| Loan Amount: |
5% of annual revenues up to 1X average monthly credit card sales volume |
| Use of Proceeds: |
Business purposes including unexpected expenses |
| Term: |
6-24 months |
| Payment Factor: |
1% per month - 1.06 to 1.24 depending on credit qualifications and size of loan |
| Daily Payment: |
Based on a 260 work days a year |
| Payment Method: |
Lockbox for credit card processing settlements |
| Origination Fee: |
2% withheld from loan proceeds |
| Credit Requirements: |
Receipt and acceptable review of the following items:
• Signed Application
• 12 months merchant processing statements
• 3 months bank statements
• Previous Year's Business Tax Returns
• Year End Financial Statements
• Most recent interim corporate financial statement.
• Previous Year's Personal Tax Returns
• Current Personal Financial Statement
• Current account statements on any outstanding Commercial (bank) loan(s).
|
| Approval Timeline: |
Two (2) Business days upon receipt of all Credit Requirements |
| Funding Timeline: |
Upon approval, a Terms Letter will be issued outlining the details of the loan. The loan can typically be documented and funded within ten (10) business days of acceptance of the Terms Letter. |
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