Bank loan question??

[gabe79]

We have a goverment contract for parts we mfr for 175,000.00, and the material is 75,000.00. What does the bank look for when applying for this type of loan? Same as a usually bank loan?????? Thanks

[TheCarDudes]

Paging ChumpChange..........
Pm him. He'll help you out.

[totenhosen]

We have a goverment contract for parts we mfr for 175,000.00, and the material is 75,000.00. What does the bank look for when applying for this type of loan? Same as a usually bank loan?????? Thanks
Do you currently have a banking relationship? For the bank I work for, it really is not just this one contract but how your business as a whole looks. We typically don't do one-time transactional loans for this kind of stuff. We like to have the entire relationship. But to answer your question in very simplisitc terms you'll need at a minimum 3 years business tax returns, 3 years personal tax returns and Personal Financial Statements for all owners w/ 10%+ ownership. If you want more info let me know.

[Magic34]

If you can turn the parts quickly and they pay quickly as well, I might be able to do a hard money loan.
It is more expensive than a traditional loan, but the red tape is much less.

[WishIknew]

Try Bank of the West business loans Chino

[PaPaG]

Try Bank of the West business loans Chino
or bank WishIknew? :D

[Big Warlock]

Sent you a PM

[ChumpChange]

We have a goverment contract for parts we mfr for 175,000.00, and the material is 75,000.00. What does the bank look for when applying for this type of loan? Same as a usually bank loan?????? Thanks
Gabe:
If I remember correctly, you are in Glendora right? If so, I'm always up for Starbucks in the morning. Be happy to run down different scenarios for you, bank and nonbank. Different banks have different credit policies. It's all about knowing which bank to go to for what type of transaction. Sometimes it's my bank and sometimes it's not but I can tell you where to go for what and my advice is always free.

[WishIknew]

or bank WishIknew? :D
That would be the bank of Default:eek: :eek: :)

[koyota93]

We have a goverment contract for parts we mfr for 175,000.00, and the material is 75,000.00. What does the bank look for when applying for this type of loan? Same as a usually bank loan?????? Thanks
I can fund you!!! Sounds like you need PO financing. I am a business development officer for Avalon Funding. We specialize in non-traditional forms of lending, and we do this particular type of loan all the time. There are many different things we look for. Give me a call and we can discuss it further.
Khoi Nguyen 949-394-3737