some funding in 2 weeks from their completed application date.
We can start funding when a client is above 700-720 FICA personal scores with less than 5-6 Inquiries and no derogatories.
Also, we need all unsecured revolving credit balances at or below 30%.
All credit is reported against the Company, not the individual.
We will remove most inquiries at the time funding is finished.
We can double up all funding amounts by using a spouse or partner.
If the clients company has an 80 Paydex we can get them appox. another 125K with a 10% fee at the time of funding.
$200K – $400K more is available with a 20% fee if they have a 6 plus year old Company with tax returns and financials.
There may be an additional fee which is on case to case basis.
We also have a number of other products: leases, factoring, hard money loans, soft money loans etc.
BFG is a licensed credit Improvement Company in Minnesota.