• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Stop what you're doing. Get a line of credit.

Discussion in 'General Entrepreneur Discussion' started by AgainstAllOdds, Jun 25, 2018.

  1. Tom.V
    Offline

    Tom.V Tom Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    886
    Likes Received:
    1,758
    Joined:
    Feb 20, 2012
    Gender:
    Male
    Location:
    Raleigh
    Rep Bank:
    $9,236
    Update: 2 weeks later, still no final response from PNC. I've never made a credit request and had to wait this long for a response. I did receive email correspondence from a loan closing officer, but she said it should be by end of this week. At this point, I'm not counting on it.

    @ApparentHorizon do you know if there is a good resource anywhere to find banks that have opened recently?
     
    Scot and ChrisR like this.
  2. ChrisR
    Offline

    ChrisR Diamond Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    150
    Likes Received:
    258
    Joined:
    Nov 11, 2017
    Gender:
    Male
    Location:
    Republic of Kekistan
    Rep Bank:
    $1,456
    I just gave em (PNC) a call a few days ago. Found out really quick that they didn't serve my area. No big deal.

    I'm going to stop by a Wells Fargo sometime this week and see how that goes.
     
    Tom.V likes this.
  3. ApparentHorizon
    Offline

    ApparentHorizon Gold Contributor Speedway Pass

    Messages:
    708
    Likes Received:
    2,043
    Joined:
    Apr 1, 2016
    Location:
    Greenville, SC
    Rep Bank:
    $7,448
    Your local business journal/newspaper.

    For example, we just had United Community Bank move into Spartanburg, and looks like they're acquiring in your area:

    https://upstatebusinessjournal.com/united-community-bank-makes-move-raleigh/

    They're aggressively expanding, so might be worth checking out.
     
  4. Tom.V
    Offline

    Tom.V Tom Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    886
    Likes Received:
    1,758
    Joined:
    Feb 20, 2012
    Gender:
    Male
    Location:
    Raleigh
    Rep Bank:
    $9,236
    Lol interestingly enough the branch I went to was a former Four Oaks Bank that was acquired by them. That was actually the guy that didn't even know they offered a BLoC!

    He did call me back the next day though, limit was $25k and the fees were pretty bad from what I remember from the voicemail.
     
    Scot likes this.
  5. ApparentHorizon
    Offline

    ApparentHorizon Gold Contributor Speedway Pass

    Messages:
    708
    Likes Received:
    2,043
    Joined:
    Apr 1, 2016
    Location:
    Greenville, SC
    Rep Bank:
    $7,448
    The rates are flexible, regardless of how long they've been around.

    The guy sounds like a baboon, but even a monkey reaches out of the cage when offered a banana.
     
    YoungPadawan and ChrisR like this.
  6. Ronak
    Offline

    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    227
    Likes Received:
    873
    Joined:
    Sep 13, 2013
    Gender:
    Male
    Rep Bank:
    $7,765
    PNC Business Banking

    According to the website, no collateral required, and only need gross revenue numbers.

    Was this your experience, or did they ask for detailed financials? The local banker here seemed to think docs were required even though the website doesn't mention it.


    PNC Business Banking
     
    Vigilante and Scot like this.
  7. Ronak
    Offline

    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    227
    Likes Received:
    873
    Joined:
    Sep 13, 2013
    Gender:
    Male
    Rep Bank:
    $7,765
    How do you use your AMEX to pay China?
     
  8. Scot
    Offline

    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,504
    Likes Received:
    10,995
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $51,055
    Any local banks you know of? Suncoast Credit Union turned me down. Meeting with my Chase banker tomorrow. But have a feeling I’ll probsbly go through several banks before one approves me.
     
    Vigilante likes this.
  9. IGP
    Offline

    IGP Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    506
    Likes Received:
    1,285
    Joined:
    Aug 24, 2015
    Gender:
    Male
    Rep Bank:
    $7,534
    Hook an AMEX to Paypal and then use that credit card to pay with Paypal if your factory accepts Paypal.

    Bam! - Double or triple points on your inventory costs!

    I typically pay with Paypal, send a wire or use Alibaba if the client insists, in which case I pay with a Visa.
     
  10. Scot
    Offline

    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,504
    Likes Received:
    10,995
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $51,055
    God, I wish my copacker took PayPal or plastic....
     
    Vigilante and IGP like this.
  11. ChrisR
    Offline

    ChrisR Diamond Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    150
    Likes Received:
    258
    Joined:
    Nov 11, 2017
    Gender:
    Male
    Location:
    Republic of Kekistan
    Rep Bank:
    $1,456
    I tried Chase Bank a few weeks ago and they were totally useless. I was told the only way I'd get approved is if my business was in the medical field. I've been banking with them for almost 20 years with credit over 800 and they more or less wouldn't give me the time of day.
     
    Vigilante and Scot like this.
  12. IGP
    Offline

    IGP Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    506
    Likes Received:
    1,285
    Joined:
    Aug 24, 2015
    Gender:
    Male
    Rep Bank:
    $7,534
    Get a different bank or better negotiating skills.
     
