Business Line of Credit

Transcription

1 Business Line of Credit Business Lines of Credit for $400k+. Multiple lines are required to obtain maximum financing. A 690 minimum FICO score is required and only 2 years in business to qualify. Program Highlights No documents needed No application fees or up-front fees of any kind required No equity needed No collateral needed Fast turn-around (approval in 5-7 days on most applicants) Low Rates- starting at Prime +1 (adjusted to credit and risk) To qualify for the LOC program, applicants should have a personal FICO score of 690 or higher, and no excessive late payments, collections or charge-offs. The Business must be in the form of a Corporation or an LLC, (proprietorships are case by case), for two years or more and must be clear of any UCC filings and/or judgments. The Business Line of Credit will help your business to manage cash flow when receivables are late, manage operating expenses, purchase inventory, cyclical businesses, and sales fluctuations. You can write yourself an instant loan for cash, or use your new checks to help you with any aspect of your business. We look for appropriate personal credit, the cash flow of the business to support debt, and time of ownership. Funding, after an approval is issued, usually takes about 5-10 banking days for most applicants. Please fully complete the Business Line of Credit Application that follows, and Fax to (323) Upon receipt of your Application, you will be contacted by one of our Senior Specialists that handles only Line of Credit funding. Please note-incomplete applications and missing documentation will delay the processing of your loan request. The following items must be sent in with the completed application as follows: Sole Proprietorship 1. Current Business License 2. Fictitious Business Name Statement (proof of publication filed with newspaper) 3. Current Driver s License-please lighten and enlarge before faxing\ 4. The last two year s business tax returns 5. The past three months bank statements Corporations or LLCs 1. Current Business License 2. Fictitious Business Name Statement (proof of publication filed with newspaper) 3. Current Driver s License-please lighten and enlarge before faxing 4. Articles of Incorporation 5. The last two year s business tax returns 6. The past three months bank statements

2 7. PACIFIC EQUITY BUSINESS CORP 1800 Century Park East Suite 600 Los Angeles, CA Tel: (310) Business Line of Credit Application *PLEASE PRINT LEGIBLY AND FILL OUT COMPLETELY* NOTE: EACH PRINCIPAL OWNER MUST FILL OUT A SEPARATE APPLICATION Amount Requested: Purpose of Request: Applicant Name: Date of Birth: Social Security Number: Home Address: Years at this address: Previous Address (If less than 2 yrs): Do you currently own your home or rent? Amount of Mortgage/Rent: Home Phone: Cell Phone: Mother s Maiden Name: Total Personal Liabilities (balances): Total monthly payment on Liabilities: Driver s License Number/State: Issue Date: Expiration Date: Fico Score: Bankruptcies? When? Personal Annual Income: Birth Place: Business Name: DBA Name (if applicable): Business Address: Business Type: (Please circle one) S-Corporation C-Corporation LLC General Partnership Limited Partnership Sole Proprietor If Corporation, State of Incorporation: Federal Tax ID #: Date Business was Established: % OF OWNERSHIP: Business Phone: Business Fax: Description of Business: Gross Annual Sales: # of Employees: Annual Net Income: Do you currently have any business loans? If so, with whom? What is the balance and monthly payment? Total Business Liabilities (balances): Total monthly payments on Liabilities: Who does your business bank with? Average Balance: Account #: Have you applied for business or personal credit lately? If so, with whom? (list whether business or personal) AUTHORIZATION TO OBTAIN CREDIT INFORMATION: I have completed this application and certify that all information is true and accurate to the best of my knowledge. I hereby authorize Pacific Equity Business Corporation and/or their assigns to access my credit report, verify information and apply for credit on my behalf. By signing below, the undersigned individual authorizes the review of his/her credit profile from national credit bureaus. A photocopy or facsimile copy of this authorization shall be valid as the original. By signing below, I affirm my identity as the respective individual identified in this application. Print Name: Signature: Date:

3 Business Name: Title: Personal Financial Statement ASSETS AND LIABILITIES Business Name: Tax ID: Applicant Name: SS#: DOB: Spouse Name: SS#: DOB: Assets Liabilities Amount Cash on Hand: Total checking/savings personal balances: Total value of Stocks and Bonds (listed): Life Insurance (Cash only! No Term): Real Estate Value (Primary Residence): Other Real Estate: Automobiles: Accounts Receivable: Personal Property: Other: Total Credit Card Balances: Total Charge Account Balances: Total Bank Loans: Student Loans: Mortgage (Primary Residence): Other Mortgages: Auto Loans: Contingent Liabilities: Alimony/Child Support: Other: Total Assets: Total Liabilities: TOTAL NET WORTH= (Total Assets (-) Total Liabilities) = Note- if several properties are owned, please fill out the schedule below. Schedule of Real Estate Owned Property Address (Fill in PR for primary residence or R for rental) Present Market Value Amount of Mtgs. /Liens Rental Income Mtg. Pymts. Net Rent Income I certify the information I have provided is true and correct to the best of my knowledge. Print Name: Signature: Date:

