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Important Program Details:
Who is Eligible
Sole proprietor
LLC
Corporation
Start up businesses
Franchises
Business must be in the continental United States
Qualification
This is a business line of credit with a personal guarantee. The
line credit will be in the business name and
“will not appear on the personal credit”
Personal guarantee must have a credit score of “640” or above.
Must show proof of business ownership.
Articles of incorporation
Schedule c
Applicant must have majority ownership 51% or more in the
corp or llc.
If not all owners must be on the application and we will look at
all owners credit.
Where We Do Business
We offer 6 lines of credit 5 at $100k and one at $35k for a total
$535,000 in the following states:
PA, NJ, NY, DE, MD, IL, OH, MI, VA, RI, NH, MA, and CT
We offer 2 lines one $50,000 and one $35,000 for a total of $85k
in the following states:
Florida and Texas.
$35,000 max in all other states.
Details
A $300 Non-refundable consulting and application fee is required
to process each application.
Equity line can be used for any purpose we do not dictate what the
funds can be used for.
You will have two accounts set up per line. One will be a “free”
checking account that gets set up first in the business name and
the equity line account. The checking account is set up for direct
debit of monthly payment. This guarantees your interest rate of
Prime + 1. You will have checks sent to you for the checking
account and for the equity line. “At any time you can wire funds
from your equity line to your checking account”.
Minimum Payment for the 1st 12 months is interest
only, however, the lines are reviewed
every year and if minimum payment only is made the lender normally
requires principle and interest until 50% of balance is paid. The
principle payment will be on average about 2% of balance.
KEEP IN MIND THIS IS AN EQUITY LINE AND YOU ONLY PAY ON THE AMOUNT
YOU BORROW OUT OF YOUR EQUITY LINE.
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