The past few weeks in the BlackRiver Blog we have reviewed the types of transactions that we fund. It basically comes down to these three types of deals:

  1. “B” (first & last)

  2. “C” (first & last)

  3. Structured (we want some money down)

 

Just last week we took a more detailed look at our “C” Program (if you missed either of these posts, be sure to check it out here and here).

 

Today, let’s take a closer look at our “B” Program. 

We finance up to $75,000 for tiers B1-4 and up to $50,000 for B5.

In addition, our “B” Program only requires First and Last upfront and we don’t require bank statements for B1 and B2 approvals!

There are two main types of borrowers that this program is designed for. Those are:

  1. Established businesses that have had some hiccups with their credit in the past
  2. Less established businesses that have a strong credit profile

 

What specifically are we looking for?

 

  1. Personal Credit

 

The first thing we are looking at for the “B” Program is the personal credit. We are looking for 620+ CBR with 8-10 minimum tradelines. Additionally, we are looking to see that they have comp borrowing.

 

  1. Commercial Credit

 

After personal credit…. we look at credit again.  Commercial credit.  For our top B1 & B2 tiers we are looking for a minimum of 3 commercial comp trade lines. For tiers B3 and B4 we are looking for a minimum of 2 commercial trade lines. And for our final B5 tier, we are looking for a minimum of 1 commercial tradeline.  The better the comps and trades, the lower the tier and buy rate.  Although we look at commercial credit second, comparable commercial trades are one of the most heavily weighted inputs for our underwriting process.

 

  1. TIB

Last, but not lease(t) (Haha! Get it?) we are looking at the time in business. We require minimum of 3 years’ time in business for all “B” approvals.  The longer a business has been doing what they do, the more likely we are to want to finance equipment for them!

 

As always, if you have questions or want to learn more about our programs contact Stephanie at 512-942-7221 or stephanie@blackriverbc.com

 

And now it’s time for our Thursday BlackRiver Trivia!

 

*Be sure to post your answers in the comments right here at the bottom of the BlackRiver Blog for your chance to win! You will probably need a copy of your broker guidelines for some help here.

 

  1. Is comp borrowing required for our “B” Program?
  2. What is the minimum due at signing for our “B” Program?
  3. What is the minimum credit score for our “B” Program?
  4. What is the maximum amount we will finance for tiers B1-B4?