A short term business bridge loan is a non-bankable business loan, it is a line of credit starting from a three to 24 month term.
Before you sign for your loan, Always review the terms and interest rate on your short term bridge loan. You should always plan to have an exit strategy of your non-bankable business loan. The strategies should include:
- Improved credit
- Improved cash flow
- Exit to SBA 7a or SBA 504
- Exist to an Asset Based Loan
- Exit to a Ledgered Line of Credit
Lien positions on your short term business loan should be no greater than three, because your business will have difficulties refinancing out of multiple (layered) merchant cash advances, if exceeding more than three. Having multiple short term business loans layered will strap and hurt your cash flow, than help it.
- Minimal documentation
- Quick turn times
Before applying for a non-bankable business loan, we encourage our customers to keep business bridge loans as short term and not for the long haul. You may fund on bridge business loan as little as 3 business days. Click here for approved industries and guidelines.
Whatever you do, your personal credit is one of the most important factors in lending. Our bridge business loans start with a credit score of 660 or better. The better the score, the less expensive your non bankable business loan will cost you.
For more information on how this Florida boutique firm can help Floridians locally in Naples FL and Fort Myers FL with a short term business bridge loan, please fill out the online contact form about your concerns or give us a call at 239.260.4602. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page