4 IRREVOCABLE AND NON-CANCELABLE NON-CIRCUMVENTION AND NON-DISCLOSURE AGREEMENT THE UNDERSIGNED PARTIES INTENDING TO BE LEGALLY BOUND DO HEREBY IRREVOCABLY AGREE: 1. NOT TO CIRCUMVENT, AVOID, BYPASS, OR OBVIATE EACH OTHER DIRECTLY OR INDIRECTLY. This agreement is to confirm that each of the undersigned signatories will not deal with any entity introduced by the other signatory without knowledge and written permission of the introducing signatory. Also included within this context is any entity in which a signatory has an interest. The parties confirm that the terms of this agreement expressly cover acts of negligence and inadvertent disclosure, which are a violation of this agreement. 2. NOT TO AVOID PAYMENT OF FEES OR COMMISSIONS. IF ANY TRANSACTION WITH ANY ENTITY, corporation partnership or individual revealed by either party to the other in connection with any project, service renewal, extension, re-negotiation, contract agreement, third party assignment, communication or conversation. Should the introducing party not be notified of any contact or should any non-signatory, their employees, agents, officers, partners, associates or consultants through direct or indirect introduction by a signatory result in successful placement of a transaction with any entity, person, company, firm, corporation, organization, the introducing signatory agrees and guarantees to pay any and all commissions and fees received by said signatory on any and all such transactions to the other signatory, unless otherwise agreed to in writing by the parties hereto. 3. NOT to disclose or otherwise reveal to any third party any confidential information provided by the other, particularly that concerning lenders, sellers, borrowers, buyers names, bank information, codes, references and/or any such information advised to the other as being confidential or privileged without the written consent of the other. It is agreed and understood that each signatory agrees to keep confidential the names, addresses, telephone numbers, tax numbers and fax numbers of any contacts introduced by the other signatory, unless prior written permission is given by the introducing signatory. 4. This agreement shall be for a period of three (3) years and is irrevocable and non-cancelable. It is to be applied to any and all transactions, past, present and future, of the introducing signatories regardless of the success of the project. The signatories agree that the identities of only the parties who are introduced under this agreement are currently, and shall forever remain, the proprietary asset of the introducing signatory. 5. This agreement shall be binding on the parties hereunder signed, their successors and assigns. The signatories confirm by execution of this agreement that any company, firm, corporation, partnership, organization or entity of which they are an employee, member, officer, partner, or agent, is bound by this agreement. 6. All moneys due and owing from any client transaction undertaken by both parties will irrevocably and unconditionally guaranteed to be paid without legal impediment upon request. If any ambiguity arises concerning the amount of damages, Liquidated damages will be $10,000 per violation.

5 7. Should violation, disagreement or dispute occur between contracting parties arising out of, or connected with this agreement, which cannot be adjusted by and between the parties involved, the disputed disagreement shall be submitted to the American Arbitration Association located in California and all parties agree to abide by the decision of the referees of said Association. Judgment, upon award, may be entered in any court having jurisdiction thereof. 8. In the event of any conflict between the terms of this Agreement and any Loan Authorization Agreement, the terms of the Loan Authorization Agreement shall prevail. 9. In the event that either of the parties resorts to legal action against the other, the prevailing party shall be entitled to reimbursement from the other party for all reasonable attorney fees and other costs incurred in such action. 10. This agreement shall be construed and enforced in accordance with the applicable laws and regulations of the State of California and of the United States in Los Angeles County, California. 11. In the event any one or more of the provisions of this agreement shall, for any reason, be held to be invalid, illegal, or unenforceable, the remainder of this agreement shall not be affected thereby. 12. This agreement contains the entire agreement and understanding concerning the subject matter hereof and supersedes and repatriates all prior negotiations and proposed agreements, written, or oral. Neither of the parties may alter, amend, nor, modify this agreement except by an instrument in writing signed by both parties, or their duly authorized representatives. 13. Additionally, the signatories agree that this instrument may be negotiated via fax transmission, and the respective parties accept the signatures by fax as though they were original. BY SIGNING BELOW WE CONFIRM WE HAVE FULL AUTHORITY TO EXECUTE THIS AGREEMENT AND OBLIGATE ALL COMPANIES, FIRMS, CORPORATIONS, PARTNERSHIPS, ORGANIZATIONS, INDIVIDUALS AND/OR ENTITIES REFERENCED HEREIN. Print Name: Signature: Date: Print Name: Signature: Date: Print Company Name:

