Prestige Business Financial Services LLC specialize in working with small businesses nationwide providing them the financing they need to start and grow their business. All industries to Startups and Real Estate Investors are welcome. We provide funding to businesses when banks don’t. Prestige Business Financial Services specialize in working with small businesses nation-wide providing them the financing they need to start and grow their business. All industries to Startups and Real Estate Investors are welcome.
Having access to funding is key when starting or expanding a business. We specialize in helping startups and existing businesses obtain funds that they need when they need it the most. As a Direct lender and Business Funding Experts we have many programs to select from. It is an honor to provide business funding to people with a passion to help make their dreams of business ownership come true. We can process loans from $10,000 to $500 Million. Business funding can come in many forms such as lines of credit and loans. We are an alternative type lender so we can lend when traditional banks cannot. We have the flexibility to be creative when funding your business. We have multiple banking relationships and partner companies, which gives us over 30 programs to help business owners get the funds they need. We also have some of the lowest rates in the industry that we try to help everyone with. If your business is not in a position to get funding immediately we can guide you on what you need to do to get there. We want you to succeed. Some traditional banks look for reasons not to fund your business instead we look for reasons to fund your business and help you explore all options. We can fund your business in three main areas but there are others. We can fund based on credit score, income, or collateral.
Credit Based Programs
Credit Based programs are good for startups because startups under 6 months to 1 year normally wouldn’t have a record of proven income. Sometime when a business is new it will not have the right documents such as business bank statements, profit and loss statement, income tax returns and business plan that is required by most banks for funding. Our credit based programs don’t require these documents instead we will need a Business Entity Documents such as Article of Incorporation or Organization, a copy of Photo ID or Driver’s License, your most current copy of your credit report that is less than 30 days old and 3 months of business or personal bank statements. For startups we offer 0% Business Lines of Credit up to $250,000 for up to 18 months. We have two programs. The minimum credit score needed for one program is 670 and 680 for the other. You could get funds as fast as 2-4 weeks.
Highlights:
- No Collateral
- No Business Plan
- Funds as fast as 2-4 weeks
- 24/48 Hour approval
- No financials needed
- Credit partner are welcome
- Unsecured Lines of Credit
- Business Credit and Doesn’t show on Personal Credit Report
- Use funds however you decide
Income Based Programs
Income based programs is another way to obtain funding. If the company is an existing business for 6 months or more and has good business income they can qualify for certain programs based on the business income and not on personal credit. Good income for a business is considered over $100,000 a year or averaging around $8000 a month. A common mistake for most business owners is that they don’t have a business account setup and operates out of their personal bank accounts. It’s not a good practice because your business banking should be separate from personal. When businesses apply for business funding the lender will want the business bank statements to verify income and if the money is in your personal account that is taking away from the amount of revenue that could be shown to help with the loan. Another area that could hurt a business is not filing business tax returns. Some lenders will ask for the last two tax returns when applying for income based funding. To be in the best position for an income based loan would be to have 4-6 months of bank statements showing $100,000 or more in annual income, and 2 years of tax returns.
There are several income-based options available to business owners. These are the 3 most popular options.
Collateral Based
Collateral can come in many forms. Examples are Real Estate, IRA/401Ks, Securities (Mutual funds, Stocks, bonds, etc.) and inventory/equipment. Having collateral is a good way to get business funding without having good credit or good income. A business owner can obtain business funding based on collateral alone. Here are a few popular programs
- Real Estate – Prestige Business Financial Services have the resources to pull the equity out of a single-family real estate property as well as multifamily units. We can refinance up to 75% of the value of the house as cash out. This is for Non-owner investment properties and not properties where the business owner is living in the house. Real estate can also be leveraged to provide collateral for bigger loans. This includes Commercial Real Estate as well.
- IRA/401K’s – We have a program that will allow you to extract income from your IRA/401K from a previous employer. If someone has more than $40,000 in an IRA/401k we can convert that over without the 10% penalty and allow the business owner to use those funds for their business. They can pull out 100% of the money and use for their business then put the funds back into the IRA/401K as the business grows.
- Securities – This program allows you to leverage your Mutual funds, Stocks, bonds and etc. Our program allows business owners to leave the securities in their name. No money will be pulled out of these securities allowing it to continue to grow instead we will leverage them and lend you up to 90% of the value of your securities. All you need to provide is the statement.
- Inventory/equipment – If you have inventory, Purchase orders, equipment we can lend money using those things as collateral.
Those are a few examples of collateral based loans that Prestige Business Financial Services provides.
Private Money for Residential and Commercial Real Estate
Prestige Business Financial Services work with real estate investors nationwide helping them secure private money to close real estate deals. We fund fix and flip, buy and hold, Refinancing to cash out up to 75%, and commercial real estate up in the Millions. On some commercial and residential deals we can lend up to 20-30 years. We can lend up to 80% Loan to Value. There are several ways to get the other 20%. First, is to work with us to get 0% Business Lines of credit or other type of funding to bring those funds to the table. Second, is to leverage existing real estate you currently own to use as collateral. Third, is seller carry back. Negotiate with the seller to do 20-30% seller carry back and take a second position. These are three common ways and there are several more.
Non-Profit Funding
We work with Non-Profits nationwide to help them generate revenue in their organization/business. We have a program that is Free for the Non-Profit and Free for all the members of the Non-Profit. This program is designed to generate a large revenue stream for the Non-Profit while saving the members a lot of money. This is a Win-Win program for all parties involved. If you have a Non-Profit you will need to be part of this program. The setup is Free and takes about 5-10 mins to sign up. We create the Non-Profit their own customized site with their logo to use among their members.
We also provide special Church financing
Free Consult and Action Plan – www.prestigebfs.com
