Video: How to get a Large Business Loan
Large Business Loan Article and Video: Review tips to getting more money. This includes:
- Knowing where to apply that you have a chance of approval
- What question to ask before applying
- Documentation you will need for approval and closing
- Avoiding Decline Reasons
- Didn’t get Enough? What to do now
Call 919-771-4177 for more info. Access Video Transcript details here
How to get a large loan for your business
How to Supply: Cash Flow Statements
How to Tool: Desktop, laptop, tablet or phone
Step 1: Call the Lender
Call the lender that offers bigger loans and talk with someone that can make an assessment or a pre-approval. Tell them your specific details. Type of operation, annual or monthly revenues, deposits, how long open and credit.
Are there clear reasons they might deny you? This helps you know where you stands. Do you have a good chance? This avoids wasting time with unnecessary denials also.
VIDEO CLIP Below: Call the lender: Give them details : 10 Seconds – 35 Seconds in Clip below.
Step 2: Qualifying
What is it going to take to get the amount you need? Generally it includes annual revenues. Getting amounts more than your annual gross revenue is hard to qualify for. An amount up to that is easier.
Review your time since generating revenue. Short time such as less than a year can be approved. The longer, the higher the amount.
Review your credit score. High amounts can be approved with a low credit score, even below 600. The higher the score, the more you have a chance to qualify for.
Also, amounts into the millions can be backed by real estate. Weekly, bi-weekly, daily or monthly payment options are available depending upon the program.
TIP: There are specialty
low rate programs
for preferred industries, like retail, restaurant, auto repair, beauty supply and spa, medical, dental, and chiropractors as well as hospitals and emergency care facilities, construction and manufacturing companies, factories, grocery and convenience stores, landscaping and landscape design companies.
Hospitality, hotels and motels, assisted living and nursing homes, golf courses and resorts, cannabis dispensaries.
TIP: Is your entity in an industry that is restricted and cannot easily get funding? Find out what options are available.
Used car dealers, real estate, trucking companies, collection agencies, non profits, attorneys, religious organizations, and many other hard to fund types of companies that have trouble finding options.
Larger amounts also include industries such as construction companies and contractors, cleaning and maintenance companies.
Also included are brokers, insurance, mortgage and financial brokers, staffing companies and temporary employment agencies and logistics and transportation companies.
VIDEO CLIP Below: Qualifying Clip:
36 Seconds -126 Seconds in Clip below.
Step 3: When you Apply.
Provide cash flow information that helps your request. Don’t send bank statements or other financial information that shows weak sales unless you are required to send it.
Avoid sending information that was not requested. It may be interpreted in negative ways you did not realize in advance.
VIDEO CLIP Below: Only provide: 127 Seconds -143 Seconds in Clip below.
Step 4: Closing
TIP: Should be an easy slam dunk? Many customers get declined between the approval offer and the closing for funding.
Examples include: Closing requirements also called stipulations that are reviewed as part of the closing process. They are low recent account balances, even overdrafts, NSF’s and overdrawn accounts.
This may happen in the current month that the lender does not know about and why they do a bank verification before closing. Proof of ownership or other financials such as information on other owners, or a tax return could be requested.
If you are declined, ask what are the reasons and if you can fix it now or in the short term so you can get approved and close. Sometimes you can satisfy the denial reasons, still close and get the money wired to your account.
Finally, a background check will be completed. This can pull up previous corporation the owner had in the past. They may have had a default or slow payment with with other lenders. We can help you deal with these issues and get you funded. Contact us at 919-771-4177.
TIP: Other big loan types and challenges companies face trying to get higher approval amounts to repair your Big Rig or Hot Shot truck, against your truck or vehicles, or against your trailer. Loans for hot shot and some hot shot start up options.
Get processed on weekends and in evening hours after 5. Have you ever been asked for a MTD month to date statement? We show you how to get it and also avoid being declined for problems with your current month such as the drop in deposits since the beginning of the month.