6 Pacific Equity Business Corporation LETTER OF UNDERSTANDING Below are the general terms of the Unsecured Business Line of Credit Program This is an agreement between you and Pacific Equity Business Corporation hereby referred to as PEBC. You have requested PEBC to provide you with loan consulting services to help you arrange unsecured financing for your business. YOU UNDERSTAND THAT NO FEE WILL BE DUE OR PAID TO PEBC WHATSOEVER WITHOUT A SUCCESSFUL FUNDING. For the purposes of this Letter of Understanding a successful funding is defined as the lender approving your application, you knowing and accepting their rate and terms AND you agreeing to either receive checks to access the funds, opening a new bank account with the lender or having the lender transfer funds to a bank account designated by you. If you do accept funding, you agree to pay Pacific Equity Business Corporation, a one-time Consulting and Placement Fee (FEE) of 5% on the total amount of each and every unsecured term loan and or each and every unsecured line of credit regardless of when you use or access them or how much of them you use or access. In some cases where a line of credit is denied, a credit card may be issued. Fee is due immediately upon each funding made available to you. Upon acceptance or receipt of any unsecured term loans and/or unsecured lines of credit funding(s), you authorize our FEE be made using an Electronic Funds Transfer (EFT) process. All costs associated with EFT will be at the expense of Pacific Equity Business Consultants (PEBC). If you default on the payment of our FEE, you agree to pay all associated late, legal and collection fees. You have met PEBC s prequalification guidelines; however, you have not yet applied for or have been approved for funding. Loan amounts, rates and terms are established by each lender and are based upon their respective underwriting guidelines including but not limited to income, personal credit history and business score. PEBC does not guarantee an approval or a minimum amount to be approved. Multiple lenders are often required to meet your funding request. Financing may be in your personal name and loan disclosures are provided by each lender. You may be required to communicate directly with some lenders and follow their loan closing procedures. You agree to immediately notify and fax PEBC all approval/denial notices that you receive from each lender. Loan approvals average 2 to 3 business days after the lender receives an application. Lender fundings average 5 to 7 days after the lender s final approval. You will be the personal guarantor for financing and agree not to apply for any other related funding during this process. You certify that you are the applicant and all information you have provided is true and accurate. You agree to hold PEBC harmless from any misrepresentation. You authorize PEBC, its lenders and/or assigns to access your credit report and to act on your behalf with Special and Limited Power of Attorney to represent you in the application and verification process, either electronically, verbally, written or otherwise. You understand and agree to all terms of this Letter of Understanding as well as the Fee Agreement and acknowledge a faxed copy may be accepted as original. This agreement and the interpretation of its terms shall be governed by and construed in accordance with the laws of the State of California, without regard to its conflicts of laws and rules. The parties irrevocably submit and consent to the exclusive jurisdiction and venue of the California state courts in and for Riverside County California. The parties waive all rights to a trial by jury and in any action or proceeding instituted in connection with this Agreement. It is understood all information is mutually proprietary and confidential and will not be disclosed to either party. Signature Dated / / Signature Dated / /

7 Client Company Name Address, City, State, Zip Telephone # Date: Re: Line of Credit Application To Whom It May Concern: You have my permission to discuss all aspects of the status of our application for an unsecured line of credit with Wholesale Commercial Capital Group. Permission is also provided to include each and every aspect of the resulting line of credit established. Thank you! Signature: Dated: / / Signature: Dated: / / IMPORTANT: Please put your Company Letter Head on this form before signing and faxing.

8 PACIFIC EQUITY BUSINESS CORPORATION 1800 Century Park East Suite 600 Los Angeles, CA Tel: (310) MERCHANT SERVICES FEE ACKNOWLEDGMENT You acknowledge that upon receipt of funds being made available to you, that a fee of 5% is due immediately to Pacific Equity Business Corporation for each Line of Credit OR Credit Card established. By signing below you agree to these terms. Signature: Dated: / / Signature: Dated: / /