  13. Matt Dassel
    Offline

    Matt Dassel New Contributor

    Messages:
    15
    Likes Received:
    10
    Joined:
    May 15, 2018
    Gender:
    Male
    Rep Bank:
    $48
    Do you have to be an american or, is it just okay for me to form a LLC?
     
  14. W. Sabria
    Offline

    W. Sabria Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    25
    Likes Received:
    51
    Joined:
    Apr 30, 2018
    Gender:
    Male
    Location:
    Miami, FL
    Rep Bank:
    $258
    I used Citibank for a Personal Line of Credit. I applied via phone and got approved right away. The whole process took about an hour. They gave me a variable interest rate of 11.49%. I may not end up using this, but I agree it's good to have.

    Next up is getting one for my business! (While probably start with Chase for this one)
     
  15. IGP
    Offline

    IGP Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    506
    Likes Received:
    1,285
    Joined:
    Aug 24, 2015
    Gender:
    Male
    Rep Bank:
    $7,534
    This just popped up in my Amex account. Seems like they are willing to get people prepared for Q4...
    [​IMG]
     
  16. Scot
    Offline

    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,504
    Likes Received:
    10,995
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $51,055
    Hmm.. I didn’t get that one. I hope they send me one though.
     
    YoungPadawan likes this.
  17. DrkSide
    Offline

    DrkSide Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    675
    Likes Received:
    1,421
    Joined:
    Mar 26, 2013
    Rep Bank:
    $6,248
    I've got a couple LOCs for a couple different businesses. They have been invaluable for growth and are a great tool. Most banks will want some type of collateral when you get one and I haven't seen any that will do an unsecured line at all.

    Inventory Secured: Line secured by the value of the inventory. I have one now that will cover 50% of my cost of the inventory. If I want to purchase 50k I only have to have 25k of my own cash for the order. Working with a bank now that will go up to 80% of the cost.

    Real Estate Secured: Line secured by the property. Line is dependent on the value of the property but there are no restrictions for using the money. Working on a master line right now where the bank will add in the value of new properties to the line instead of having multiple lines.
    IE. Purchase a property for 60k cash (pulled from line of credit) and the bank appraisal comes in at 75k. They will add 63.75k to my line (85% of appraisal) so I can purchase the next property.

    For those of you that just have credit cards. Look at a service called Plastiq that allows you to pay with a credit card even where they are not accepted. You can even pay suppliers overseas with it. The drawback is a 2.5% fee (which can somewhat be negated with a 2% cash back rewards card).
     
  18. Ronak
    Offline

    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    227
    Likes Received:
    873
    Joined:
    Sep 13, 2013
    Gender:
    Male
    Rep Bank:
    $7,765
    Just applied for PNC, didn't take long at all. We'll see how it goes.
     
    ChrisR likes this.
  19. Ronak
    Offline

    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    227
    Likes Received:
    873
    Joined:
    Sep 13, 2013
    Gender:
    Male
    Rep Bank:
    $7,765
    Have you tried the SBDC's and SCORE chapters around town?

    Also, be careful about going to several banks, everytime they run credit, it dings your score.
     
  20. Ronak
    Offline

    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    227
    Likes Received:
    873
    Joined:
    Sep 13, 2013
    Gender:
    Male
    Rep Bank:
    $7,765
    @Scot
    • Wells Fargo Small Business Advantage® Line of credit: Ideal for businesses in operation for less than 2 years.2

    Also no collateral. Worth a shot.
     
    ChrisR and Scot like this.
  21. Scot
    Offline

    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,504
    Likes Received:
    10,995
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $51,055

    Nice! I’ll check them out if Chase lets me down.
     
    ChrisR likes this.
  22. Ronak
    Offline

    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    227
    Likes Received:
    873
    Joined:
    Sep 13, 2013
    Gender:
    Male
    Rep Bank:
    $7,765
    Rejected.

    7 Figures in Revenue, profitable, upward growth trend, in biz 4 years, good personal/biz credit scores, but they cited high utilization on existing credit lines.

    Bummer, wasted a credit pull on these clowns.
     
    ChrisR and Scot like this.
  23. Patrickg
    Offline

    Patrickg Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    87
    Likes Received:
    89
    Joined:
    Nov 20, 2016
    Gender:
    Male
    Rep Bank:
    $511
    I went through chase no problem. FYI there threshold is 100,000 so if you apply for 95,000 let's say all they want is last years business tax return. Not to bad.
     
    Ronak and Scot like this.
  24. Scot
    Offline

    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,504
    Likes Received:
    10,995
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $51,055
    How long did it take to get a reply? It’s been 6 business days waiting on the underwriter.
     
  25. Patrickg
    Offline

    Patrickg Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    87
    Likes Received:
    89
    Joined:
    Nov 20, 2016
    Gender:
    Male
    Rep Bank:
    $511
    I can't remember exactly but it was over a
    Week.
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page