Are you afraid you will be declined and not want to apply maybe because your credit score is too low, or other reasons? Find out in advance the top 9 reasons why loans are declined and what types you can get approved for and close with a low score and other problems.
Articles on emergency money for payroll and product orders. Are your invoices being paid too slow? Learn how to speed up your invoice payments through factoring. Are you a new start up and you don’t have 3 months statements?
Many Corporations and Sole Proprietors have low or declining monthly deposits and low average balances.
Get funding for a current federal or state tax lien. Also learn what some States like California, Virginia, Florida, Utah, New York and others require four bank statements and the disclosures involved.
From unsecured cash flow loans like bank statement loans, line of credit style options, asset based loans on your equipment, trucks, big rigs, construction equipment.
To apply, click on the apply button at the bottom right of this screen, or on the end screen of this video, or call us at 919-771-4177 or go to bankstatementloan.com/. On YouTube, please subscribe, like and share.
VIDEO CLIP Below: Close: 144 Seconds – 300 Seconds in Clip below.
Need more money than your cash flow can qualify you for? Watch how to get a loan against your Equipment Video here.
Other options for getting extra funds without putting up your equipment are bank statement loans options.
Another way to get a big business loan is to take free and clear pieces of equipment. Watch the Loan Against Yellow Iron Video.
Check out other options on our homepage bankstatementloan.com/.
FAQ Frequently asked questions on large business loans.
How can we qualify?
Revenues over $25000 per month and over 3 months may qualify for higher amounts. Higher deposit amounts and average balances per month qualify for bigger loans. For some programs higher credit scores or strong financials can increase approval amounts.
Do higher amounts take longer to close?
Closing within 24 hours or less in most cases. Certain longer term programs and amounts over $500,000 can take longer to approve.
What if we are new?
Strong sales in the first few months is enough.
Can we get funding from the same program again later?
Yes. Pay the balance down to 50% it can qualify for more funding right away. One program allows for new funds after 30 days of timely payments.
Will Real estate and other assets be required?
Real Estate is not required. Customers that offer real estate or other assets can get higher approval amounts. Close the maximum they qualify for without using real estate or any other assets.
Can we get a monthly repayment and a longer term?
Monthly and weekly repayments are available with longer terms of up to 60 months.
Many businesses need funding for over $500,000 or as high as $1,000,000 and higher.
Paying off a large Merchant Balance with a loan
You can take a merchant cash advance with a high or large balance and pay it off. Doing this can extend the term several months longer. A large merchant cash advance of over $100,000 or over $200,000 with less than 6 months left can be paid off and the term can be extended to 10 or 12 months. Terms up to 120 months may be available with same day and next day loans. Payoff your advance today!
Business owners say they have been declined because the amount they asked for was too high. They requested funding over $250,000 or more and were denied. Our programs are designed for higher dollar needs.
Callers call in and ask what they need to provide:
Use the following chart below to determine what you will need when submitting.
$50,000 to $100,000: Provide an application and last 3 months bank informa.
$100,000, $150,000 and $200,000: Provide an application and last 3 months checking account information.
$250,000 to $300,000: Submit an application, last 3 months checking account information and Year to date interim Profit and Loss (P & L)
$350,000, $400,000, $450,000 and $500,000: Submit an Application, last 4 Months checking account information, Year to date Profit and Loss and Balance Sheet.
$500,000, $600,000, $750,000, $1,000,000 and $1,500,000
$500,000, $750,000, and $1,000,000: Submit an application, last 6 months complete checking account statements. Provide the last 2 Years business Tax Returns.
$1,000,000, $2,000,000, $3,000,000, $4,000,000 and $5,000,000: Submit an application, last 12 months business checking account statements and last 3 years Tax returns.
Companies that have been denied by a lender because the amount of the request was too high will still try to get smaller amounts another way. Ask lenders upfront if they have a maximum loan amount and if they have different criteria for different dollar amounts. If so, what are they?
