Business Loan Solutions for Mobile Small Business Owners
Are you a small business owner in Mobile, Alabama, who is having difficulty getting approved for a business loan? We specialize in No Doc Business Loans for business owners who generate strong revenue but show limited net income.
How No Doc Business Loans Are Structured
A no-doc business loan is underwritten using the gross income of your business instead of net profit. If your company brings in high revenue but most of it is written off for tax purposes, leaving little net profit, this will not stop you from qualifying.
Ideal for Businesses That Reinvest Their Earnings
Many businesses in Mobile reinvest their income into renovations, expansion, equipment, or daily operations. Because of this, net profit at the end of the year may be low, making approval through traditional lenders more difficult. Our no doc program is designed with this in mind.
The Downside of Factoring and Receivable Loans
Business owners with strong monthly cash flow but low adjusted net income are often pushed toward factoring loans or accounts receivable loans. These loans usually require six months of bank statements and come with extremely high repayment amounts. For example, borrowing $25,000 may result in paying back around $37,000 in just six months. After the loan is repaid, many borrowers are forced to repeat the process.
Stated Income No Doc Loan Program
Our stated income no doc program allows you to qualify using your annual income. If you state earnings of $100,000 or $200,000 from the previous year, that number is used by underwriters during the approval process. Using yearly income can help you qualify for higher loan amounts with more affordable rates.
Better Loan Terms for Your Business
Unlike factoring companies, our loans offer:
1. Low interest rates
2. Long repayment terms
3. Simple interest loans
4. Monthly payments instead of daily withdrawals
5. No prepayment penalties
Apply for a No Doc Business Loan in Mobile, Alabama
If you are experiencing trouble getting approved for a business loan in Mobile, Alabama, please contact us today. Our team would be happy to discuss your options and help you secure a loan that fits your business needs. Fill out the form to the right, and one of our representatives will contact you soon.
