Commercial Loans | Trucks, Trailers and Equipment

DUI, Divorce and the Blues

Successful businesses solve problems—except that the details of the problems vary from business-to-business. We help our clients weaponize commercial credit markets because you need them to run a successful business in America.

Here are a few challenges that have come across our desk and how we handled them:

1. Country Song About a Brother and a DUI

We had a customer that had a repossession on his credit because he’d cosigned for a brother that:

  • Went through a divorce
  • Lost everything
  • Got drunk one night and totaled the car
  • Did not have insurance
  • Stopped making payments
  • Even though it was his brother, our client was the authorized user and alas was declined. We told the customer go do credit repair, pay down credit card debt and come back.

He returned several months later with a 700-plus score because he lowered his card utilization and we got him approved with good terms.

2. Country Song About Excessive Use

We had another customer with a low credit score due to credit card overutilization. The customer did not have any missed payments and his credit was clean except all cards were maxed out. He was floored when I told him he was declined.

It’s also important to have a good balance of automobiles, mortgage, installment and revolvers (credit cards) with credit cards being the most important. If you have high credit card debt—your score drops and stays there. He told me he maxed out the cards because he thought that would make his credit better which was incorrect.

We suggested he put the cards away and pay them off. Within three weeks he took down about 17K in card debt and within two months his score jumped from 601 to 690 and is now able to qualify under a prime tier program.

3. Country Song About Concrete Blues

Here’s another story about a concrete company owner that doesn’t trust banks. From time-to-time, we have clients that just don’t trust the banking system. We tell them the FDIC insures their account up to $250,000 per account, but some folks just won’t listen.

We could not help this client get a concrete pump even though they were:

  • In business for six years
  • Making $50-60K a month
  • Have a 750-credit score
  • He primary issue was that she didn’t have commercial bank accounts and thin personal—they asked for banks to support the debt, but she could just barely show enough to pay her bills.

She kept her earnings in cash and did not like putting money in the bank because she felt it wasn’t safe there.

We recommended she deposit her cash for the next three months and circle back. After month one she had an ending balance of $16K, after two months a balance of $35K and after three months—a balance of 65K—needless to say, she was approved and all it took were some very simple deposits.

We’ve seen it all through the years and no matter how rare your challenges are—we can help you too.

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