LOANS IN TEXAS
- NO DOC STATED INCOME LOANS=PERFECT FOR THE SELF EMPLOYED
- HYBRID DOC LOANS AND LINES
- FUNDING FROM $5,000 TO $250,000
UNSECURED BUSINESS AND START UP BUSINESS LOANS IN TEXAS (No Doc and Hybrid Doc)
The state of Texas is where most of our private lending and warehouse lines come from. Our process to get clients funding falls into 2 basic underwriting categories. No doc and hybrid doc.
No doc stated income funding. This is used for the self employed when they are in a cash only business or have not done their taxes in the last 3 + years. It's also used during the initial stage of a business where the business owner files tax extensions because they have no money to pay the government for the previous years. Their business bank accounts show consistent cash flow but they lack every other financial document banks need. Personal scores need to be high (700+) with clean credit (No late pays, collections, charge off's or excessive inquiries)
Hybrid doc funding. Hybrid doc is a form of underwriting where we collect all your income documentation but can approve you even if you write everything off. Most self employed clients will show a lot of income on the gross income side and then write off most of it. If your adjusted income (the income you claimed to the IRS ) is too low then no one will approve you. If a client claims they make $12,000 a year adjusted gross income then the income is only $1,000 a month. If that client already has more then $1,000 of bills on their credit report (This includes current mortgage, car loans, credit cards etc.) then they will not get approved for funding.
Hybrid doc is a completely different way of underwriting and approving files. All taxes have a itemized list of business write offs and the categories that they fall into. The categories could be depreciation, amortization, marketing, legal fees, equipment, lease buybacks etc. On the tax returns these items are written off to lower total tax liabilities so that the business owner does not have to pay as much in personal taxes. With the hybrid doc underwriting we can add a lot of them back. Depending on the investor the total percentage that will be added back with depend on where the deductions came from. Every clients deductions will be different and every investor will add back the deductions with different ratio's. One investor may add back 80% of marketing while another will add back 40%. The way the client's taxes look (what they actually used as deductions) will determine their fate. In the world of banking and loans its always better to show more income even if that income was added back. Adding the income back will make the clients risk factors lower giving the client more funding with reduced rates. This is the point of the hybrid underwriting. Show the true value of the clients business instead of what they claim they make as profit.
Our job as a consulting company is to analyze financial documents and figure out what is best for the client depending on what the client did with their taxes.
Starting a small business in Texas can be a rewarding undertaking, but there are numerous challenges involved. Startups and small business owners have traditionally had considerable difficulty obtaining the funding essential to getting off the ground or continuing profitable operations. We can help. Our range of financing solutions is aimed at providing the capital necessary to help businesses of all sizes address financial challenges and target key opportunities. Call us today and find out how we can help your business grow!
- No Doc Stated income start up and business loans and lines of credit.
- Financing for cash only paid businesses.
- Financing for new businesses or businesses under 1 year.
- Financing for all businesses not allowed under SBA
- Financing for home based businesses and Internet businesses.
- NOT factoring, ACH or bank statement loans.
- Monthly payments.
- We DO NOT charge any upfront or hidden fees.
- Can be used for any business including home based, trucking , construction, buying real estate
- Long term (up to 10 years) loans keep monthly payments cheaper
- Start up businesses welcome.
- True business loans under the EIN #.
- We do not use any type of collateral.