Applying For a Business Loan? Avid Commercial Can Accelerate Your Company’s Access To Capital
Successfully running your business means having access to the cash reserves you need when you need them. Unfortunately, working with banks and traditional lenders can mean a long, drawn-out approval process. As a result, entrepreneurs across every industry often find themselves struggling to make their existing resources cover expenses and keep operations running while they wait for the green light on their application.
Additionally, many banks and conventional financiers also have stringent rules regarding credit history. Some lenders require borrowers to have a credit rating that falls between an exceptionally high range, while others simply don’t have the agility to work with business owners who have less-than-perfect credit. Jumping threw inflexible credit hoops can further prolong the loan approval process for companies that need access to cash flow now.
We Streamline the Loan Approval Process For Our Partners
At Avid Commercial, we make it our mission to streamline loan approval for our partners. When prescreening a prospective loan, we consider several vital components from a summary standpoint, such as:
- Property Type
- Loan Amount
- Business Cash Flow
- Credit Rating and History
Avid Commercial’s financing specialists will also review an applicant’s Debt Service Ratio (DCR), which is defined as net cash divided by total debt to determine the company’s current financial health. Additionally, the Avid Commercial team will request that our clients provide a truncated set of documents for review to establish that the deal meets our standard lending requirements.
We Typically Review Prescreen Information In Just 24 Hours
Finally, our financial specialists will perform a quick property analysis. After we receive the prerequisite documentation, we’ll work to review and prepare our prescreen data in just 24 hours. Once we’ve conducted the preliminary screening, Avid Commercial can commit to terms and pricing to suit each borrower’s specific needs and keep the loan process moving forward.
Ready To Get The Prescreen Process Started?
If your business needs a commercial loan to grow and sustain your current operations, Avid Commercial can help. Contact us today to discuss your borrowing needs. Our onsite financial specialists will walk you through our products and the process to help you find the right loan fit for your business.
