How long does it take to get business funding?
For lines of credit and business term loans about 5-10 business days. Note that the sooner the applicant sends the requested documents the faster the process goes.
2. What are the interest rates?
There is no answer for that question. Each client has their own story and we need to get more information regarding your situation. Then we can determine what type of funding makes sense and what private lender you'll be working with.
3. How much money can I apply for?
Up to 1 million dollars for business loans. How much you can actually qualify for is mainly based on your monthly income. You can get about 1.5 to 2x your monthly revenue. For instance if you want $100K your monthly income from your business should be close to $70K. The lenders need to see that you can afford to make the loan payments. For real estate loans it depends on the type of financing but we have lenders that can arrange up $500MM.
4. What is the application process?
To apply for financing with one of our alternative lending partners you will need to complete a one page application, supply the last 6 months business bank statements and last year's tax return. Within 24-48 hours you'll see how much in funding you're approved for.Contact us for pre-qualifications regarding commercial real estate transactions, it depends on the lender.
5. If I have bad credit can I still get approved for funding?
Yes, our private lenders look at the whole picture as far as what's going on with your business and whether they think you can manage to pay back the loan, not just your credit score.
6. What types of funding can you arrange?
Line Of Credit, Business Term Loans, Startup Funding, Commercial Property Acquisition and Refinance, Fix And Flip Loans, Construction and Contractor Loans, Merchant Cash Advance, Equipment Leasing And Financing, Inventory Factoring
7. Really don't want a high priced loan that I have to pay back daily. Is that what this is?
That's called a merchant cash advance. Yes, we offer that as an option, but it's not for everyone. An MCA, as it's called, is better for very high volume businesses that need funding very quickly, like within 72 hours, and know they are generating the income to manage the payments. It can also be an option as a bad credit business loan.
8. The bank denied my application for a business loan. Can you help?
In many cases yes. There are bank loan officers that contact us to help clients that have been turned down. We partner with a network of private lenders that have more flexible terms and may be able to assist.
9. How much in monthly income do I need to earn to be able to apply for funding?
Applicants should be generating a minimum of $10K monthly in revenue to qualify for funding. The lenders need to know you can afford to pay back the loan.
10. What is the minimum amount of funding you can apply for?
The minimum loan amount is $10K.
11. What type of issues can disqualify an applicant?
Clients can be denied funding due to lots of overdrafts (NSFs) on their business bank account, open bankruptcies, liens, judgements. Also if the business is not generating enough income to make payments for the amount of funding the owner is requesting.
12. Can you assist with startup financing?
Yes, we have lenders that fund startups. You must have good credit, 650+ and not a lot of outstanding debt, inquiries, late payments or other derogatory items on your credit report. Also you should be earning at least $50K in annual income. You can apply for up to $250K in funding. The process takes about 14 days.
13. How long do I have to be in business to apply?
Carpenter Financial Services can take on clients in business for at least 6 months, but we recommend a year at least. Note that banks do not typically fund businesses in operation for less than 2 years.
14. What locations and states do you accept clients?
Carpenter Financial Services works exclusively with business owners located in the USA.
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