Coastal Capital Unsecured Revolving Lines of Business Credit Program
Providing the capital you need for your business in today’s tight credit environment
The perfect alternative finance solution for business owners with good credit or with a co-signer.
Great for non-traditional requests. With unsecured credit you can use the funds for anything, at your discretion.
Startup Capital for your new business
Finance options for Startup Capital are very restrictive these days. If you’ve got good credit we can really help make it easier for you.
Expansion Capital for a newer business
Just like startup finance, if you are in business for less than 2 years, you know how hard it is to get capital. We can help!
Minimum criteria for qualification required for a signer or a co-signer
✓ 700+ FICO: This is case by case, but if your score is less than 700 you can send it in for a review.
✓ No Open Collections, Unpaid Judgments, Unpaid Liens. We may be able to help with removal of paid collections, judgements and liens.
✓ No Bankruptcies within the last 5 years.
✓ No more than 50% utilization of revolving credit accounts. Any account over 50% must be paid down.
✓ No open judgments or liens.
✓ Low amount of inquiries in the last 6. No more than 2-3 per bureau.
Financing Restricted Equipment: There is a long and growing list of equipment that many banks put restrictions on financing. ATM Machines, Kiosks, Mining Equipment, Logging, Equipment, Over the Road Trucking Equipment, Laser Equipment, Medi-spa Equipment, and many more. Your business can finance any equipment it needs using these lines. Coastal Capital’s revolving lines of credit are a low cost alternative.
Low Cost Working Capital: A low cost alternative to many expensive offerings in the market today. Financing soft costs and expenses. Build-outs, software and miscellaneous expenses that add up all too fast are all covered!
Restaurant Finance: One of the most difficult industries to get financing for. Restaurant working capital programs are among the highest cost programs in business. We offer a great, low cost alternative.
Startup Restaurant Finance: If you’ve been looking for Startup funding for a restaurant, you know that if you can get it, it’s very expensive. NOT ANYMORE!
Inventory Finance: Don’t miss the opportunity for a lucrative inventory purchase.
Short Term Capital: Any capital needs with no restrictions and low cost.
Coastal Capital works in unison with our processing partners to establish unsecured revolving business lines of credit that can be used for just about anything. Not only do we make the capital you need available, but we provide your business capital at great rates too!
Click Here to Contact Us or Call (877) 703-3090
Operators are standing by 24/7
Do you actually lend us the money? No. We have a network of banks that we utilize to secure the capital for your business.
Do I need to have a business established before I can qualify for your program? No. We can help you with your start up business financing.
What type of credit lines are these? The accounts we establish are revolving credit card accounts for use with your business. This means you will only pay interest on the balance used on each account. You will not receive a lump sum of cash and be required to immediately begin making interest payments.
How do I access cash of the lines? All of the accounts will come with access cards that can be used for point of sale purchases. Some will provide checks that can be written out and deposited into your checking account and there are some lines that allow you to initiate a direct deposit into your business’s operating account. Your Consultant will be able to provide you with a detailed summary of each account and tailor a specific strategy based on your needs for working capital.
Is this one loan? No. We help to establish multiple credit lines for you that will total the final amount secured. The reality today is that most banks will not lend above $30,000 to business owners without tax returns, profit & loss statements, or collateral. This is why we apply to multiple banks.
How much credit can I qualify for? Your personal credit profile will determine how much credit your business can qualify for. Applicants may qualify for anywhere from $30,000 to $200,000 with our program. Our average client receives $80,000 in credit lines.
How many credit lines will I end up with? It all depends on your credit profile. Most of our clients end up with 4 or 5 different accounts once we’re finished. Once you provide your credit report for review, your assigned Consultant can go over with you what you can expect moving forward.
What are the terms of the loan? There is no timetable to how long they can remain open. Since these lines are revolving lines, they will remain open and available as long as the banks choose to continue the relationship. As long as you make the payments on the agreed terms and conditions, the credit lines should remain open indefinitely.
What are the interest rates? The terms vary from one lender to the next. The majority of the lines will offer a promotional period of 6 – 24 months. The promotional rates are typically 0%-2.9% during the first 6 – 24 months. After that we’ve seen rates as low as 6% and as high as 15% again after the promotional period ends. Typically, the higher interest lines carry the longest 0% introductory period.
What will my monthly payments be? The minimum monthly payments vary by lender. They are usually 1% – 1.5% of the principal balance used on each line. However we always suggest using 2% as the factor when estimating your minimum monthly payments. This will provide you with a cushion, it’s always better to estimate higher than expected versus the other way around.
