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BREAKING NEWS – LendBerry Will Now Pay For Your Personal Credit Repair!

LendBerry has partnered with BusinessOwnersCreditRepair.com and is offering to pay for up to 3 months of professional credit repair services for its new clients. This means that if your business gets alternative financing through one of our lending partners that Lendberry will pay to have your personal credit repaired so that in the future you should be able to get premium rates and repayment terms for alternative financing, or so that you may become eligible for traditional bank financing instead.

Call LendBerry Today at (855) 772-3779 To Find Out More.

Some Important Facts About LendBerry Funding Solutions

  • The Funding is Unsecured/No Collateral Required
  • Receive Capital Within a Few Days
  • 90% Plus of All Applicants Get Approved
  • The Ability to Refinance Existing Advances
  • Bad Credit OK / FICO as Low as 450
  • Funding Amounts Up To $1,000,000
  • Affordable Repayment Plans
  • Flexible Terms (Up to 15 Months)

When Would Alternative Financing Be Right For Your Business?

  • If it would increase short term sales and profits!
  • If it would increase long term sales and profits!
  • If it would increase your businesses competitiveness!
  • If it would help your businesses expansion capabilities!
  • If it would make your business stronger to weather future financial storms!

How LendBerry Lender Programs Work For Your Business!

LendBerry is partnered up with 18 alternative business lenders to facilitate different types of business financing for its clients. Those types of business financing include a Working Capital Loan; which is a true interest rate loan, as well as a Revenue Based Type of Funding where the last 6 months of a businesses revenue is carefully examined and an offer is made to purchase a set amount of the company’s future receivables in exchange for funding being provided now.

At LendBerry we believe in complete transparency. Unfortunately, like in any business there are unscrupulous individuals and companies that will promise you the world and then deliver next to nothing. That is why we have taken the time on this website to provide you with a realistic overview of what you can expect as far as getting alternative funding for your small business goes. Therefore if your business is in need of working capital right now, or if you think that it may be in the future, then you might want to take the time out to read at least the home page of this website.

Types of Funding Provided By LendBerry Funding Partners & Requirements

WORKING CAPITAL LOAN

If your business is an established corporation or LLC (Not a Sole Proprietorship) for 3 or more years, and your personal credit score is 680 or higher, and your business deposits at least $40,000 per month in to its bank account with at least an average of 12 or more deposits per month, and your business has no negative days (below $0) per month with an average daily bank balance of at least $3000; with no liens or judgments or bankruptcies against the business; then you can expect to receive a working capital loan for a 12 month term at 14.99 percent with a 4.95% origination fee. If your business meets this criteria the loan size you will receive will be approximately 30% of one month of your businesses average bank deposit volume.

PREMIUM REVENUE BASED FUNDING

If your business is established 2 or more years, and your personal credit score is above 650, and your business deposits at least $40,000 per month in to its bank account with at least an average of 10 or more deposits per month, and your business has no negative days per month with an average daily bank balance of at least $3000; with no liens or judgments or bankruptcies against the business; then you can expect to receive an advance against your future receivables at a rate of around 44% for a 15 month repayment term. That is about 2.9% per month in fee costs for unsecured funding. This means that if you receive funding now, say in the amount of $50,000, and that is for a 15 month repayment plan, then you will be repaying a total of $72,000 back at the rate of about $4800 per month. And that will actually be taken out of your businesses bank account via ACH (Automated Clearing House) withdrawal Monday through Friday at the rate of approximately $218 per day. If your business meets this criteria, then the initial funding amount that you can expect to receive will usually be between 60% and 90% of one month of your businesses average monthly bank deposit volume. Funding amounts may be higher depending upon how strong your business appears to the underwriters, combined with several other factors that will be taken in to consideration.

STANDARD REVENUE BASED FUNDING

If your business is established 1 year to less than 2 years, and your personal credit score is between 500 and 649, and your business deposits at least $40,000 per month in to its bank account with at least an average of 8 or more deposits per month, and your business has no more than 2 negative days per month with an average daily bank balance of at least $3000; with no liens or judgments or bankruptcies against the business that do not have repayment plans in place; then you can expect to receive an advance against your future receivables at a rate of around 25% to 30% in fees for a 6 month repayment term, or 34% to 38% for a 8 or 9 month repayment term. And that will be taken out of your businesses bank account via ACH withdrawal Monday through Friday.  If your business meets this criteria, then the initial funding amount that you can expect to receive will be between 40% and 70% of one month of your businesses average monthly bank deposit volume . Funding amounts may be higher depending upon how strong your business appears to the underwriters, combined with several other factors that will be taken in to consideration.