Because the lender has different lending criteria for higher loan requests, they may not provide you with the information. Ask these questions to help get approved and also avoid unnecessary denials.
Looking for alternatives to a cash flow option? Then watch our alternatives to an MCA here.
Show Video Transcript Details
0:00 Introduction
0:10 Step 1: Give the lender details
0:36 Step 2: Qualifying
0:47 Time in Business
0:54 Credit Score
1:06 Payment Terms: Weekly, Bi-weekly, Monthly, Daily
1:11 Preferred and Favored Companies
1:36 Restricted Industries
2:07 Step 3: Only Provide required info
2:24 Step 4: Closing: Problems and challenges
2:32 Closing Requirements: Stipulations
2:58 Declined? Do this
3:10 Background check
How to Get a Large Business Loan
Large business loans, big business loans, most lenders offer something small, or tell you no. [no] To apply, click on the apply button at the bottom right of this screen. So how to get a large business loan.
Step 1: Call the lender
that offers bigger loans and talk with someone that can make an assessment or a pre-approval. Tell them your company’s specific details. Type of business, annual or monthly revenues, deposits, time in business and credit. Are there clear reasons they might deny you? This helps you know where your business stands. Do you have a good chance? This avoids wasting time with unnecessary declines also.
Step 2: Qualifying:
What is it going to take to get the amount you need? Generally it includes annual revenues. Getting amounts more than your annual gross revenue is hard to qualify for. An amount up to that is easier.
Time in business. Short time in business such as less than a year can be approved. The longer the time in business the higher the amount. Credit score. High amounts can be approved with a low credit score, even below 600. The higher the score, the more you have a chance to qualify for.
Also, big business loans into the millions can be backed by real estate. Weekly, bi-weekly, daily or monthly payment options are available depending upon the program.
There are specialty low rate programs for preferred industries, like retail, restaurant, auto repair, beauty supply and spa, medical, dental, and chiropractors as well as hospitals and emergency care facilities, construction and manufacturing companies, factories, grocery and convenience stores, landscaping and landscape design companies. Hospitality, hotels and motels, assisted living and nursing homes, golf courses and resorts, cannabis dispensaries.
Is your business in an industry that is restricted and cannot easily get funding?
Find out what options are available for your business. Used car dealers, real estate, trucking companies, collection agencies, non profits, attorneys, religious organizations, and many other hard to fund types of businesses that have trouble finding options.
For larger bigger business loans, they also include construction companies and contractors, cleaning and maintenance companies, brokers, insurance, mortgage and financial brokers, staffing companies and temporary employment agencies, small and larger logistics and transportation companies.
Step 3:
when you apply only provide cash flow information that helps your request. Don’t send bank statements or other financial information that shows weak sales unless you are required to send it. Avoid sending information that was not requested. It may be interpreted in negative ways you did not realize in advance.
Step 4: Closing.
Should be an easy slam dunk? Lots of businesses get declined between the approval offer and the closing for funding. Examples include: Closing requirements also called stipulations that are reviewed as part of the closing process. They are low recent balances in the business, even overdrafts, NSF’s and overdrawn accounts.
This may happen in the current month that the lender does not know about and why they do a bank verification before closing. Proof of ownership or other financials such as information on other owners, more bank statements, or a tax return could be requested.
If your company is declined, ask what are the reasons and if you can fix it now or in the short term so you can get approved and close. Sometimes you can satisfy the denial reasons, still close and get the money wired to your account.
Finally, a background check will be completed. This can pull up previous businesses the owner had in the past. They may have had a default or slow payment with with other lenders. We can help you deal with these issues and get you funded.
Click or Tap on the apply button, or link in the description or
call us at 919-771-4177 or visit bankstatementloan.com.
Author Biography: Will Sanio, Owner of SCF Funding, dba bankstatementloan.com/, has a Bachelor of Science Degree in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
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