What if I don’t need all the money now? Again these are revolving lines therefore you only pay interest on the principal balance being used. As long as the banks continue the relationship, you will continue to have access to the remaining funds.
How long does your program take before I can begin accessing the capital? Once we start the application process, you can expect to have approvals within 7-10 days and you will have access to some of the cash within 14-21 days. Typically the entire application process takes 2-4 weeks to obtain all of the approvals due to the fact that some banks may take longer to underwrite a file, especially if they require documentation such as your Articles of Incorporation. If your file requires “credit enhancement”, it may take up 3 weeks to complete; at that time we will begin the application process.
What is “Credit Enhancement”? Due to the fact that we understand each bank’s specific underwriting guidelines, we know exactly what they are looking for in order to approve or deny any individual. Therefore we will make some minor adjustments to your credit, if necessary, before we begin the application process. This will ensure that our applicant’s credit profile will look as good as possible to the lenders; which will ensure that you are approved and for the maximum amount of financing available at the best possible terms. The most common adjustments to make are to adjust the balances on open accounts to maximize your scores and qualifications.
Are you a credit repair company? No. We use proven techniques to enhance your credit profile but we do not provide a credit repair service.
How long is the application process? The application process typically lasts for 1-2 weeks depending on your credit profile. If Credit Enhancement is required it could lengthen the process by another 2 – 3 weeks.
How much does your program cost? We have several different programs and services that we offer. Our programs range from 11.99% to 14.99% of the amount of credit approved. The program you qualify for will be based upon the strength of your overall credit profile and any additional services you would like to pursue. Once we’ve had a chance to review your credit profile we will determine the amount of financing we can secure on your behalf and the cost of the program will be discussed with you at that time by one of our Senior Consultants.
How does your program work and how do I qualify? Our network of banks will utilize the personal credit of the business owner to determine whether or not they wish to grant additional credit to the individual and their business. We understand the guidelines of the banks so the first thing that needs to happen is for you to submit a copy of your credit report for evaluation by one of our experienced underwriters.
What is the minimum credit score required? Today’s banks perform an in depth review of the entire credit report. We don’t have a minimum score requirement, however it’s very difficult to secure credit for applicants with scores below 680. In some cases we can enhance the credit through various strategies to increase credit scores up to 150 points. Typically, client’s with credit scores higher than 720 have the best results.
What if I don’t have the credit required to qualify? Any officer of the company is eligible to cosign for your business as long as their credit profile is qualified by our underwriting department. It is recommended, but not required, that the cosigner be on the articles of organization and live in the same vicinity of the business.
Will these credit lines report to my personal credit? Most of the banks we apply to will not report to your personal credit. However there are a few lenders that have decided to report their lines onto the personal credit of the co-signor.
Do I have to submit the applications myself? No. We will submit the majority of the applications on your behalf. We do have a few lenders that only accept applications by phone. If your bank list includes any of these banks you will be required to speak with a representative in order to complete the application process with our assistance.
How will your program affect my personal credit rating? Each bank must review your credit in order to underwrite your application. We strive to limit the number of inquiries that occur during our application process through our proven surgical process. We usually will see a decrease of 5-15 points on the credit score. However, your score will gradually improve each month as you continue to make timely payments and once the initial inquiries have seasoned 6 months. In some cases we will consult you to pay off existing debt reporting on your personal credit; this will actually increase your scores more than you had before you started in our program. Some clients have even come out of our program with a 100 point increase in their scores compared to before they started.
What makes your program different from other similar programs? Experience and expertise. We consistently provide more than our competitors and rarely, if ever, miss the mark on our prefunding qualification estimate. Our commitment to Customer Service and attention to detail makes us better than anyone else in our industry. We endlessly research new programs and strategies to make sure our clients have the newest information and techniques possible. Our Consultants work hand in hand with each Client to ensure their experience in our program is as great as possible. We go the extra mile to help our client’s navigate the often confusing world of Business Credit.
How do we get started once I have been approved? A Senior Consultant will be assigned to your file once you have been approved through our underwriting department. They will walk you through each step to ensure you fully understand everything and the paperwork is filled out correctly.
Call (800) 703-3090 to speak with a Certified Business Finance Consultant. Operators are standing by 24/7.
CLICK HERE to request additional information. A consultant will contact you within 24 hours.