STARTER REVENUE BASED FUNDING

If your business is established between 6 and 11 months and your personal credit score is over 500, and your business deposits at least $40,000 per month in to its bank account each month with at least an average of 10 or more deposits per month, and your business has no more than 2 negative days per month with an average daily bank balance of at least $3000; with no liens or judgments or bankruptcies against the business that do not have repayment plans in place; then you can expect to receive an advance against your future receivables at a rate of around 40% in fees for a 3 month repayment term, or 45% for a 4 month repayment term. And that will be taken out of your businesses bank account via ACH withdrawal Monday through Friday.  If your business meets this criteria, then the initial funding amount that you can expect to receive will be between 20% and 40% of one month of your businesses average bank deposit volume. It could be more depending upon how strong your business appears to the underwriters, combined with several other factors that will be taken in to consideration.

Starter rates will also apply to business owners with FICO scores below 500.

EXISTING BALANCE BUYOUTS AND SECOND POSITIONS

If your business already has a cash advance in place and the balance is low enough where it will be 50% or less of the amount that one of our lenders would provide for you, then one our lenders would pay off your existing advance and would also provide your business with additional working capital at rates in accordance with the factors mentioned herein.

If the balance of your existing advance is too high to accommodate a buyout, then LendBerry can still facilitate funding for you. We have the best second position lenders on our team, and we can help get you up to 50% of one month of your businesses revenue, even if you have an advance in place with a high existing balance.The rate on second position funding is usually 40% in fees, and the repayment terms between 3 and 6 months.

TAX LIEN FINANCING

If your business is established over 1 year and has any tax liens against it with repayment plans in place then several of our lenders will provide you with funding at rates slightly higher then those mentioned above. In some cases the lender will provide your business with funding even when there is no repayment plan in place. As underwriting is different for each lender, and each case is unique, we would have to take your businesses application in order to find out if your business qualifies.

The following are some factors that will change financing rates and terms and repayment methods or disqualify for funding:

1. Too many negative days in your business bank accounts (more than 2 per month). If the lenders see that your businesses bank accounts end with more than an average of 2 negative days per month then you may see shorter payback terms, slightly higher fees, and the daily repayment will likely be required to come directly out of your credit card processing.

2. Too low average daily bank balances. Depending upon the size of the funding, your business is required to average around $3000 daily as an ending balance most of the time.

3. Significant Liens without provable repayment plans in place. Liens over $5000 that have no repayment plan in place will not eliminate the possibility of funding, but may cause shorter terms and slightly higher rates, as the lenders will view your business as extremely high risk. This may also cause the daily repayment to have to come out of your businesses credit card processing.

4. Too high of a debt to income ratio. If your business is strapped with a lot of other debt, such as equipment financing, SBA loans, etc., that may affect the terms of your funding as well.

How repayment is generally structured for most types of funding:

Repayment is generally structured one of two ways on revenue based lending products. If your businesses bank accounts have very few negative days and sufficient average daily balances, than the repayment of your funding would be via daily ACH taken right out of your businesses bank account Monday through Friday until repaid.

If your businesses bank accounts have too many negative days, and the average daily balances are not high enough, then the repayment of your funding would be taken out of your businesses credit card processing via a lockbox account that the lender would open at another neutral FDIC bank.

Please keep in mind that LendBerry is not a broker; therefore you will never be charged any brokers fees (or any upfront fees) for us to facilitate the process of getting your business capital. Any other processing and service fees charged will be reasonable and will not be required to be paid until after your business receives its funding.

What Types Of Businesses Qualify For This Type of Financing:

  1. Most Retail Businesses  including clothing stores, furniture stores, grocery stores, pharmacies, convenience stores (except ones attached to gas stations) and more.
  2. Restaurants and Bars
  3. Hotels and Motels
  4. Medical Professionals including private practices, nursing agencies, and veterinarians.
  5. Wholesalers and Distributors
  6. Manufacturers
  7. Auto Repair Shops
  8. Service Businesses
  9. Spas and Salons
  10. Most Franchises
  11. Contracting Businesses
  12. Agricultural Businesses

If you have read this information and feel that your business may benefit from and qualify for one of the types of alternative financing that our lenders provide, then you can contact us now.

You can contact LendBerry today by filling out the form on the right side of this web page or call us today at (855) 77 BERRY. That’s (855) 772-3779.

*All loans and financing are subject to lender approval.

*LendBerry Inc. is neither a direct lender nor a financial consultant and does not provide financial or legal advice.

 

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